The Truth About Social Security | What You Need To Know...

Video Statistics and Information

Video
Captions Word Cloud
Reddit Comments
Captions
welcome ladies and gentlemen to the live today with best-selling author America's small business tax lawyer real estate investor and YouTube personality Mark J Kohler thank you for that James welcome everybody to the exciting topic of Social Security can you believe you're even freaking listening to this people though this is good stuff I I I've seriously had some conversations with people in the last two weeks for the like Mark you literally changed the future of my financial life for the next 20 years by talking about social security and without it all being in the news and Social Security is going to go away and blah blah blah I thought we need to hold live on Social Security there's a lot of misconceptions about what Social Security is really about what it's going to end up giving you and a lot of people rely on it for what they think is going to be retirement it's a scary thought so we're gonna break it down here my name is Mark Kohler a CPA attorney author uh podcaster YouTube personality blah blah blah but I'm just on Main Street America people I have a small business myself I love rental property I love saving and investing I buy crypto I buy stock I buy it all because I just you know you just don't know right so I'm just there with all of you trying to make it work now I'm going to get right to it if you're over age 60 and you've already taken Social Security you've already said I want Social Security even early retirement that's this conversation that's going to be a little more challenging because you found out already it's not enough so we're going to come to that in a moment but I want to and hang with me here and I I don't want to cause any depression or frustration on your behalf when this is it's a scary time in life when you feel like you're on a fixed income so we're gonna we're gonna change that so stay with me here during this broadcast now for the rest of you age 20 30 40 50 in any of those decades you've got to hear this because there's things you can do now to better prepare for retirement and I need to give you a reality check of what your options are with Social Security now let's just hit a few facts here and it's a little crazy um yes in the news you've heard a few important facts first of all Social Security is 21 of the U.S budget can you believe that 21 of every all of our taxes and everything the government collects 21 of it goes to Social Security that's 1.2 trillion dollars a year so you're like man that's a lot of money going out people must be living large no next fact the average social security check average right now is 1779 dollars now there's SSI disability and some other types and you might have two couple a couple both claiming Social Security but the average individual average because it's based over your 35-year earning history which we'll come to a little later too because you got to understand how this calculation Works especially you entrepreneurs that think oh I'm going to take more payroll so I can pay more into Social Security so I get more Social Security wrong we're going to talk about that but the average social security Now listen Seventeen hundred dollars a month wow maybe what's that 20 grand what is that a guy a series 1700 times 12. 20 400 thank you Siri twenty thousand four hundred dollars on average can we really live on that and by the way your Social Security is taxed so I'm going to give you some suggestions but here's the reality check social security is Insurance it may be kind of cream on the top gravy whatever you want to say on the mashed potatoes but we have got to help you those of you again in your 20s 30s 40s 50s we've got to start preparing more properly for retirement and I'll give you some suggestions here because Social Security is not what you think it's going to be now let's assume it's even going to be there right now the Congressional budget office CBO says Social Security trust fund will be insolvent in 11 years 2033 or no that's 10 years gosh we're in 2023. geez okay the Social Security trustees which are the secretaries of Treasury labor and the commissioner of the Social Security Administration says nah we're okay until 2035. so we got 12 years until it's insolvent now I'm I'm going to say this if our government came to the point of dissolving Social Security uh I don't think that's going to happen politically it would be suicide for any legislator or Senator to go on or president to go down that path our government would have to be insolvent before they let Social Security go I think they'd give up on National Defense before they give up on social security so we will see changes in the law we're going to see us Americans that are not taking social security paying in more and maybe even our social security benefits are going to get reduced even further so I want for what it's worth my opinion is social security is going to be around but I also feel strongly that Social Security isn't what you think it's going to be it is not retirement it's it's a safety net of a few extra dollars that might make a difference it's scary 1700 a month before taxes how many of you do your math on what your monthly budget is that's Social Security so we got to do some things that are different I'm doing things that are different I'm in my 50s I know I know ladies I know you think man that guy's in his 30s he looks great yeah whatever okay now I want to tell you how this works Social Security the truth you can retire on social security at age 62. wow that's pretty cool wow I'm going to retire on Social Security at 62. however the full retirement age they call it FTR full retirement did I say R full retirement age as FTA that's a full retirement age is 67. 