Travel to Pay Less in Taxes!

welcome everybody to this week's live broadcast on making you money saving you money and talking tax and legal when it's not boring this is going to be good don't go anywhere if you're seeing this in your feed give me two more minutes and i'm going to tell you what this is all about and seriously if you don't save and make money in this quick live broadcast that i do every week i will have failed you're going to love this so anyway if you don't know me my name is mark kohler cpa attorney best selling author radio show podcaster uh video personality blah blah blah but i keep tax and legal fun i'm a real partner in a law firm and accounting firm yep i know but you're dying to know this information and today we're talking about the travel write-off every time you travel i want you to get a write-off baby in your side gig your side hustle your big business your small business your rental property we're to hit it all and as i do every week this is live q a so we're going to make sure we try to hit your questions and i've got my counterpart two of them here today i've got darren cherrington and max merritt two lawyers in my office that want to help answer your questions on the chat now right now max i better say law clerk soon to be the most important lawyer in our law firm does that offend you darren there was there was a clap there was a clap that's our studio audience we're rocking now before we now before we go any further please make sure you subscribe it keeps the lights on please over on youtube facebook we're going live on entrepreneur and my personal facebook and youtube and instagram i don't know whatever so i already see some regular names here on a regular basis thank you so much you guys are awesome look at we even got a max is awesome it's from a guy it's it's vaughn he's not too cute so i'm sorry vaughn no offense i'm just saying okay nah and he's in north northeast wisconsin by the way i'm a packer fan i've been to the stadium there and just love it i'll leave it at that because i don't want to you know it's almost football time pre-season right when's the first real game corey you know have you got your fantasy league going okay all right no more dilly dallian so we're gonna have fun i got my product placement here since i'm a rock star and i'm close to being sponsored by rockstar i'm your cpa tax lawyer for main street america i'm your rockstar i just i just don't know what to do with my hands ricky bobby i just this is what do i say there we go little shake and bake baby okay all right i'm going to give away some books today too now if any of you say give me a free book you're not in the running cory it's going to piss corey off now corey chooses my winners i'm going to give away a cpa book a tax legal playbook a directed ira um eight steps i'm gonna give it all away okay so let's have fun this is your weekly dose of oh and a financial freedom anything else geez it's not your crap so you're just giving away you're let we're gonna give away darren's laptop too here today okay now um but seriously this is your one time a week to get a dose of tax and legal and all these other side gig side hustle investors around the country are asking questions that you've got and we're all we're all in this together so this is going to be good i just got chills this is gonna be good good good show today okay travel right off when and what all right when can you write off travel well first you gotta have a small business now that could be a side gig i mean freak you could be driving uber getting a 1099 to drive uber and you went to another city for the weekend and you had to drive uber to learn what the other uber drivers are doing boom business purpose you know that could work that was a stretch but but the point here is if you've got a side gig or a side hustle you have a small business you have a rental property and you go to check on your rental property that's a write-off now i love five main reasons of when you could take a rival a write-off for travel and i'm gonna beat this up people pull out a yellow pad this is your this is your school time for the week as small business owners okay so when can i write off travel number one i love this one is a conference it's going to go to a business conference you might go to one of my workshops this fall and i'm going to tell you where they're at and they are rocking i got a trip to hawaii for you in store for you a complete tax write-off to go to hawaii from one of my very affordable workshops i don't know anybody else that does a workshop as affordable as mine i want you to be able to afford to go but find a conference go to a business workshop go to a continuing ed continuing education for those that don't know is it it's a class that trains you technically on some it could be software it could be you're going to an excel word conference would be a little nerdy but that's okay do it for your business go to a conference for your business okay so conference now i'm going to talk about how you get to write off which days we're gonna come to that so let's say you go to a conference that's two days how can you write off four days i'm gonna show you how you're gonna love it all right conference is number one next meet with a client what are you selling i got multiple side gigs you know i'm selling cutco knives on the weekend no i'm not but anyway but you might be that's okay maybe you're selling monavie juice maybe you're selling a lotion or potion maybe you're um selling stuff on ebay you're an affiliate marketer so i want you to meet with a customer or client um very common i have realtor clients that are always looking for new connections to find buyers or sellers and they can do this with the affiliate relationship with another realtor in another state around our city around the country okay number three meet with a vendor where are you buying product where are you meeting um i i'll give an example i had a client in hawaii believe it or not it was in kauai and they were a contractor in kauai now most of us are trying to find a way to get a tax write-off to go to hawaii and i was there doing one of my workshops i've done them for 11 years now so i was in hawaii doing my workshop and a kauai general contractor building home said well i want to write off when i go to the mainland i go where do you go he goes well my my mom