[Music] hey everybody Mark ker here please do not go anywhere for one moment let me tell you what this is about people it is hard to save on the number one cost in our life taxes I'm a CPA an attorney been running a small business myself my gosh since high school and now a senior partner in a law firm and accounting firm and I love small business and I've been educating on this for years and I've got some tips for you here for those of you that are just W2 wage ear wage earners what do you do how do you save taxes where do we unlock tax savings well for the next 30 minutes I want to answer your questions give you some actionable items you can do to save taxes in 2023 and I know how hard it can be I feel your pain so I want to jump into it and I want to talk about ways you can immediately start saving taxes so we're going to go to the white board here want to make this really applicable to you and if you have questions please type them in the chat below please give us a like give me five stars if you like this get active in the chat ignore anybody posting about some stupid Bitcoin strategy or thinking it's me posting I am not focus here put your words in chat and I will answer your questions if you've been looking for real tax advice from your own accountant maybe heaven forbid or your tax lawyer if you have one please post it here and let's get a second opinion I'm here for you no one has more books more podcasts more videos on YouTube combined than me and I'm here for you so take advantage of me now for W2 wage earners that's our topic today what do you do to save taxes well I've got five or six tips here and I want to start with number one it is the easiest I literally just helped a family member today get set up with a new health insurance plan that is HSA qualified that's HSA or health savings account you do not have to have a small business you do not have to have a rental property you do not have to be rich you do not have to be poor all you have to do is have a high deductible or a HSA qualifying insurance plan if you have a day job you just go to your employer when it's enrollment time and go I want an HSA now here is what is cool about the HSA in fact I want to throw down a little chart I didn't plan on sharing and let's just do some quick financial literacy education on this and I have very wealthy clients that are shocked by this so please pay attention to this let's say I'm these are my three quadrants this will shock you all right now let's say you want to put money into your 401k at work or you're going to put money into a traditional IRA on your tax return you're like I'm going to put money into my individual retirement account well you get a tax deduction on the way in and when you invest in stock mutual funds bonds ETFs you do not pay taxes at grows in fact spoiler alert you can invest in alternative assets you can invest in notes real estate small business down the street we have a podcast it's down in the chat below the directed Ira podcast where you can learn to invest your retirement account in what you know best screw Wall Street and 5% returns after all those fees you can do better now do you pay tax when you invest in your IRA or 401K no it grows tax deferred because someday when you pull it out when you're 59 years old you're going to pay tax on it and you young people are like I don't want to do that I want to have access to my money trust me when you're freaking 50 years old you're going to be freaking out and you wish you would have done this in fact I want to tell you a number if you're if if you got kids or you're a young person here this will this will rock your world a 15-year-old a lot of parents out there are starting a little Roth IRA for their kids at age 15 if you put five grand in their Roth IRA and average a 10% return and you put five grand in every year and you teach that child I don't care if you buy rentals or if you have a day job and a 401k just do five grand a year for the next 40 years by the time they're age 50 they'll have 4 million that's right taxfree people it's a game of time and you want time on your side so getting that Ira going is great but you know what this is the plan this sucks that's option one let me tell you option two you do a Roth IRA or a Roth 401k now do you get a tax deduction when you put money in a Roth no you do not get a tax reduction you have to pay tax then you put your money in but that money grows taxfree and when you pull it out you never pay tax and this my friends is what the rich do they start building that WTH and they chunk and they move their Ira to a Roth as fast as they can now wouldn't be sweet I'm going to go to a red wouldn't it be sweet by the way this is a good year all right I want if I want a tax deduction on the front I want taxfree growth and I want it taxfree out Mark I want all three boxes I wish I could get this box I wish I could get this box how do I get all three boxes I want tax free all the way along people that is the HSA that is the health savings account you can pull money out tomorrow whether you're age 25 or age 55 I can get a tax deduction no matter what income level I can get a tax deduction no matter how old I am up until age 65 at age 65 you're on Medicare but this HSA is an incredible strategy for all of you that have a day job think about it it's crazy so that's number one the next strategy I want to talk about is the