The Dentalpreneur Podcast w/ Dr. Mark Costes
Business:Entrepreneurship
On today’s 2-part episode, we’re featuring Brent Saunier and Chris Sands from Profi 2020, the conversation takes an intriguing turn into various strategic aspects of tax planning for dental practitioners. Here, the discussion revolves around the use of luxury items like jets for business purposes, the implications of the Corporate Transparency Act for small business owners, the nuances of the 1031 exchange strategy in real estate, and the complexities of achieving real estate professional status for tax benefits.
The episode elaborates on how significant investments, such as purchasing a jet, can potentially be justified as a business expense under certain conditions, emphasizing the importance of aligning with the tax code's requirements. The discussion then shifts to the Corporate Transparency Act, highlighting the necessity for small business owners to report beneficial ownership information to combat financial misconduct and enhance national security efforts. This segment stresses the importance of compliance to avoid hefty penalties and legal repercussions.
Further, the dialogue explores the intricacies of the 1031 exchange strategy, allowing property owners to defer taxes by reinvesting the proceeds from the sale of one property into another. The conversation underscores the importance of like-kind exchanges and the need to identify the next property promptly to leverage this tax-deferral opportunity effectively.
Lastly, the episode touches on the coveted real estate professional status, which can offer substantial tax benefits by allowing owners to claim losses against their active income. However, achieving this status requires meeting strict criteria, making it a challenging goal for full-time professionals.
This podcast episode is packed with invaluable insights and practical advice for dental entrepreneurs looking to navigate the complex landscape of tax planning and investment strategies. Whether it's understanding the legal requirements of new tax laws, exploring real estate investment opportunities, or leveraging tax codes for business growth, this discussion provides a wealth of knowledge for savvy business owners aiming to optimize their financial planning.
EPISODE RESOURCES
1927: Financial Strategies Pt. 1
1926: Fixed Vs. Growth Mindset Pt. 2
1925: Fixed Vs. Growth Mindset Pt. 1
1924: Leadership & Accountability Pt. 2
1923: Leadership & Accountability Pt. 1
1922: Three E's of Phone Etiquette
1921: Team Based Management
1920: The Ownership Skill Set
1919: The Real Lifestyle Practice
1918: Purpose Driven Dentistry
1917: Bread, Butter & Profits
1916: Revolutionizing Dental Practice Management
1915: Weaving Threads of Work & Joy Pt. 2
1914: Weaving Threads of Work & Joy Pt. 1
1913: Decoding Tax Strategies
1912: Black Belt Marketing Strategy
1911: Creating a Thriving Dental Business
1910: Dental Supply Ordering & Fee Analysis Manual
1909: Maximum Valuations Pt. 2
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
Organic Marketing Simplified: Effective podcasting strategy for growth and monetization
THE GO BIZ GUY
The Sigma Femme Podcast
The Prof G Pod with Scott Galloway
Young and Profiting with Hala Taha