and my grandma live in seattle um believe it or not there's a lot of hawaii residents that move to the seattle area it's kind of a big deal and they go we're going to seattle at least once a year i go okay cool um do you have any vendors there he goes what do you mean i go well all of your building material doesn't get produced in kauai do you have any vendors in seattle area and he's thinking okay doors windows tools you know lumber there's a hundred things right faucets for sinks bathrooms whatever and he goes you know what our glass manufacturer or distributor is in the seattle area king county and i'm like dude stop in and visit him he's like oh my gosh i've never thought of that it was so fun six months later i was on a call with them and they said we went to seattle met grandma and grandpa blah blah blah and we stopped in and saw the window manufacturer distributor we actually got a good deal on a prod product that we've been looking at we built a stronger relationship for better and faster shipping it was a great business meeting now i could write off a hundred percent of their airfare in a couple days to go for that meeting think outside the box people where are you going let's find a business purpose for going so meet with a vendor all right number four now i'm sure we could think of more if any of you have a good one i'm going to write them down if you've got a good idea or a question could i write this off i want to see it put it in the chat okay number four meet with an affiliate now that's different than a vendor or a customer this is where realtors might be meeting with another realtor in a city and they're saying hey can i send you some buyers for investment property i was just talking i'm going to give a shout out to my amazing daughter sydney sydney is a realtor in orange county california now many of you are not shopping for single-family home rentals in orange county california that's where you're buying maybe an airbnb or something like that so i'm like sydney we've got to get your clients that are in orange county buying their rentals around the country which they do and we got to find you inventory and realtors that you can work with around the country so i'm trying to partner up with a realtor in nashville tennessee lots of good rentals in the south southeast tennessee and so we're trying to build that relationship so a realtor in tennessee looking for investors can work with a realtor in orange county to find buyers and potentially vice versa so that's an affiliate so in your business whether you're in online marketing mlm real estate could you meet with an affiliate all right or a partner think of it that way you know what i'm gonna go with six i'm not gonna do five i'm gonna throw down darren okay all right fine darren's not on camera today there really is a person over here wave your hand like on camera there he is that's darren he's got oh where our camera go there he is he's in the dark now we just didn't have our extra camera up in time today but you normally use on our live okay i'm going to do five and six number five visit a rental visit a rental property visit visit misspelling your rental i love it when my clients buy rental property where their kids are going to college where grandma lives where grandpa lives where the adult children live buy rentals where you travel i once had a client this is a funny another quick example a client was like um i go where do you travel they go we go to texas all the time and i go well part of texas we go to dallas and i think these were clients up in the northwest and i'm like okay what are you going to dallas for all the time all right now this i hate to share this story because we're going to get a response from our producer over here cameraman cory they were dallas cowboy fans yeah i know it's one of those you know they're almost almost as bad as raider fans you know i'm just i'm just joking okay so anyway there are dallas cowboy fans and they go we're season ticket holders we go to dallas all the time and i go why aren't you buying rental properties in texas there's great deals in texas for rental properties compared to i think they were up in seattle area king county high price market so they're like oh my gosh and over the next few years we saw them buy one or two rentals here and there they ended up with i think a portfolio or five or six rental properties in the greater dallas area they were cash flowing and every time they went to texas they'd meet with the property manager stop by take pictures of the rental property their entire trip was a tax write-off and they stopped in for their dallas football game boom check on your rentals all right number six and this one i love is your corporate annual meeting corporate annual meeting now folks this counts for your llc as well as your if you have a corporation now let's go to our trifecta everybody you know you're trifecta right down here is your trust married or single young or old poorer rich you need that trust for privacy and i'm gonna bring up some ideas oh no agent omega dallas fan you got you know i know that's crazy okay all right so in our trifecta you might have your day job over here but you got your side hustle that side hustle could be an llc it also could be a mate a full-time business you have through an s corp and s corp has a board of directors b.o.d board of directors in llc we have a board of advisors you have three five seven i usually don't like more than seven these could be family members best friends brother sister partners so we have our board of advisors board of directors it you now some of you are like well i'm not required to do that in my llc you're right most states don't require it but they love it judges love it it gives you better asset protection so do your annual meeting maybe a couple days of training at the same time down in cabo do it all inclusive down in mexico and have your annual board meeting all my kids once they were teenagers were on my board of advisors board of directors and they were learning about the business over here if you have an llc with your rental property you're also going to have a board of advisors over here have a regular board meeting this board meeting this annual meeting is a tax write-off boom now let's see if we got any other ideas out there did you guys see any of their cutco knives i know it's an mlm