Roth and that Roth chunking you want to chunk as much as you can at Roth and you can do this now under new legislation just passed this last year in Congress you can chunk at your 401k at your day job you can put a little bit in Roth your employer can match you can convert to Roth all inside your 401k people as fast as you can get to Roth the better this is where Peter teal owner of PayPal and Facebook got the crap beat out of him last year because he has6 billion dollars in a Roth IRA well he started like the rest of us 15 years ago with like maybe a 10 grand or 50 Grand in a Roth IRA but he invested in Facebook and PayPal with his WTH and he shown us the power of investing in what you you know best and it's killing all right so that's number two now number three another issue that a lot of parents are dealing with and they're W2 wage earners now these are W2 wage earners that do not have a rental property they do not have a side hustle we're going to come to that but if you're just like Mark I just put my head down and I'm a W2 wage earner and that's fine that's great you went to school you work for the corporate America and that's fun but do you have kids are you planning for college savings and I love a combo of the 529 with the Coverdale and the Roth you've got to bring all three of those together if you're a parent and that's a tricky process now on my website Mar jer.com I have my 30 ultimate tax guide check it out it's free and I have a section on this where I talk about the the play between 529 cover down Roth it's a big deal now the next one I want to teach here is called the match and out match and out now what that means for all of you out there that are a W2 wage earner again without a rental or a small business we're going to come to that at the work when they say oh we match your the 401K for you we do 3% or 4% or whatever they do you want to do the match double your money then get out and do your individual Roth then if you have enough money go back and play now here's why I want to do this this I'm going to get really specific what I've been teaching for years is the trifecta we want to bring our clients together whether they're worth a 100,000 or a 100 million we use the same structure down here is your revocable living trust or your 1040 we split your life in half and what we're going to do over here is this is your day job W2 and with your day job you're going to fund the 401K that's a good move and you want to get the match whatever that company is going to do so if they're going to match your contribution to your 401k uh $4,000 all right so you put in out of your paycheck $4,000 what the company does is double that that's the match so now you're at eight grand you got 100% return on your money pretty good now 401ks are buried with terrible fees and your choices and options to invest are very Limited at best you're getting ETFs if you kill it you make 8 to 10% right well I want to take my four grand put it in and then I'm going to get out that's the match and out and then I'm going to fund my health savings account this year you can do close to 7500 if you're married or head of household 3750 if you're single then I want to do my Roth and you can do a Roth at any income level any age don't let anybody tell you why I make too much money I can't do a Roth we do a backdoor Roth It's okay Google it Mark Coler backdoor Roth so I can go do the HSA and the Roth then if I still have money left over then I can Circle back and do the 401K now the reason you want to do this is you get your 100% return on the match but over here but then again you're investing in this bucket that's very limited it's just whatever your company allows you to invest in but in an HSA I can self-direct it I can do uh transactional loans financing private lending I can invest in a business down the street I can invest in real estate same with my WTH I can invest my Roth in all sorts of different ways it's called self-directing you get to invest in what you know best Wall Street is not going to tell you that title of my book business owners guide to Financial Freedom what Wall Street isn't telling you so I want to take that money and go invest it in what I know so that's why I call it the match and out get the match go invest in what you know best then come back if you want that's cool matching out all right number five now we're GNA do Q&A I'll talk about any tax strategy known to man I'm going to give you as best I can number five is life insurance life insurance technically is a great way to build tax deferred or tax-free wealth you can borrow against the cash value of your life insurance policy call it iul V whole life there's different mations depending on your health your age and what you're trying to accomplish life insurance inherently is not bad what the problem is is life insurance agents sell it to every freaking buy that can walk and chew gum and people that shouldn't get life insurance are often times sold life insurance so I want to make sure you're out of debt you own your home you've got a mortgage pay down strategy that's reasonable you are funding your 401k at work with the matching strategy you're funding your health savings account if possible and you're funding your Roth IRA then after all that you want to put some money in some life insurance that sounds great make sure you got the fortitude and the wherewithal to keep