67. maybe we're thinking of Franklin Doan or Roosevelt FDR FTA full retirement age is 67. so here's what the government's trying to do many of you don't know this this in my in my book Financial Freedom this is my tax legal Playbook I got Financial Freedom floating around here somewhere I have a whole chapter on Social Security planning it blew my mind with these three facts ready and by the way I'm going to open up this for Q a and I may not have all the answers I'll do my best so any of you that have a question please put it down there and here's a disclaimer any of this Facebook crap on oh my gosh I just made millions in crypto with Mark Kohler blah blah blah do not respond to those I am not commenting on Facebook right now all I want to see is your questions ignore any comments from anybody trying to sell you or get you to do anything please people these Bots are killing me all right here's the three facts the government does not want you to retire at age 62. and some of you that are in your 60s may have already pulled that trigger you can't undo it I'm sorry we're going to come back to some ideas for you but any of you that are age 55 or older and you're thinking about ooh age 62 I'm going to take Social Security three facts number one there is an early retirement penalty they will reduce your benefits by 30 percent up to 30 percent if you take retirement at age 62. that government wants you to wait till 67. because Social Security is on freaking you know life support so we're gonna no pun intended that probably wasn't a good example anyway 30 reduction so if the average benefit right now is 1779 dollars 30 percent of that is 533 dollars your benefit just went down to 1200 bucks twelve hundred dollars number two if you earn money you many of you have heard this well I took social security but if I earned too much they're going to reduce my Social Security they am straight for every two dollars you earn and this is Agi this is not just earned income this could be rental property income whatever if you earn more than twenty one thousand dollars up to fifty six thousand dollars your Social Security is reduced a dollar for every two dollars you earn over 21 Grand then when you hit 56 Grand it's reduced by a dollar for every three dollars you earn people governments reducing it with a 30 percent penalty then if you oh you can still work I oh we're going to reduce your Social Security even further and then number three if you based on your income level so your your what's your AGI with Social Security if it's over a certain amount it can it's going to be taxed up to 85 percent of it is going to be income taxed I mean I can tell you the real numbers here so it is taxed at 85 percent so if you make uh between 25 to 34 000 in your single it's going to be taxed up to 50 if you make more than 34 Grand and you're single it's taxed at 85 percent of it is taxed if you only get 15 off that's not taxed then if you're a married filing joint and you make more than 44 000 tax 85 percent of it's taxed so people here's the takeaway the government does not want you to retire early the benefit generally is not great or some may even say sucks and if you try and take it early before age 62 you get hit with a penalty a reduction for all the money you earn and it's still taxed you know what the government does give you as a carrot they say hey if you'll wait till you're you're age 70 don't take it early but if you wait from 67 to age 70 and just wait three years just wait three years we're going to increase your Social Security by eight percent for the rest of your life eight percent for every year you wait up until age 70. so it's a three year three year bump so three times eight that's a 24 increase let's I'm sorry 1779 times 1.24 goes up to twenty two hundred so that 1700 you were going to get on average which would be reduced if you waited took it before 67. but if you can just wait three years until age 70 it's going to go up by 500 bucks for the rest of your life here's the moral of the story people this is a reality check this week in the news and I'm so grateful for those of you that are watching this Social Security is not your retirement get over it it's not your retirement is building cash flow from Real Estate cash flow from businesses or cash flow from a business 30 percent estimates are high as 40 percent of Americans now have a side Hustle I love to see a side hustle if you have a day job what are you doing on the web at night on the weekends is there some strategy of selling a product to service are you potentially even scaling up are you hiring employees are you partnering with others are you digging up any money you might get from inheritance or from anywhere and pooling it into an LLC and buying rental property and trying to create cash flow people you gotta scrap if for those of you that are in your 60s and you may have already claimed Social Security or you're scared to death and I know some of you are watching and I'm I'm so sorry but the only thing you can do right now is to start a business on the side start taking the money from that business and pummeling it into Roth IRAs into real estate and building a nest egg hey 70 is the new 60. 