cutco knives are good too um all right my now i'll talk about my workshops here in a minute someone's asking where's the link uh an old skit on snl frank come on i'm trying to be a little more legit okay oh what oh yeah okay i'll tell them links for the workshop are down in the description okay corey go through was there any other ideas a notary a notary traveling to do notary sounds like an expensive notary networking i saw that any other ideas on where you could travel someone said you can you travel to another country yes i've had clients with rental properties in coast costa rica i even had a client with a conference they went to in italy now they were in the medical they were a physician but they had to go to a specialty conference on there one of the things they did as a physician and the conference was in europe that's fine maybe you're an engineer an architect a physician maybe you're a chiropractor and there's a conference in england on better chiropractic procedures that trips a write-off so i love it um annual meeting will have to be in hawaii frank that's right and i'll tell you where my my hawaii workshop is so you can plan it uh can we have travel for annual shareholders meetings echo absolutely yes um a new one says they catch my show every week thank you so much appreciate it uh daddy coaching uh ben from nyc is here love you guys potential clients now let's talk about asian omega brings up potential clients now i'm just going to answer this then we're going to go into what you can write off and how the week works if you're going to shop for rentals that's not a write-off if you're going to shop for clients in a bar not a write-off but if you go back and you buy a rental property from that trip that you may have found or you go back and you're networking and maybe you are hitting the bar scene looking for potential buyers of real estate hey that's cool wherever you're going but you got to close a deal you got to actually get a client from that trip you can't just tell the irs yeah i went you know i was in chicago for the weekend looking for clients that want to buy real estate in florida well did you sell any real estate in florida no did you find any clients no is that all you did in chicago yep had a lot of fun probably not going to write that off so we need to consummate a transaction we got to keep a list of who we meet with and and you have regular contact with them the audit's not going to be for a year or two even if you do get audited so keep good records of who you meet with what properties you look at all right um lavell lucky no love lucky charms that i love a good bowl of cereal at night and found the new podcast our show every week youtube channel please people subscribe i'm trying to produce produce great content every week okay all right now let's go to what you can write off here's what's cool you ready guys now you may i'm okay i'm gonna say a little bit more here in a second okay first travel write-offs what can i write off first airfare 100 because you gotta get there for business most of these are a hundred percent next uber taxi hotel uh up in seattle i took a ferry from seattle over to bainbridge island i went squatching didn't see sasquatch but i'm working on it someday i'll report it right here if i see him okay airfare uber taxi hotel um airbnb um now here's what's cool food while you're traveling even if you're not talking about business you're on a business trip so your food is a write-off i love doing this i'll go to my own workshop teach it for a couple days and at night i may make a drop by a 7-eleven get some nachos or some late night food i'm not supposed to eat i get to write that off 100 percent well mark you didn't talk to anybody about business i didn't have to i was traveling for business 100 right off so food 100 um darren what am i missing here we got airfare uber taxi hotel airbnb food train subways um i once took a um horse and carriage ride from the east side to the west side of new york city instead of a cab we were traveling there for business rode off the horse and carriage wasn't entertainment didn't smell great but i got from the east side to the west side that was a write-off um ooh valet parking at the airport parking wherever you go um what i like about this too is with your rental car you get to write off your rental car gas which normally you're going to do mileage maybe on your vehicle so you don't write off gas you just do mileage but when you're traveling and have a rental car make sure you write off the rental car gas okay let's see if there's any quick questions on this on what you might do on a trip and what type of things you might be able to write off let's see oh i didn't talk about uh again offshore if you're traveling offshore maybe you're now thinking puerto rico one of the territories of the united states that's right you're going to puerto rico you're checking on a rental property you get to write that trip off because you're reporting your rental property no matter where it is so you can't have a rental property in australia and not put it on your u.s tax return so you're taxed on your worldwide income so if you have a rental property in costa rica but you don't report it to the irs maybe not right off that trip not good audit okay um let's go look at cr if my wife is an officer in my s corp can we write off the hotel stay let's say we had a corporate meeting yes now think about this when i take my wife with me she's usually helping me with the workshop or she's going to be there when i'm meeting with a customer or a client we're checking on a rental property so even if she's not an officer of the corporation she may even be on salary in the corporation because i'm funding her 401k whole other topic so we got all sorts of options there so when your kids are on your board of directors your spouse is an officer and you're traveling if i get a hotel room we're staying in the same hotel room anyway you know now if i get hotel rooms for my kids that are helping with the workshop i'm writing off their hotel so all good cr love it i'm a contractor and at times supply drinks and food for subcontractors can i write off the drinks and food now that's not victoria not related to maybe travel but if you have subcontractors and you're supplying food or drinks for them i'm gonna write that off yes absolutely what do you