on the plan because unless you do a single premium whole life policy that you can just sit back and let it do its thing You' got to be willing to commit to the premiums of that life insurance policy for at least 7 to 10 years and any honest insurance agent is going to tell you that and you don't want it to Mech out that's called a modified endowment contract you want to make sure you're involved in the policy for a number of years to let that cash value grow and if you can't keep up those premiums it crashes so you want to have a very realistic conversation with yourself and an insurance insurance agent that knows your capabilities now if you can keep that insurance going and the premium's down and you can let it grow and marinate those policies can be amazing seven or 10 years from now I'm still yet to beat someone that's made it the 10 Years be careful it's a strategy that works and I'm not opposed to it in the right circumstance so that's another strategy if you don't have a small business or rental property guess where we're going here now the next strategy is there's a lot of personal tax credits you might do some sort of solar tax credit uh Alternative Energy uh low income uh or a energy tax credit at Home Depot you put in some solar panels go good luck getting the electric vehicle credit now because it phases out if you make too much money but there are tax credits for IND individuals that are very limited um I've written some articles on that it is mentioned in my 30 ultimate tax guide but it's G it's going to move the needle just a little so you might get frustrated there finally and I hope you can see it down here number seven are idc's intangible drilling cost tax credits there is strategy of investing in oil exploratory oil and gas where you can get big tax credits up front cash flow and then an exit on the way out they're called idc's do some research on it on Google they're legit you just they're exploratory they can be a little higher risk but hence why you get a kick-ass benefit they can work for again the W2 wage earner now everybody and I'm going to do Q&A all you want here Patrick start posting some questions people if you want to build wealth if you want to save taxes I beg of you start buying a little rental property where grandma lives your kids live your brother or sister I have a friend uh that's uh vice president of a Fortune 500 company and he's bought rental properties in the towns where his kids are going to college his kids rent live in the home and rent the other rooms he gets massive depreciation deductions he's Building Wealth with real estate and his Roi is 1015 or 20% now if his income's a little too high which it is because he's an executive of a fortune500 company those writeoffs and those losses on that rental property are going to carry forward until he decides to sell the rental he might even do a 1031 exchange carry those losses further I don't know but don't think you have to be a real estate professional to still benefit from investment in real estate see people it's not about do I get the loss write offs oh I don't get them I'm not going to do it oh but your Roi is still 15% you're getting mortgage pay down you're getting appre appreciation you're getting cash flow and the short-term rental strategy is incredible and you don't even have to be a real estate professional but what I'm trying to get at is folks putting your head down and hoping that your 401k at work and your corporation or company's going to take care of you and maybe Social Security a little bit on top that's more risky than starting a small business what I hear is sometimes as people go yeah it's too risky to start a small business it's too risky not to start a small business are you kidding me so I beg of you if you 50% of adult working Americans now have a side hustle and I beg of you if you don't have another source of income start doing some Consulting on upwork a rental property is a small business let's start taking rofs for travel dining home office equipment supplies travel did I say travel Auto all the different expenses that are great for small business owners let's freaking hit them let's do it all right well I'm going to hit some questions now I'm all yours EXC excited to be here with you all right we've got Sun Goddess a regular viewer here so how do you get your company to match oh that's a great question well any of you that have a day job at our law firm and accounting firm and our trust company with our employees who we value so much and encourage to have a side hustle we also have a 401k program after one year they are vested and they get what's part of what's called A Safe Harbor program a safe harbor 401K is where the company matches around three or four% of their salary so if they have a $100,000 salary we're going to match up to three or four or $5,000 of what you put in if you put in four grand we do four grand if you put in eight grand we put in four grand see we match up to three or four per of your salary if you put in the money go to your employer and go hey do you have a 401k yes do you have a matching program or a Safe Harbor and if they go yes say I want to enroll oh well youve got to be here six months or a year or one month or three months I don't know so Su goddess go meet with your employer see if they offer a 401k and how you can participate uh the camera's looking good well thank you I'm