80 is the new 70. life expectancy has continued to increase every year for both male and females start saving now I love Dave Ramsey's message you're never too late to save if you're still sucking wind you're still saving start putting away a dollar a day two dollars a day whatever you can do I love acorns I love Robin Hood I love stash three apps that I love to play with and automatically just take money out of my account like don't even let me see it put five dollars in my Roth every day just do it people it snowballs it's snowballs and you start earning on it on compounding interest compounding interest I love the little Dave Ramsey's video on this go YouTube compounding interest Dave Ramsey great video love what he's doing to save America get out of debt save get out of debt save do not rely on Social Security people pen drive I gotta drop a pin that's the message today that's the truth about social security the news likes to say yeah you're gonna lose Social Security there's Social Security's gone you know the Social Security people you shouldn't even be freaking planning on Social Security anyway it's cream on the top after you build your own retirement all right James I heard you there what are our questions here anything I can comment on well here's our first question was from uh uh I think it's animed bz20 my mom passed away I'm sorry to hear that um and I'm assuming she's talking about her father now so my mom just passed away my father makes 200k um mom didn't work and her benefits are maybe 400 a month he will now file single next year they say he will pay up to 85 percent tax on his Social Security is it worth sixty dollars monthly after tax I see 60 slash m after tax did he say did she say how old her father was um Anna Med if you could tell us how old your father is I'm sorry now one thing while you're pulling that everybody listen this is this is a misconception and the way I said it I may have even said it in a confusing way the Social Security is not taxed at 85 percent meaning if you got 10 grand on Social Security the tax is 8 500 that's not what I said what I said is whatever Social Security you get peel off 15 and then that 85 of whatever's left is taxed at whatever rate you're in now some people you might be foreign 63. tell Dad to not take retirement for seven more years tell them to start a small business to work on your board of directors to help you with your business start funding as Roth IRA do not let him take Social Security now he's getting survivor benefits from his wife that's fine take those 300 and something dollars and freaking put them in a Roth IRA start investing that money tell them to reevaluate his so apparently there's a little in 401k and a little in Roth uh if he keeps it that way and rmd would that count as income towards taxing his social security benefits he would expect to make four thousand dollars on his own benefits when he takes his I'm sorry I'm just reading what she's putting up here so let me tell you off here James and people I love your questions but don't be offended anime I can't do a consult on your numbers I mean I would have to ask a lot of questions and I'm grateful you're throwing this out your dad's 62 63 years old mom's passed away I'm sorry and Dad's on a fixed income he's got some other income a little Roth little 401K getting a little social security for mom but what I I don't know the I wouldn't be able to consult right now on all those little numbers but let me say this there's some general rules all of you need to learn from here based on her situation and her dad do not take retirement until 70. that's number one do not let Dad go take Social Security until he's age 70. it's going to ratchet up his benefits big time if he can wait till age 70. rmds don't even apply to a Roth IRA and if he's got an old 401k he better be chunking that into a Roth so by the time he's 70. this is principle number two number one no retirement tell 70. number two get all that retirement money into a Roth position I call it chunking just just go to YouTube and type Kohler chunking IRAs I got some great videos there so get his money into a Roth position rmds do not apply for those that don't know what I'm talking about it's called required minimum distributions you don't want to be there third all of the income he is making is going to cause his Social Security to be taxed now everybody we don't know what the tax rate is going to be on your Social Security that's based on your bracket but what I can say is that 85 percent of it is generally going to be taxed so whatever bracket your dad's in that's what the tax rate is going to be so everybody the takeaway here for her dad and I know this is hard I'm being I'm this may be you know body blows here this is not fun to hear but your dad that's at 62 who wanted to retire he's not retiring he's got to figure out some extra ways to make income in a unique way maybe he does some Consulting maybe