got here's a good one from agent omega he asked do all of the board of advisors have to be present at the corporate meeting no um on your corporate meeting uh agent omega so you don't have this voice of god off the side without seeing darren i'll answer it i know i know darren could answer it by the way max and darren are making comments in the chat so if you see someone pop off and give answer your question and it's max merit or darren charrington they're with me you can trust it it's all good okay so when you have a board meeting you might zoom in grandma from kentucky even though you're on your corporate trip in miami so i'm cool with that have them on the phone do your board meeting they just couldn't make it to the board retreat and i'm good with that okay now here's the problem that there here's the good and the bad when the tax cuts and jobs act was passed now this is where you're going to hate trump and you're going to love trump now i know some of you already love him no matter what and some of you hate him no matter what but just deal with it all right i'm not taking sides there's good things biden does bad things bite and suds good things trump does bad things trump does we're just taking what we can get as a business owner right okay so don't get political on me everybody when they pass when trump was in his in right first year or two we passed the tax cuts and jobs act entertainment gone right off entertainment anymore so when i went to cabo for a business retreat with my partners i could write off the airfare the hotel the uber the transfers the food but i couldn't ride off the deep sea fishing i couldn't ride off the baseball game i couldn't write off the football game entertainment no longer a write-off but to try to stimulate the economy after this last hard year trump right before leaving office and congress passed a 100 percent dining right off for 2021 and 2022 we can write off a hundred percent of our dining as long as it's take out or dine in i can't go to the grocery store and buy food for my workshop and well i could because it's a workshop right off but i can't go buy peanut butter and jelly and bread at the grocery store and write that off as dining while i'm traveling well no if i'm traveling i could oh my gosh what do i okay let's say i invite darren over for a sandwich at my house okay 50 but if i take him out to eat and we go to subway 100 because we're trying to stimulate the economy and all these restaurants that were decimated last year okay well oh i got one last thing and we're just going to do questions now let's say i travel i go to vegas for my corporate meeting all right so let's look at this let's see if i come up with enough days sunday monday tuesday wednesday thursday friday forgot saturday all right now let's say i travel on tuesday so let's say i'm gonna fly on tuesday i do my business on wednesday i'm gonna change my color here to red too let's do that okay everybody hang tight okay we're gonna switch over here okay so i fly or i travel on tuesday i do business on wednesday so i hold my board meeting i go to conference i do whatever and then i fly back on thursday now you may say well mark you only did business on wednesday so you can only write off one third of your trip wrong according this is irs gospel i mean this has been in the books for years and years this is all good the day you travel is business to get there the day you do business is a write-off and the day you travel back is a write-off 100 percent the whole freaking trip that was my pen drop okay now the reason why this works even better is you could travel in the morning on tuesday and travel on the last flight out on thursday and get three days of business travel now your business business trip when you do multiple days has to be at least four hours of business each day so you can't go to the conference for one hour and disappear if there's a multi-day conference you got to do at least four hours every day if you're going to work on your rental property keep good records i worked on the rental property for four hours then i went to the dallas football game so when it's multiple days four hours is a business day now if i had to go just wednesday to meet with a customer i met with them 30 minutes but i had to go i got the whole write-off for the day because it was a specific meeting that i had to go to and it wasn't multiple days all right now let's say let's go back to our example here okay so we got sunday monday tuesday wednesday thursday friday saturday so we got it here looking good sunday monday tuesday wednesday thursday friday saturday all right let's go back to red okay now let's say you travel on thursday so let's say travel then you do business on friday bs business that's a no i don't know what you were thinking but that's business all right then saturday day i get stuck in atlanta on saturday and sunday then i do business on monday had another important meeting or i had to meet with my property manager when worked on my rental for four hours whatever it was and then i travel back on tuesday so look at this travel on thursday business write-off do business on friday irs rule you get stuck there on the weekend and do business on monday the weekend is a write-off yes that's legit i'll sign your tax return all day long this isn't some bozo on a blog saying you can do it if you come to our accounting firm and we sign your tax return and you get audited for this we stand behind it that's how legit this is okay so saturday and sunday are right off then i did business on monday right off and i fly back on tuesday right off six out of seven days right off and i did business on friday and monday boom okay now let's let's digress for a minute some people are like well mark my accountant should know this some accountants don't if you hire a contractor three different contractors to remodel your kitchen you're gonna get three different jobs one good one great and one crappy that's how it's going to happen now if you go with an accountant it could be the same thing people i want to compliment you you're here on a quick broadcast talking about one freaking write-off travel people this could be the difference between five or ten thousand dollars in write-offs this year if you're not tracking it if you're not on on your game letting your business pay for this now back to the trifecta i