trying to look a little more I had a little fire in the fireplace here trying to create a romantic glow for you uh appreciate that all right Dad and Eli gameplay how do I report taxes for my minor child that started his own lawn business o I love it Dad and Eli gameplay how do I report taxes for my minor child that started his own lawn business well let's put it on the board right let's do it so everybody as parents I want you to build your own Trifecta that's what I do so let's say dad has a revocable living trust we'll go mom and dad or Dad or Mom whatever you may have a day job that's cool a day 40 a day W2 with a group 401K all right now what I would hope and this is a good Trifecta is that you would also have your own LLC with a side hustle and with this side hustle you might convert it to an ESC Corp when the time is right we charge a couple hundred bucks to convert to es Corp and I'm going to explain a issue on this in just a moment and then I'm hoping you're funding your Roth IRAs or even your health savings account meanwhile you're looking for that cute little rental property that might be down the street or across the country where grandma lives and you're going to have an LLC and this LLC is going to be set up in the state maybe it's Tennessee if you have Tennessee rentals you have a Tennessee LLC got a love of those Tennessee Christmas the TR the LLC is owned by the trust your trust owns your own home this is how the trifecta starts to build if you have a minor child that has their own landscaping business I had it was fun I had on my podcast a kid that was selling eggs down in Kentucky uh it was great little business and the biggest it was funny um Tony Bass he's a consultant in landscaping a little shout out to Tony bass if you own a landscaping business freaking just Google Tony bass amazing he's helping Landscaping businesses build six-digit revenue uh and seven-digit revenue Landscaping businesses bringing in Holiday lighting snow removal and Landscaping incredible well his son came on my podcast and talked about his uh egg business selling eggs with his chickens and we did a SWAT analysis his strengths weaknesses and uh he said his biggest threat to his business were foxes eating his chickens I thought it was so funny and he was like yeah Mark I got these foxes eating my chickens and it's killing my egg business I gotta build build bigger fences and better fences those foxes find a way to get in and eat my chickens and I was like oh my gosh you're adorable so anyway this kid and if you have a a a child that's underage 18 they're going to have their own LLC and their revenue is going to come in here and they're going to file their own 1040 tax return and we're going to take writeoffs and the beauty is if you're paying them out of your business you don't withhold FICA and you're actually not going to pay their LLC you're going to pay the child themselves and it's a great strategy for the kids to start building up their Roth IRA for college and we want to make sure that their business is being reported on a schedule C inside their 10:40 um I would recommend you get a consult with one of my tax advisors any of you that need a Tax Advisor and you're like holy crap Mark I love the way you're talking go to Mark jcer Mark jer.com we're g to make sure it's down there in the chat and go to my Tax Advisor Network and you can find a Tax Advisor that speaks Mark ker now if you're an enrolled agent a CPA or an adviser yourself and you want to learn the best kickass strategies in the country please get to Mar jer.com I've got a certification program with over 70 plus topics 12 modules 800 quiz questions and I certified you as a tax adviser under my malpractice insurance as a licensed CPA and attorney there's no one in the country doing the advisory program that I have and at the end of this month I have a three-day Workshop all of you business owners and advisers can attend virtual or in person 27 28 and 29 in Salt Lake City is the tax and legal 360 tax and legal 360 45 topic 45 sessions 36 topics 20 speakers the best cuttingedge Tax Strategies in the country be there now bring your son bring your daughter if they have a small business I want them building their own little small business meanwhile you're paying them out of your business they're Building Wealth for the future they're building their own College savings account and you're rocking and rolling people it is legit the American dream is real and we need to teach our kids about it all right next question oh I love it all these great questions I'm GNA go faster El Bond smartin house says do I have to do my taxes I have a W2 job with an LLC that has two owners do I have to do my taxes well be one I I have a W2 job with an LLC that has two owners boy that's a big question uh what I think you might be asking is do you have to do your own taxes no you can get a Tax Advisor from my network but I want you to captain your ship know what your strategies are are you writing off cell phone dining travel home office RVs trucks equipment supplies Home Depot Office Max Apple Store Best Buy I want you writing off everything you can and if you have an LLC with two owners damn straight you're doing a tax return it's called a partnership tax return is it an LLC with rentals or an operational LL please get a consult I beg of you I had I met with someone today that's doing firewood a