he's got a unique skill set that he learned over his career his life help him get on upwork set up a Consulting business help him serve on the board of directors of other companies help him start making some income and not spending it putting it in his wrath Roth IRA Roth 401k buying a rental property help him get him some education on real estate investing or basic investing maybe he is gonna there's gonna be another run in crypto who knows when but learn about the metaverse learn about cryptocurrency learn about um precious metals learn about promissory notes learn about real estate people you gotta freaking take your own retirement by the by the cojones and just do it great question I'm sorry to hit you have some hard-hitting answers James what do you got next a next question is from uh Carolyn uh if you live in a different country after taking early retirement and earn income in a different country are those earnings taken into account in the U.S yes any of you that are um once you're a U.S citizen unless you renounce your U.S citizenship you are taxed on your worldwide income so if you leave the country the United States and go I don't know to Australia and start making money down there and you're still collecting your Social Security that's cool you worked in the U.S you get your Social Security but then you go to Australia to make more money because that's where you can do it that's great but you still have to fill out a U.S tax return and it's called an expat return expatriate you're I don't know what the hell they came up with that but anyway you're down in Australia now there's some foreign tax credits there's some credits for living in another cut you may not pay a lot of tax in the U.S but you still have to do you pay it and if you don't and you try to get on a plane with your passport and you haven't filed tax returns you may not be getting on that freaking plane so if you're a U.S citizen you still got a deal with it and there are accountants all over the country and in other countries so we'll help you file your U.S tax return so your passport doesn't get flagged you do not want your passport flagged so learn study about it and if you're living abroad and claiming Social Security that's great you still got to file a freaking tax return in the U.S Matt Damon when he was living on Mars in the movie Martian he had to file a tax return yes he did and if he would have made money selling potatoes to some aliens coming by he would have had to pay tax on those potatoes too it's crazy world we live in all right next got a question this one's pretty simple Chris shine I'm 64. own two companies kind of retired how can I claim my social security you're not don't how do you claim your Social Security don't even think about it Chris so for those that age 64 two companies semi-retired Chris if you got enough money in the bank and you're loving what you're doing keep doing it but do not claim Social Security until age 70. I mean you've got to be freaking every you got to be living on the streets before I would suggest you claim Social Security wait till you're age 70. you're going to get a 24 increase and bump the benefit between now and then is sucks anyway stick to your businesses scale them grow them be a better business owner go to conferences come to some of my conferences continue to listen to my podcast watch my YouTube channel learn how to build your business that's what I'm freaking doing I'm trying to help Main Street America structure the business for tax savings protection and growth That's Where It's At there's a lot of people out there oh grow your business but then they don't deal with the next day of what's QuickBooks how in the hell do I file a tax return guess what your number one cost in small business is taxes so own it learn it I'm here for you Chris be careful do not claim Social Security I'm not even tell you how don't do it Nelson Holland's here uh so there isn't an age cut off if retired early regarding Social Security there he says is there an age cutoff if you retired early from Social Security let me I'd probably take that in two different ways first of all you can wait until after age 70. you can claim Social Security when you're 90 years old if you got you haven't got around to it you can still claim it later maybe you were living on an island in the South Pacific and you never went into the Social Security office and claimed your Social Security and now you're 92 years old and you show up and go hey yes you can there's no too late um now when you say I'm retired can I is there an age cut off to claiming Social Security I I guess I don't I don't I maybe know what that means people you know what I'm just gonna say it too I'm gonna I'm gonna be blunt you guys ready and this is gonna be hard you're never going to retire I'm never going to retire if you own a rental property that's a business you're not retired if you have a stock portfolio you're going to manage your stock portfolio you're not retired if some of you live in this pan see a belief that someday you're going to be sitting around eating drinking margaritas and just on a beach somewhere I'm retired guess what you know the mortality rate of men especially at age 59 and a half that retire and say I'm done I retire their mortality rate is like 30 they die in two years because they