let my s corp debit card pay for all my travel i don't use my personal card see i've got three different okay i'm gonna throw down right here i got my here's my wallet i got a debit card i gotta be careful people figure out how to freeze frame this okay so here's my debit card red is personal okay then over here oh my gosh i think do you have my silver one my pc one is ally got it one of my marketing team has my store so let's say this is my silver one that's blue right now sorry this is a credit card at the moment but i have my s corp is a different debit card that's my silver one at wells fargo my red one is my personal debit card so i have two different debit cards one for business and one for personal so i use this one when it's personal this one when it's business let your business pay for this when you go to meet with your accountant you've already got it on the books do your best job at recording this now some you're like well i want the points all right well i have a cred i have two different credit cards here's a delta gold so i can get delta points and then i've got and my other amex that i'll use for business as well i never use these for personal because i want the points and i do point management strategies we've done whole lives on that so when it comes to travel we want to think about point management but we also want to make sure we're using the right debit card or credit card so we make it easy on our accounting let's make let's help our accountant get the write-off so you're the captain of your ship you sign your tax return at the end it's on you if your accountant sucks you're the one that hired him or her right so and it's okay you can train your accountant you can go here's all my dining here's all my travel i'm writing off my cell phone everything at apple store everything at best buy i'm writing off my truck i'm writing off my car i'm doing mileage when you're here with me every week learning you're being a better business owner people this is you this is your freaking life this is your american dream this is your business you can't leave it up to your accountant you can't leave it up to your lawyer when you i get on the phone with clients they're like hey mark what about this idea i go oh my gosh that's a great idea i just brought up on the live two weeks ago i had a client go can i ride off my garage for my business vehicle i use my garage for nothing else it's a hundred percent business vehicle i said yeah that's right off your garage it's a hundred percent business use i'd never thought of that in a long time and i was like that was a great idea because my client was being proactive have a conversation with your accountant don't say oh i'm gonna drop it off at h r block and three hours later get it and if they charge me more than two hundred dollars i'm gonna freak out no the more you pay me them i save you ten times that anyway sorry i'm ranting rant quick question oh we got a question here yes and you get stuck there um what can you write off oh who asked me this was this this was last last uh a few weeks ago yeah this was on a live a few weeks ago okay everybody i know that was my question no it wasn't your question you're not that smart that wasn't you was it you damn it a dallas cowboy fan no corey's smart corey's been running his own small business doing photography and uh ladies he's single just want to throw that out it's true okay he's a catch all right question let's say i go to miami on business and a certain disease i can't say it on this broadcast because then all the different channels blackball my video but let's say there's a certain disease in that location and there's some sort of problem and they shut or maybe there's a hurricane going through miami and all of a sudden my flight is delayed or i got a test taken and i need to stay a few extra days and i went completely for business and for some reason i get jacked up and i get stuck in miami for two or three days can i write that off the whole trip well i'm stuck there yes because you didn't stay to go you know out to key west you didn't stay to go alligator hunting you didn't stay to go out and you know check out the swamplands you got stuck there for an unforeseen they call it in the law act of god situation and you're stuck and you were there on business people i want you writing off that whole gosh darn trip do business while you're there keep trying to take do appointments take advantage of the time just don't sit in your hotel and watch you know movies but get out there and take advantage of the opportunity while you're there but it's going to be a write-off because it was outside of your control on a business trip all right now let me tell you the business one big business right off and then we're going to keep doing questions here's the deal i've been doing workshops every fall for the last 10 years let this will be my 12th year i've been doing last year was 11th but we did them all virtual people i am so sick of workshops that are rah-rah-rah let's make a bunch of money and they pay charge three times whatever i charge and everybody gets hopped up and fired up for some mastermind work group blah blah blah now those are cool at times i like those workshops but people a good practical workshop where you get action items on how to save money how to invest it how to take advantage of it from a legitimate source those are pretty darn valuable my workshop is under 500 bucks for a two day a basic and advanced come for one come for the other and i'm doing four locations this year please come out it's a tax write-off now let me give you some dates jack i'm going to need your help on dates we got october 2nd is a one day in dallas the next week is in chicago what day is that look it okay that's okay i put him on the spot should chicago what october 8th and 9th is in is a two-day workshop and then we're going to orange county is that the next one orange county november 5 and 6 is the oc and in the evenings or you're going to stay an extra day or the weekend and go to d land make an appointment by the way they're still doing that orange county take a tax write-up i love chicago love dallas i'm going to dallas because i'm going to buckies i'm going to write that bad boy off i'm going to write off buckies that's it because i'm traveling for business and we're going to a cowboys game is there a home game