Latest / Financial Survival Network / Maximizing Your Deductions and Structuring for Your Success -- Chase Insogna #5965

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Maximizing Your Deductions and Structuring for Your Success -- Chase Insogna #5965 · Financial Survival Network

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  It depends how you're structured. You know. One of the things we look
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  at with our clients why when we have an initial conversation like what is your
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  structure, because it, you know, boils down to your tax situation.
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  You know, depends on you know, if you have outside equity, or
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  you have investors, or you have partners. You're listening to Carrie Let's's Financial
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  Survival Network where you get valuable information you just can't find anywhere else to thrive
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  in today's trying times. You need the Financial Survival Network now more than ever.
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  Go to Financial Survivalnetwork dot com and get your free newsletter and gift.
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  Financial Survival Network now more than ever, and welcome you are listening to watching
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  the Financial Survival Network. I'm your host, Carrie. Let's say we're already
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  in the second week of December. Year is almost gone. If you haven't
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  started thinking about your taxes, well you're late to the game. But you
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  better start now. And the person you're about to hear from, Chase and
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  Sonya, can help you do just that. Chase, great to have you
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  on the show, first time guest. So getting to the end of the
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  year, what can you do right now? Three things that will save you
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  taxes even though you're at the end of the year. Here, Well,
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  one, if you don't have a CPA, certainly get one. Two.
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  You know, if you're looking to make any big purchases you know in Q
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  one, uh you know Q two dex sure you may want to consider making
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  those for Section one seventy nine deduction or you know, a bonus appreciation.
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  And then three you know, if there's any box sales you need to make
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  to cover gains you know on high portfolios, that's something you might want to
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  look at too, just to offset any long term or short term games you
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  have. Okay, I'll buy that. Well, you don't have to think
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  too hard. I'll bet you could think of three more, couldn't you.
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  If you need me to, I can keep going down the list there,
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  Yeah, give us, give us two more, Okay, I don't want
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  to hacks your brain too much. Yeah, you know, certainly, you
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  know, I mean just from a basic level. You know, we have
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  a lot of conversations. People don't even have LLC set up right now,
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  so you know, looking at do it an ll CES Corp. If you're
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  a kind of one owner consultant, been making a bunch of money this year,
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  or you have an existing LLC and you know you've heard about an escor
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  relection, but you're not sure if it applies to you. That's what we
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  mainly focus on here is maximizing es, CORP election and tax savings. So
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  those are a couple of things I would recommend looking at. If you haven't
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  already, all right, well I'll buy it. So from your standpoint,
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  you're working with business owners, what do you think the three most common things
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  they do wrong? Besides not hiring a CPA, that'd be number one,
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  you know, number two just having clean books. You know, we're we're
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  more proactive with our clients, so we're you know, trying to look into
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  December thirty first, not waiting till March to get your books and then follow
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  return, you know, being reactive to things with our clients on a weekly,
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  monthly, quarterly basis. You know, we're making sure their books are
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  cleaned up, data entered every three business days, reconciled at the end of
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  the month, and we use that for taxes and tax planning. So it
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  comes down to like escort ownership, you know, are you paying yourself a
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  reasonable salary? Is it more than it needs to be. We have like
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  an ESCORP test to figure that out. And then retirement savings. You know,
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  I'm very big on trying to say while you're building your business and just
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  putting something away so at the end of the row, you know you have
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  something to fall back on, because I think Forbes Forbes says like eighty five
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  percent of businesses actually never sell. So you know a lot of people shouldn't
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  just any building wealth while they're building their business. And so that's a big
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  thing we try to push here is just something. But those are the things
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  we're looking at. You know, paying your kids, paying your spells,
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  kind of things you're in certainly right now, like immediately, but we try
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  to be more proactive throughout the year with our clients. Uh. And that's
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  why we keep track of the data to make sure run track for things.
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  Sure, Hey, so how does that work when you pay your kids?