have nothing to do it's ridiculous I don't know where we got in this concept in our world that I'm going to retire and just do nothing what the hell the beauty of life is making something out of nothing creating income changing lives finding something you're passionate about and doing it and making money at it that sounds pretty exciting to me the day I die I'm going to be flipping a quarter out of my coffin and going file my tax return I made some money this year I mean people that that's how it works and if you you who knows how long you're going to live that's one of the biggest stresses of people over age 60 is like I might run out of money well then keep making money what is this concept of retirement foreign I'm gonna make money till the day I die I'm going to manage real estate I'm going to manage my portfolio I'm going to have some side business I'm going to be Hawking lemonade on the corner on the lemonade stand with my grandchildren I'm going to be freaking loving it I'm going to be like hey let's go into business let's open a lemonade stand my grandkids were like I thought you were tired hell I'm retired I'm starting a lemonade stand that's how it works that's a good one Rob K's got a question about HSA if I don't have a high deductible Health Plan can I get one before April 17th and contribute to nhsa for 2022. no what's his first name again I'm sorry Rob Rob I'm sorry yeah Rob I apologize any of you out there that want to do a health savings account which was like a supercharged Roth for health care I love health savings accounts but to contribute to your HSA before April 18th for last year you had to have had a high deductible plan last year so get your plan get it now and plan on contributing for 2023 but it's water under the bridge for 2022 as I take your drink of water do you notice the parallel there that was kind of sweet water under the bridge water under the bridge I'm sorry Rob 2022 is over when it comes to hsas if you didn't have a plan anime said thanks so much for your advice by the way just wanted to point that out probably a few times thanks Rob sorry about that sometimes sometimes the right answer is hard to hear but it's better than the wrong answer how about a quick question from Ryan Lee uh Mark can you please explain the Coverdale you betcha wow I love it you know what you guys are talking about these questions are all about saving and Building Wealth our HSA is saving for the future do you know the number one withdrawal of retirement accounts is for health care why aren't we building up our HSA number one next we hear about the Coverdale the Coverdale is a savings account the gross tax-free that comes out for college the Coverdale is great for kids that are under age 18 and as a parent or grandparent you want to put money in this Coverdale for the kids it grows tax-free you can invest it in anything you want after age 18 you can't put new money in and then you can continue to invest it but it's got to be out by age 30 or you have to bump it to a different beneficiary I love the cover now because you can invest in whatever you want you're not suckered into whatever Wall Street wants to sell you but the drawback is you can only put in two grand a year the 529 is nice because you can put a hell of a lot of money in there oh but oh I'm going to be in a state fund where Wall Street controls it and I don't even know what the fees are that are buried in it and for sure they're not going to lose money and oh they're so wonderful you're making great money I don't know I haven't seen a 529 plan that's transparent at all I have searched high and low I can compare them to others they can tell me what their rates of return are but can I really see what all the fees were and all the expenses were and do I get to choose the Investments hell no so if you got someone that wants to give your kid a bunch of money for college and the 529 is their choice take the money me I'm going Coverdale and I'm going Roth because I can put money into a kids Roth account and pull out contributions tax-free for college and let the growth continue to snowball there is a three-way combo there and I write about this in my ultimate tax guide you can get it at Mark J kohler.com use a combination of the Coverdale the 529 and the Roth if you're a parent you want to use all three bring it together a plan now this is after you're out of debt this is after we're doing your Roth this is after we're doing your 401k and you better not be taking out a home loan or sacrificing your retirement if you're for your kids freaking education they can go to the Community College they can get a scholarship or get a job and go to college I graduated from college with no student debt my kids graduated from college with no student debt did it take me 10 years to get through college yep and I had a small business the whole way I was a janitor I cleaned carpets with a carpet cleaning van and did Windows and cleaned buildings and restaurants it was hard but I didn't take student debt don't do it people another trillion dollar problem freaking a if you're filling out a FAFSA to get your kids student loans or you're draining your 401k or taking out a loan against your house for some kids student loan I don't know what you're smoking all right next question next question is from Susan T does any