that weekend okay okay all right then we're going to hawaii people honolulu this is going to be sweet and by the way we're getting we're almost 25 sold out with honolulu so you've got to get there i only do 100 people 100 people and it's sold out because i i know that sounds like kind of a lot but it's really not a lot of these big workshops or hundreds of people and they never really get to talk to anyone we're gonna network i'm gonna be there all day teaching with you so honolulu is november what 19th and 20th the week before thanksgiving come on it's going to be a tax write-off get over there and then our virtual that if you can't go to any location and it'll be a two-day live virtual from this studio december third and fourth all right oh my gosh we got to do a couple others right off your kids we're doing a young adult financial evening seminar for three hours that's going to be in dallas on the 1st oh no not dallas it's going to be in chicago on the 7th and then oc on the 4th and then we're doing honolulu on the 18th so when you bring your kids there's an extra evening before where it's just and this is a hundred bucks for a kid and we're going to talk about how to build the roth a million dollar roth ira for kids under 25 this is nuts it'll be november 18th okay i don't want this brought this video to be too salesy i'm getting too much in the weeds but i just please check it out get to markjaykohler.com you can learn more about it the topics are on every freaking write-off i can think of i'm going to hit my top 10 my top 20 we're going to talk about structuring your business teaching your kids how to build a roth and the big one i need to talk about too is in dallas um we're doing our summit and this is the um a two no no no sorry this is in phoenix we're doing our summit in phoenix and that is going to be a uh just for how to self-direct your iras and 401ks and when is that the summit thank you october 22nd is a golf tournament and the 23rd and this uh summit is for iras self-directing iras if you're self-directing crypto you got to come we're going to talk about mining staking crypto self-directing and real estate you're going to love it so and the last thing no more sales i'm just trying to get you there out to a workshop where you can learn everything for the next two hours if any of you sign up for any of these workshops including the virtual flash 50 you save 50 bucks flash 50 save 50 bucks now with the end of today's broadcast if you're present we're going to give away all these books too we're going to give this away um everybody thanks for listening to me i appreciate it i love what i do thank you and i'm grateful you're here oh and yeah get over to markjaykohler.com you can sign up for any of these at mark j kohler dot com thanks everybody i love being here now we're not going anywhere okay more questions what do we got to answer your biggest question while we are there oh my gosh who's it against okay so there is a now look at this you could write off your food at the dallas cowboy game on october 2nd or 3rd that weekend it's on the third against the panthers and you can't write off the tickets to the dallas game but you can write off your food while you're at the dallas game because you're there traveling for business i love it i love it okay more questions okay joshua says could you attend something like a real estate meetup on a vacation and right off the trip okay joshua okay don't use the vacation word oh my gosh joshua you're killing me everybody you're never going on vacation again you're going on business trips with a little bit of fun see see the difference now my wife for years has said take me on a trip where you just you show me you love me take me on a trip that's not a write-off just us no business no i can't do it it's got to be a write-off so anyway my marriage therapist has said we got to work on that but i'm like you make it a write-up bud and it's all good you know anyway so here's the thing you're not joshua everybody i'm not kidding change the way you approach this i'm not kidding you're not going on vacation you're going on business trips with a little bit of fun so joshua now you're going to a real estate meetup okay is it a seminar how long is it how many days is it now if joshua says well let's go back to our days if joshua says well i'm doing a real estate meetup in oklahoma city and i'm going there to get customers and clients i'm going to be looking at investment properties while i'm there okay i'm interested take good records good notes you better keep notes of who you ended up networking with because if you get audited i can justify the trip now if your meetup is one day then i can write off your day to get there and your day to come back so i got three days for your real estate meetup but joshua if you're doing six days in the cayman islands and you're doing a real estate meetup with three people at you know senior frogs and having margaritas it's gonna be a little harder to write off okay all right so work with me on this so let's make sure if you're doing a business trip we're trying to find several days of doing business and you're also having some fun i love it just change the concept josh a little swing for the ring for these travel trips even if you bring family would you have to pay for everything out of your pocket um business bank account card and not personal in order to write the trip off okay everybody i'm going to restrain restate this swing for the ring great question let me rephrase this mark i used my personal card to pay for some food while we were there or i used my personal card where i wanted the points to pay for the flight does that mean i can't write it off no you can still write it off but is it going to be harder to track is it going to be harder at the end of the year to do your tax return when you've got all these personal expenses on your personal sorry business expenses on your personal card you're going to miss something it's like going to costco and paying for it with personal when you got some business expenses in there detailed when you go to costco you have a cart for business and you have a cart for personal boom boom that's how you do it so you these little things make sure you add up more write-offs at the end of the year think of this i didn't i wasn't kidding at the beginning of this live i said if i don't