firewood and construction business they came by the house today I asked him how you structured are you an ES Corporation he goes no I'm an LLC my accountant told me my escort would not make sense I said you making more than 50 Grand a year he goes yeah I said your accountant is costing you money and I don't care if I piss off every accountant out there if you have a client making more than $50,000 net I don't care if you're in California Delaware New Jersey Miami or Alaska you can save on self-employment tax with reasonable comp I have done it over and over again in my career I've never had a client audited for taking too little reasonable comp I have the Coler payroll Matrix and I get pissed about this I'm excited and any of you watching here if you're a small business owner engineer contractor realtor um plumber electrician framer landscaper hair salon owner you need to be an escorp if you're making more than 50 Grand a year damn it so get there and elbin I don't know what you're talking about when you say do I have to do my taxes I think you're saying do my taxes by myself no get an advisor and there are so many opportunities out there to save dizzy says if I am uh this is dizzy here if I am oh my gosh the chat is kind of blowing up here I gotta move slowly here if I'm doing flips that's a real estate professional over here doing flips wouldn't it be better to be a C Corp instead of an S corp dizzy did you just say that oh my gosh dizzy says if I'm doing flips that's rehabs think chip and Joanna Magnolia if I'm doing flips is it better to do a C Corp instead of an S corp to avoid self-employment tax no dizzy no no and I've written a book on this please do not do it any dip out there that is telling you to do a C Corp is wrong let me show you how it works I'll put my money where my mouth is we'll cut this up and create a YouTube short someone says maybe I should be a C C Corp let's do the math here's a C Corp you know what I'm going to do three here's an LLC here's a C Corp and here's an S corp all right and you're fixing and flipping properties let's say you bring in 150 well if you're fixing and flipping your gross margin is going to be huge let's say say your profit is around 100 Grand 100 Grand so you're bringing in who knows what we're going to do the same amount you're going to bring the same Revenue you're going to have the same expenses that's how it works you can write off the same damn expenses in an LLC a C Corp or an es Corp travel dining Auto computers Electronics equipment you're going to ride off all the same crap okay and you net 100 you net 100 net 100 apples apples apples it's the same damn writeoffs I'll Stand be behind this till the day I die same freaking writeoffs I don't know who dip is tell oh well you can push income with a different fiscal year into another year yeah good luck with that I hope you're around when you have built-in gains in a C Corp and you got to unravel it for your client gosh darn it okay 100 Grand 100 Grand 100 Grand if I have an LLC and this was the the the the contractor uh firewood guy I was talking to today you're going to pay self-employment tax of 15.3% that's going to be 15 grand then you're going to pay state and you're going to pay federal it sucks doesn't work not good stupid what can I say then if you do a C Corp oh now I got to pay 21% feder corporate tax corporate tax and 21 Grand then I got to pay state and I got to pay federal so I'm paying corporate tax well Mark if I take a bigger salary then I don't have to pay corporate tax yeah if you take a salary what are you paying FICA the f word the same damn thing as self-employment tax so what do you do you do an es Corp and I'll just be conservative I'll be conservative I'll take this 100 Grand and I'll do 50 Grand in W2 and 50 Grand in K1 now you you know what happens here no corporate tax so none of this sorry and no self-employment tax I get 50 Grand clean to the Bottom now over here on my W2 I pay FICA and so instead of paying 15 grand 15.3 on 100 I paid 15.3 on 50 so I just cut this in half I'll go to Blue now so I just saved $7500 by being an es Corp you want to be a C Corp well Mark I'll take more salary oh now you're paying F Well I don't want to pay corporate tax okay I'll pay more corporate tax and then SE Corps are a disaster now if you can keep your C Corp under 20 grand maybe maybe zero it out maybe but my successful clients lose every effing time with a SE Corp I'll debate that with you all day long people all day long all day long be careful do not get sucked into a C Corp all right igami says what are your suggestions for starting a small business in your field of expertise when an employer has a non-compete aami got to be careful if you're going to start a small business with a non-compete maybe start that business under your wife's name or your husband's name start it under your brother's name help him out I don't know but you got to work within the law of the rule and no one's going to jail but if want to violate that non-compete you might get sued so be careful with that uh buy a rental property do some real estate get outside the box if you've got to honor that non-compete honor the non-compete don't you want you don't want to have an ethical issue cheating your employer and competing under the table uh danal says I made approximately 200 Grand in W2 income my accountant said I could not contribute to a