other incomes count towards Social Security such as rental dividends VA Pension Etc now I think what Susan's asking is when you're determining if your Social Security is taxable okay everybody the IRS says your Social Security is going to be taxable if you make over a certain amount that definition of what you make is really broad it's AGI essentially so taxable rental income dividends interest now if you've got tax-free cash flow from Real Estate that's not going to come into the mix you got depreciation and offsets whole other topic but if you've got whatever your AGI is that's going to affect how your Social Security is taxed number two your income your definition of income for the reduction of Social Security benefits I believe is more earned than AGI go ahead and look at that uh earned income okay let's do our next question and I'll look that up while we're talking so we got uh Jay Brown um if you never spend the money in HSA can you take it out for retirement yes you can people if you don't use your HSA for health care which I've never seen because the number one reason you take money out of retirement is for health care and anybody asking that is Young and they think they're going to be healthy for the rest of their lives but yes if you do not use your HSA for Health Care crazy if you don't you're George Burns you're smoking cigars till you're 103. then yes you can pull money out of your HSA it is taxed like a regular IRA got a question from n a not available I guess should my spouse start a small business to offset with no real estate experience is short-term rental a good idea would it even make a dent in the tax bill other investment ideas for this scenario okay people I really like this question what was her first name not available so he wants to be you know and what's funny is not available was asking questions of what to do with her husband so she's not her name yeah definitely so no tax match for her sure enough fair enough not available you're like I gotta get my husband freaking killing it so let me ask some questions now let's let's unpack her comment a little bit I might need your help here James yes sir it's definitely a few parts yeah there's a few parts there the first thing she said was should my husband start a business in real estate with no real estate experience um and then said what about a short-term rental which for some of you that don't know that means AKA Airbnb uh I don't want anybody to start a business without experience to some degree as to what the businesses are starting now the phrase that not available what I'd rather have you ask is Chris what's the name Chris oh she came through with Chris he's she I'm not really sure what's going on here she came out okay Chris here's what I would say Chris let's rephrase your question hey Mark I understand short-term rentals I'll throw in their long-term rentals storage units commercial low-income housing mobile homes there's a lot of asset classes in real estate that can be incredible Investments it depends on your expertise how much time you have on your hands how much money you have where you live lots of variables so don't hang your hat on short-term rentals be open to learning about real estate learn about real estate investing so the question would be hey Mark to supplement our future retirement would it be wise for my husband and I to get some education on real estate investing and consider short-term rentals what do you think my answer is to that Chris bam straight that's a legal term that we use in law school called yes damn straight so yes go get some education and I'll be frank there's a lot of real estate education out there that's crap I love renatus myrinatus.com m-y-r-e-n-a-t-u-s Myron artist.com I do not make money if you go there and look into their education I'm one of their Educators I've been there for 10 plus years I love Bob Snyder the founder he's an ethical honest is the day is long and he's got an incredible education format they have local meetings all over the country check it out that's the place I'd start now you may even go to online education some great books go to some local Ria clubs and start wetting your whistle but you're going to need to really double down on some education and I would lean on Renata yeah they know their stuff there's there's definitely another part of this question as it's it's kind of annoying when this happens but Chris also commented to see previous comments so I scrolled up and I see another part so after maxing out every standard option to save on taxes 401K backdoor Roth 529s for kids HSA and then it's supposed to go into should my spouse start a small business to offset with no real estate experience is is short-term rental a good idea yeah okay Chris now everybody listen to Chris's second part of her question and Chris I applaud you thank you so much for asking a question on a live like this it's it's can be scary you're putting our financial lives are like opening up our kimono it can be extremely embarrassing and scary opening up our financial situation especially on no one knows maybe who you are here but it's it's concerning so I want to say Chris thanks for bringing this up now everybody listen to what Chris said that was another Chris I'm going to correct here she has like this this thing like I'm trying to save taxes