save you money i failed if we could just write off an extra couple thousand of airfare or hotels.com and you're in a 30 bracket i just saved you 700 in taxes 700 for just thinking outside of the box and writing off an extra 2 000 this year for travel your thanksgiving better be a freaking write-off because you're gonna have a board meeting after turkey dinner on a thursday see what i mean every thanksgiving is a board meeting for my family my kids hate it but it's okay it's good for them teaches them resiliency all right next question what do we got uh like lakia harris um sounds hawaiian uh maybe uh i don't looking at the the her image though it could be african i love it okay my husband bought this property before we were married can my company buy it for him and use it as a rental okay general answer yes but the way you asked it made a little complicated okay so let's say let's let's figure this out so we got um husband and wife all right and before they were married husband bought a property all right cool sounds like there was no prenup good or bad okay that's that's a different video show okay right okay so husband and wife get married husband had a rental property before now they're married they're working on it together they're collecting the rent together it's now marital property they get divorced probably get cut in half that's the way it is so see we got legal issues going on with your tax planning we got to be thinking about that that's why our phones ring off the hook because clients love that we have a legal hat and a tax hat okay so husband has a rental before they get married now they get married you you want to turn it into a rental well lakeisha i don't have to buy it from your husband he's going to contribute it to the marriage that's already happened so we're going to create an llc and he's going to transfer the rental to the llc there's not going to be a do on sale clause do not worry about that your mortgage has already been sold 10 times over i've been an attorney for 20 plus years and i've i've had one client where the bank was a little pissy and said we got to do on sale claus here you better transfer that property back to your name i swear because they went in and asked permission watch my video on how to deal with bankers now sorry if any of you are a banker but you know what i'm saying you gotta ask permission from three people to go to the bathroom at break so be careful about telling your bank too much it's not illegal transfer the property into your llc after closing now if you get married husband could transfer the property into the llc turn it into a rental love it i no problems but you don't have to do this buy sell crap just you're married it's community property or marital property put it in an llc you're off to the races do it okay john says what oh you want me up top don't you corey what's that question you want you tell me where to go you point at it okay ben benzoic says if i travel for two weeks and do business for one week how much can i write off you got this i got it okay ben's benzoic okay well let's think about it right so you've got two weeks here um now the way it made it sound you're going to travel on this day travel back on this day the first week you did business all week and then the second week it was all personal okay now it's okay everybody don't freak out if i i'm your accountant you're gonna tell me this now did you have to fly there to go do business yes do i care if it was here or here no i'm gonna write off now this is my position i'll fight with the irs all day long you had to go for business as a 100 airfare okay you had to get there and get back done you stayed at a hotel for half the time i'm going to write that hotel off 100 percent during that week now let's say you found a new love affair while you're there you know you move in with him or her for a week or you know you go stay with grandma for a week i don't care where you stay the personal week because it's not a write-off but i'm going to write off your hotel this week and then you know whoever you shack up with that's a right that's not a write-off anyway okay then all of your food this week is a write-off food is a write-off this week not here so some of you may say well just add the whole thing and cut it in half maybe if all these expenses were the same i'm going to go cut it in half but i'm going to still take airfare 100 because you had to get there and go back so anyway yeah you're good just bifurcate it a lot of times clients will say yeah i did a business trip for six days half was personal half was business let me just cut it in half 50 50 but i take 100 of the airfare that's the way it goes okay shaelin 31 says or show lynn 31 says what is the minimum age for the children at conferences for my conference oh okay um for our young adult seminar i wanted kids that no younger than 14 maybe 16 i mean i want them there if you're shoving them in the hotel room and then leaving and they don't want to be there don't bring them but i've had i've had kids there at my workshops that are 12 13 14 and they're into it they have a little lemonade stand business they're selling stuff online where was it jack we saw it was on shark tank there was a 14 year old girl that went in and pitched her business i was blown away this girl was sharp so i don't know if i care about the age as much is that the kids who really want to be there and they get it and they want to have a little side business because that's what we're teaching i want kids to start saving in the roth and start a little small business while they're in high school i had two small businesses when i was in high school i hired my little brother and all of his friends let's just say you didn't want my janitorial company coming to clean your office but we still had a lot of fun okay all right okay next question valerie a great pitcher valerie it's better than an initial you look so cute okay valerie says can you write off kenneling your dog when you're going on a business trip ooh all right that's a good question the answer is maybe okay i have a pi i have a podcast podcast on how to write off how do i come up with customer okay podcast on how to write off animals i have a blog article on how to write off animals and a couple youtube videos out there so everybody believe it or not there's four or five ways to possibly