Roth due to income limits oh my gosh can you please elaborate on how this contribution is made possible in the future Danimal I am so glad you ask everybody out there if your accountant says that you cannot contribute to a Roth because you made too much money you have an incompetent uneducated CPA or enrolled agent they have got to get educated and if I'm pissing you off one of you CPAs enrolled agents please get to my website marj ker.com sign up for my certification program and I will guarantee you better clients a higher rate per hour and I will teach you how to contribute to a Roth when you make more than the contribution limit so here's how it works danal I'm I don't hide the ball this is called the backdoor Roth IRA people so here's the house and what you want to do is you want to go play in the Roth party you're like Mark I want taxfree growth I want taxfree withdrawals I want to be in the party and if you go into the front door and I've got the numbers right here this is the mark J Coler calendar with the attached she sheet here of what you can do if I want to go in the front door in 2023 if I'm single and I make more than 153 Grand I can't go in the front door if I make more than 228 Grand I can't go into the party and so some accountant animal has said oh you cannot contribute to a Roth if you make more than 153 Grand or 228 I'm sorry danal you can't play in the Roth party well the backd door Roth has been around for freaking years I blogged on it talked about it on my podcast till I've taught workshops around the country I verify this stand behind it all day long you got to go in the back door I want to go in the back door so what you do is you make you don't go in the front you can't you make a nondeductible contribution to a traditional IRA because if you make too much money you don't get a deduction for an IRA so you would never ever ever make an non-deductible contribution to an IRA because you're like I don't get a deduction why put it in the Ira well the reason why you do it and this year you can do 6500 if you're under age 50 or 7500 if you're 50 or older and you say Mark I'm going to put in a non-deductible contribution and on day two okay this is step one on day two you convert or chunk convert this Ira to Roth and you don't pay any tax there's no tax when you convert to Roth you know why there's no tax because you didn't get a deduction when you put the money in the first place so you put the money in a non-deductible IRA you convert to Roth on day two and you're in the back door there is no income limit to converting to a Roth Warren Buffett can convert to a Roth Mitt Romney can convert to a Roth I can can convert to a Roth anybody at any income level can convert from an IRA to a Roth so you do a non-deductible convert to Roth with no tax and you have a Roth IRA it's called the backdoor Roth is existed if your account doesn't know about this Google Mark kler backdoor Roth and you're going to see podcasts and videos and blog articles on how to do this it works every all day long so I danal I am so sad that you had an account and say that to you oh Jenkins can the employer buy insurance policy as bonuses and the employer get a deduction uh no not really uh there are some term insurance tax deductions up to a certain amount of term that's terrible um these are called usually keyman life insurance policies companies want to do those to help attract employees but getting a tax deduction for life insurance is very very difficult if impossible the reason why is because Dan um uh Jenkins here OJ Jenkins because life insurance is tax-free when you receive it so the IRS doesn't like to give a tax dedu deduction for life insurance when it comes out tax-free so um really meet with one of my tax lawyers in my office go to KK lawyers.com meet with one of my tax lawyers and say I'm trying to create some key man policies what are the write-offs how can I write this off we're also covering life insurance in my workshop in Salt Lake on uh later this month the tax and legal 360 Randy lopkey the co-author of my book who's a licensed life insurance agent Series 6 series everything raia he will be there talking about life insurance he can help you with that OJ please come to the workshop so affordable or sign up for the virtual ADP 5G HSA crypto you keep crypto with Gemini yes is there a better way to keep your crypto with you does SEC cases affect the HSA crypto assets assets no uh the SEC has no negative impact on their new rulings have no negative impact on crypto being held by a health savings account so if we go to your one of the strategies everybody is if you want to do um oh by the way I need to say this if you want to do a backd door Roth IRA or an HSA crypto get to directed ira.com directed ira.com you can set up a self-directed uh Roth a back door Roth a self-directed crypto Roth a self-directed kid Roth you can do it all okay so if you're going to go over here and do a Roth IRA and you want to buy cryptocurrency you have two options at directed Ira we have the simple go for it easy Gemini Roth IRA so you just use whatever's on the Gemini platform we have a relation ship with them they're a really well-managed safe custodian we love them we've had a great relationship with Gemini we know Voyager was a train wreck uh rvx I mean all that was a mess but Gemini is wonderful if you don't trust Gemini and you want to be in a