by doing a Rother 401K I'm trying to save taxes by starting a small business I want to save taxes by doing a short-term rental Chris let's change the mindset here how about we start a business to make some effing money how about I start building a Roth to make money tax-free how about I buy a short-term rental to create tax-free cash flow see the mindset is you're not starting businesses to save taxes you're starting your business to work your ass off and make more money now Mark number two what are some ways to save taxes on the income I'm earning with my business now Chris that's me maybe what you meant I'm not trying to be rude but people a lot of people think starting a business is to save taxes no no starting a business is to make more money and then I'm going to help you have it taxed less than a paycheck that's the difference and if we can build tax-free wealth in a Roth or tax-free cash flow with real estate great but the first purpose is I'm investing and building a business to make money we do not invest or do businesses to lose money or save taxes we do business or invest to make money and so Chris you're on to some great conversations here please continue if anybody put it in the chat please James every get over to my podcast Main Street business podcast over 400 episodes on how to build wealth save taxes and protect it there is so much education there's so much you just you don't know and I I listen to my podcast for the things I don't know you just don't know what you don't know right so Chris you keep working hard but change that mindset saving taxes is secondary to just freaking making money I want you to make money I want you to pay some taxes just as little as possible because I want you making so much damn money you gotta write a check to the IRS and that's okay we're just going to make it as small as possible go ahead James next question Chris we apologize for your your comments were all over the place if you could put them all in one comment that would help us out drastically um my next comment is from kala are you taking in new clients to set up a trust will it will and LLC business I have a unique situation upside down smiley face thank you everybody yes now I want to say this right now for any of you out there that may see some hurtful comments about the accounting firm that I've really distanced myself from right now they're getting their house in order I know some of you had some some poor customer service from um the accounting firm uh of years pass and I I truly apologize for that I'm gonna talk more about that and and I love my partners there we got steered around by a consultant that really hurt the business but um I'm sorry about that but our accounting firm I don't want you to come to my office for accounting tax services but my Law Firm Matt sorensenite our Law Firm kicks butt and we've got it dialed in so if any of you need an entity need a trust need some asset protection want to do some privacy planning you want us to review your tax return and put together a freaking Kick-Ass plan for this year please call the law firm kkoslawyers.com James put it in the chat please you guys can make an appointment online in the middle of the night meet with a lawyer and I promise you we're going to save you 10 times whatever you pay us we want to have an incredible Dynamic conversation about helping you build your business next I am training accountants around the country under my new certified tax Pro program we've been doing it for two months now with the modules are finished next week we are rolling out the network of certified tax advisors around the country that you guys can interview I don't make any money off you hiring one of these advisors get over to Mark J kohler.com if you want to become an advisor you want clients or you just want to collaborate with other accountants and get good advice and network together if any of you need an accountant within the next week or two you can find one on my network at Mark J kohler.com file an extension don't worry about filing your taxes in the next two weeks or six weeks people you reduce your chances of an audit by filing an extension so take a chill pill find a good accountant for last year and this year moving forward and I'm going to have the network available within days that you can turn to yeah Calla says I've been a licensed agent since 1989 and I still don't know what's going on and oh yeah that's amazing you just gave her that info you're in the right place Cala yep get over to Mark J kohler.com you would love the network I've got enrolled agents on 150 right now of enrolled agents and CPAs networking together in weekly trainings with me you'd love it next question I've got for you uh Ron Johnson my wife is in healthcare and her co-worker is starting a healthcare business and wants my wife to become a part of the company what should I look at for her as the best Avenue for taxes and such Well Ron the wonderful question and people this is what I'm talking about you're at work you're networking Ron's wife is like ooh someone's starting a business they want me involved great you should be all ears but your hands are up here you're not signing anything yet no no no no no Ron bless your heart taxes are three steps down the road here we want to see you're going to do your due diligence on