In today's podcast we have Keith from The Wealthy Accountant on the show to discuss tax optimization for individuals and small businesses with plenty of tax tips for your FI tool chest.
In Today’s Podcast we cover:
Keith from the Wealthy Accountant presents his tax optimization strategies for individuals and small business owners
Keith is the most knowledgeable accountant we have ever met. We met him in Florida at Camp Mustache and his exuberance for tax optimization was infectious
Keith became the official accountant of Mr. Money Mustache after a presentation at Camp Mustache in Seattle
A discussion of how to save FICA taxes by being taxed as an S-Corporation instead of as a pass through entity such as an LLC
Keith’s discussion of potential tax law change based on the President’s proposal
For people starting a business, where would Keith start? Business structure, getting kids and spouses involved, etc.
Keith believes when you have business income over $50,000 that you should be an LLC taxed as an S-Corp
Is there value for someone over the FICA cap in their ‘day job’ for their business to be treated as an S-Corp?
Home office deductions vs. renting part of your home to your business entity and how to make it official with a formal contract
What Keith recommends for retirement savings and the rules you need to understand whether you are an employee or if you own a business
Keith’s recommendation to speak with your HR department to max out your 401k if they only seemingly offer a certain percentage of your income
Tax optimization strategies for real estate investors including the tangible property rules and how to benefit from expensing items that would have otherwise needed to be depreciated
Cost segregation studies and how that can save you money on depreciations
Healthcare for small business owners and the lack of options
Discussion of Keith’s writing at The Wealthy Accountant. The goal was for people to “think like an accountant” and to live your life ‘right.’
He believes in saving half your income and investing in broad-based index funds. If you do those 2 things you’ll be successful
Hot Seat Questions
Keith believes the mega backdoor Roth and the Roth IRA conversion ladder will go away with tax reform
Favorite Blogs and Blog Posts of all time
Favorite life hack: Credit Card travel rewards
Biggest financial mistake: Trying to get into the stockbroker business
Advice you’d give your younger self: Don’t worry so much about money and enjoy yourself
Links from the show:
The Wealthy Accountant
Favorite blogs:
Mr. Money Mustache
Stock Series at JlCollinsNH
Money Boss
Mad Fientist
Fiery Millennials
The Military Guide
Natalie Bacon
Zen Habits
Silent Night at The Wealthy Accountant
Library Millionaire at The Wealthy Accountant
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