metamask wallet or a alt asset wallet which I understand you take your Roth you form an LLC in your LLC goes to metamask or crypto.com and do your transaction action and dropping into wallets I like that I think metamask is a great way to go for those that want to be a little safer you don't trust exchanges but you have to set up a single member LLC now we have this structure we do it all day long you work with an attorney we set up your uh self-directed Ira LLC your Roth funds it you're Off to the Races you know what's funny I just set one up for myself today another one um I'm taking my LLC and I'm doing turo so my LLC is buying turo cars and partnering with a turo operator and I'm creating turo Revenue in my LLC owned by my Roth very doable okay Roy say let's see what else we got here I'm going to go quick Chris says I have a government job I don't have high deductible health insurance how can I get an HSA account um kins a lot of people that have uh that have served our country admirably and have VA benefits um sometimes don't like the VA they' like to build a health savings account what you have to to do Chris is enjoy your government insurance if you want to use it or not and go buy an independent health insurance policy that's HSA qualifying and now you can have an HSA today I just quoted it for a single individual in my family they got an HSA plan we got it for 337 a month 337 for an HSA qualifying plan get the high deductable who cares if you use it it just unlocks the HSA now yes you have two insurance policies one with the government and an independent plan but it unlocks the HSA but you're not going to get an HSA with a government policy so you get two and it may be worth the investment maybe it's not I'm just saying um once you set up your HSA you get to keep the HSA and you can kill the policy now you can't put new money in the HSA every year but you can keep investing it and growing it that's an idea too Roy says can I go partner with my own Roth IRA and an LLC to purchase an investment property yes I want to avoid using a non-recourse loan for the purchase so I can hopefully buy sooner damn straight Roy love it so what Roy can do everybody I've done this myself you can form take your Roth IRA take your kids Roth maybe this is one of your kids not kid kid rock kid Roth maybe your spouse's Roth and maybe some of your own money and you can form an LLC and be four-way Partners that's fine go buy a rental property and get a non-recourse loan uh they're usually going to want about 40% down so with the loan it's going to cover 60% of the purchase price and you're going to create cash for the other 40% and you're in a rental property you're Off to the Races we've got lenders that will loan non-recourse all day long called directed Ira again directed ira.com and the law firm will work with you on the documents and you have a relationship between the law firm and the trust company and you're Off to the Races Roy Sam says last question we're going to wrap it up Sam says how do you feel about starting a soul prop then transition to an LLC Sam I love it I have no problem with that here's the caution though now everybody what are we talking about maybe he's driving Uber maybe he's doing door Dash maybe he's teaching music lessons selling drum sets uh starting a little catering business start as a s test it out see how it goes get a DBA doing business as at the bank get your bank account going but if you're starting a business that has a lot of risk let's say it's Landscaping I just talked to someone last week they had one of his employees got their hand stuck in the lawn mower cut off three fingers I'm like oh my gosh I mean if you're starting a bungee jumping business for their local County Fair this summer get an LLC and LLC is good for protection now once you start making making more money we want to convert that LLC to the S corporation which I talked about earlier so be careful stay in sole proprietorship too long if there's risk or income we want to get into that LLC and then the escorp when the time's right but I have no problem with that um people if you've enjoyed this hit the sub subscribe icon please follow me I'm doing great posts every day I'm trying to move the needle for my clients our workshop at the end of this month tax in legal 360 it's affordable it is not a sales Fest there is no selling from stage in my workshops please check it out if I don't save you in taxes save this video save this video Everybody listen my words if you don't save five times in taxes this year from coming to my workshop I'll and you come in person you come in person you come to that workshop and I don't save you five times in taxes the cost of your ticket I'll refund your money now I'm going to quiz you I'm going to ask you what you learn what you do not learn what classes you go to but I am that confident you will save five times whatever the cost of the it's I think our premium ticket 750 bucks for three days and that includes lunch every day people you owe it to yourselves to start saving on the number one tax in your life uh the number one cost in your life which is taxes please get there um subscribe like comment give me five stars I appreciate it I'm killing myself here I'm trying to help all of you live better live your American Dream It's legit I'm grateful to be a part of your lives thanks so much and I'll see you next week
