Episode #5 - Save Money on Taxes through a 501(c)3 Non-Profit for Charity
ROYAL LEGAL SOLUTIONS
Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth.
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MEET THE HOSTS
Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance.
Pete Schindele, CFO, CPA. Pete is from Boise, Idaho, where he attended the University of Idaho and earned a Bachelor of Science in Business, majoring in Accounting and Finance. Pete has been a licensed CPA in the State of Idaho since 2011. He is the owner of GryphonFinancial Consulting, PLLC, a boutique consulting firm in Boise, advising small businesses and real estate investors on budgeting, forecasting pro forma financial statements, scenario analysis, tax, and financial modeling. In 2020, Pete joined Royal Legal Solutions as their Chief Finance Officer. Pete enjoys domestic and international travel, attending concerts, and seeking out investment opportunities in real estate around the Northwest.
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KEY TAKEAWAYS
Creating a 501(c)3 is an option for high-income earners, including W2 employees who aren't eligible to enjoy alternative tax-savings strategies such as the Solo 401K or Real Estate Professional designation.
What are the benefits of setting up a 501(c)3? Setting up a 501c3 will not only create a legacy but will also: lower your taxes today, can be invested in property, and pay you a salary to run it.
Am I able to donate to my own charity? Absolutely! You can donate real estate to the 501(c)3. If the property is worth more than $5K, you will need to get an appraisal to get the FMV for the tax write-off. Taxpayers (including friends, family, and other investors) can donate up to 50% of their AGI to the charity. This donation can save taxpayers thousands of dollars by lowering their taxable income.
How does this strategy impact my cash flow? In addition to lowering taxable income, you are able to draw a reasonable salary for the non-profit operations and expenses. You are not required to take a salary, but it may be a good option during retirement years when overall income is lower.
Want a refresher or to see what you missed? Watch the replay.
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ENGAGE WITH US
Are you ready to take action on Tax Strategy?
Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0
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DISCORD COMMUNITY
https://discord.gg/KKS7rZG5kM
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WEBSITE: royallegalsolutions.com
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