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  So, I mean, you know, our our minimum age is kind of
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  five unless you have like a marketing reason for it. But you know,
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  five years old, five year olds, can you know at least clean the
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  office, uh, without without hand holding hopefully and but you know, have
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  a job description. You know you want to pay them regularly. It doesn't
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  really look uh, you know, kosher when you're just paying them a lump
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  some amount every December. But the irs if you ever get audited, so
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  you know, working through the summertime and then uh in the winter when they're
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  off would be ideal. But we we recommend contributing that money to a child
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  roth ira. No, it's growing tech free for the purpose of education,
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  medical expenses, you know, purchase of a first home, retirement. They're
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  gonna have one of those four. You know, if you're already doing a
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  five twenty nine planning, you own a business, it makes sense to pay
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  your kids uh and max out the roth first and then go back to the
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  five twenty nine because you get a bit of a deduction. Obviously there's a
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  little bit of cost by a tax costs to it, but you know,
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  it allows to go tax free over the course, you know, over the
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  course of their life. So they're eighteen and some people don't decide to go
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  to college, they can do what they want with the money. Again,
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  medical expenses, purchase of a first home you prefer, retirement, you know
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  those stay like five twenty nine. You might get text on that money if
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  you don't use A for education. So that's one of the kind of things
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  we recommend for kids where we're doing Q four tax planning and maxing that out
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  for clients. And what's the maximum you can pay your kid, you know,
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  for I believe it's like over fourteen thousands somewhere around there. But but
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  we don't you know, if you're anes corp, we don't recommend paying them
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  that much. We're only trying to net out sixty five hundred this year to
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  contribute to the ROTH. Otherwise you're just wasting bike A taxes if you're a
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  If you're a sole proprietor and your maxim that out, then you probably shouldn't
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  be a sole proprietor and you probably should consider ESCORB when you look at your
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  entire tax situation. Okay, all right, I like it, so uh,
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  all right, you're giving us a lot to chew on there. All
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  right, as far as it's never too early to start planning for next year,
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  right, what are some things you should be thinking about for next year?
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  You know? Certainly thing we're organized, Like I said, we try
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  to be proactive with our clients. So if you don't already have someone you
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  know helping with your accounting. And you know you have making two three hundred
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  thousand and revenue plus we necessarily recommend doing some ongoing accounting. And I don't
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  know when you look at for dentire Hey, you give it us enough there,
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  all right? I kind of threw that one at you. We appreciate
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  it. Hey, So I guess in concluding here, Uh, you know,
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  I saw an article recently it's a ninety six percent of people, and
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  I guess that would include businesses because under the Supreme Court's definition, uh,
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  a business is a legal uh a fictitious person. Right, they pay more
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  taxes than they should do you think that's like accurate? Uh? And bends
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  how you're structured. You know, one of the things we look at with
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  our clients when they when we have an initial conversation like what is your structure?
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  Because it you know, boils down to your tech situation. You know,
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  ends on you know, if you have outside equity or you have investors,
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  or you have partners, you know, what is the split? You
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  know a lot of people do like husband and wife ownership in an escort,
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  which unless you have a pre nub and a community property state like we're in
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  in Texas. Doesn't make sense unless you're trying to do like woman owned business
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  or something. But uh, you know, because you're having to waste fight
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  attacks and paying both of you versus one, right, so it really boils
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  down to you know, structure, and that's one of the things we look
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  at initially. Okay, So so it's never too early to start planning.
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  Hey, Chase, people want to find out more about you, connect with
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  you on the web, and perhaps even hire you. How do you do
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  that? Yeah, please reach out to us and SONYACPA dot com, I
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  N s O G N A a PA dot com and feel like the contact
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  does for him. You know, we'll get somebody to you quickly as possible.
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  We have and we usually call people back the same day or you know,
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  respond back by email the same day, so business day. But you
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  know, we have a team here of twenty two people currently, so me
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  doing all the work. But you know we're happy to help from an accounting
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  tech perspective and be more proactive with your tax planning going forward. All right,
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  appreciate that if you've got a question for Chase myself, you can only
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  shoot me an email and the link to Chase's site will be the show notes
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  to this interview on Financial Survival Network dot com. Just click it. Chase
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  appreciate you coming on and we'll talk to you again soon. Thanks for having
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  me, Thanks for listening to carry Letz's Financial Survival Network, your solution to
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  today's trying times. For the latest, go to Financial Survivalnetwork dot com.
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  Financial Survival Network now more than ever,