this person you're going to do the due diligence on the project you're going to look at the documentation this person's providing did they create an LLC or a corporation you're going to hire an attorney I please I beg of you hire one of my tax lawyers for one hour to look at what they're proposing it could you could avoid a train wreck or they could give you the ticket to get on the train because you've got to know what you're getting into and if this person that your wife's thinking of doing business with goes well I went on LegalZoom and I set up the entity and here's how we're going to do it it's going to work out great uh you probably have the wrong partner because anybody that thinks they can draft a new company and put it together and bring on a partner or investors or lenders and make it happen without good legal sound advice and I'm not saying spend thousands of thousands but holy hell so Ron you're on What's called the due diligence track right now you're checking out the person their documents their structure the idea the business plan then once they lay that out for you you bring that to one of my lawyers and go how can I save taxes on this now if they're if your wife's gonna be a partner I'll spoiler alert and I have a whole chapter on partnering right here pick up my book on Amazon you can have it tonight on Kindle or audible or in print within two days Prime delivery the whole chapter on partnering probably you and your wife would form an S corporation and partner in the LLC of the parent company that's this new Healthcare Company that's usually eighty percent of the time or more now we're not going to get there until you do all that due diligence uh Madison and I are starting in two weeks a three-part series on buying or selling a business or getting involved in a business as a partner buying a business is the same as coming on as a partner in a business with others three-part series on our podcast Main Street business podcast Please Subscribe hit the bells give us five stars if you love the show and we have open forums every three weeks you're gonna love it so check that out we're going to start that Series in a couple weeks Ron maybe one more question James this is from one of our own he he's AKA Chad I don't know if you want to give that away but Tyler Lazenby says do you think the younger generation should be planning on Social Security as a resource at all for later in life no no should I am I saying that Social Security won't be there no I'm not saying that I Social Security is going to be there the as long as the U.S government is operating there is no way in hell they're going to let Social Security go away now what the benefit's gonna be how they're going to plan for it and how much it's going to cost all of us people it is this Holy Grail it is the sacred stone there is no politician that would ever go to Washington and ever kill Social Security they might as well like have death threats showing up on the front door Social Security will be there but listen to Tyler's question should young people plan on it as a resource hell no Tyler and all you young people in your 20s 30s and 40s and you're in your 40s you're a young person start saving now start building a side hustle start buying rental property start getting good at something you're passionate about and making money on the side will Social Security be there sure find the check hopefully a payment for a car payment I don't even actually have a car payment then but maybe it'll give you a few hundred bucks a month or whatever I don't know but it is hell no gonna not be a resource it's going to be a check that falls on the kitchen counter that might help but my definition of a resource is it's impacting your life Social Security is not going to impact your life now or 10 years from now or 30 years from now it'll be there but people do not rely on it that is the message today the truth about social security in my humble opinion is it's going to be there how much it's going to be not as much as you think the government is pushing you to wait to claim Social Security later and later the full retirement age has been changed to 67 they want you to wait till you're 70. if you're a young person don't freaking worry about it Tyler don't even think about it you think about your side hustle you think about your investments in your business that's what people you should be thinking about that's the truth about social security see you next week for another life can we give away a few books before we leave nah let's roll it up we're going to roll it up people be here next week love you appreciate you if you're here you're here to learn not to get a free book you want to buy my book get over to Amazon it's going to change your freaking life free book for you is not going to change your life because it's free to you go pay 20 bucks and buy a book and learn how to build the American dream that's what's going to help you I appreciate you guys I love you I'll give away some books next week thanks James
Info
Channel: Mark J Kohler
Views: 77,754
Rating: undefined out of 5
Keywords:
Id: -X_ksr8Muq4
Channel Id: undefined
Length: 45min 44sec (2744 seconds)
Published: Fri Feb 24 2023
Related Videos
Note
Please note that this website is currently a work in progress! Lots of interesting data and statistics to come.