write off an animal right off the bat we got a support animal situation we could have medical expense you may have an animal that you're using for as for protection or security at your commercial building or location we've got animals that are used for rodent control at business locations disneyland has 13 feral cats on their property they talk about that they planted there to help keep down on rodents so anyway you might have some business reasons for an animal so um oh my gosh what was her name shaylyn so first question is is the animal a write-off in and of itself if it is when you're traveling for business i'm writing off the animal anyway right but if the animal is for personal use and you know um and we're not getting a write-off for the animal anyway when you travel for business we can't write off daycare for the kids we can't write off personal house sitting we can't write off the kennel for the dog or the cat or whatever so um who kennel's a cat the cat owns you right no one owns a cat okay now but anyway so just so there could be some possibilities of writing off kenneling for an animal if they're already have a business or healthcare reason that there's a write-off but personal house-sitting kid-sitting to animal sitting is not going to be a write-off when you travel for business just like daycare while you're at your business is not a write-off unless you're getting the the um child care tax credit okay we got one more question and then we're gonna give away some books you know what i'm going to do this we're going to give away some books then we're going to do a question too can we do that you ready corey you got winners yep okay so let's the grand prize is my eight steps workbook with 50 videos qr codes that you can start watching videos immediately we give you a digital version too 99 bucks on amazon if you want to go check it out or my website margiecolder.com okay so that's the grand prize let's give away some books here first my story my fiction my attempted fiction fifty shades of cpa no it's what your cpa isn't telling you it's really it's a page turner it's a burner and uh tax write-off it's it's a story you're going to love it who's the winner corey ben zoo you're the winner should i sign it right now for ben can i no no you're okay you're back at the office okay we're gonna do it back to the office i'll sign this for you ben this is your book so excited that you've won ben zoo any of you that win a book you've got to email corey at mark j kohler.com he's written down your name and then corey will get your mailing information um so if you win a book email corey if you're single and want to you know a cue guy in your life maybe email corey okay next we've got financial freedom the business owner's guide to financial freedom i'd love this for clients that already have a small business or a big business and they're like where do i deploy my wealth how do i fund my 401k my roth pay my kids my spouse social security strategies all those goodies who's our winner corey uh jeanette h jeannette h jeannette h you are the winner of the business owner's guide to financial freedom love it let's give away matt sorensen's the self-directed ira handbook it's a little boring but uh you know if you're self i'm just joking i love to tease matt my partner this is the best-selling book in america on how to self-direct your ira or 401k so i will sign it for you just because it bugs matt okay yeah okay who's our winner corey that's going to uh agent omega asian omega asking some good questions you win matt's book on how to self-direct your ira or 401k next oh this is my baby i love second edition tax and legal playbook now if biden and his administration get some major tax laws passed you may see a third edition we'll see uh great book i have this on my desk i even refer to it myself my own book because i've got great tables in the back on what happens in your state and all these goodies okay so who's our winner cory uh jessica lopez jessica lopez she can't have this book this page fell out we gotta i gotta call my printer what the freak okay jessica lopez give me a book you you gave her a book i already put it down before she did oh you already put down your her name before she said that all right oh okay here's a good book max came up so jessica here's a book that's completely clean and pretty boom it's yours all right and our grand prize winner of the eight steps workbook today thank you for being here everybody make sure you subscribe to youtube and facebook give me some love share this broadcast with your business friends and owners eight steps workbook who's our winner mk um for four hours after a food coma look at that a little land of the lost reference i love it another will ferrell classic pounding through a veggie 12-inch veggie at subway yeah that's right he knows his food presentation okay now okay i'm gonna have a quick drink here all right this was for my sponsor rockstar because we're doing rockstar tax and legal today where i have my spot i have to put it right there there we go i don't know what to do with my hands show me second place show me loser okay all right last question no more questions okay here's the last question the number one tax strategy is to have a side gig have a small business a rental property is a small business thanks everybody for being here track your records keep good records on what you spend for travel make every business trip part vacation you're never going on vacation again you're doing business with a little bit of fun thanks everybody i'll see you next week at 4 o'clock mountain make sure you subscribe share this video all of your friends and family flash 50 flash 50 for your 50 bucks off in the next two hours on any of these workshops and please come they're a write-off you'll have a lot of fun if you thought this was good try me out for a day with three rock stars hello see ya see you next week boom

Channel: Mark J Kohler

Views: 29,076

Keywords: travel tips, Travel vlog, Mark J Kohler, Mark Kohler, Mark Kohler LIVE, Mark J Kohler LIVE, Travel Deductions, Deducting Expenses, IRS, Tax deductions, Small business, Rental Real Estate, mark j kohler, wealth building, mark kohler, tax strategies, passive income, vacation write offs, vacation and travel, vacation, CDC

Id: ugusZHnVULs

Length: 55min 14sec (3314 seconds)

Published: Thu Aug 19 2021