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Study Hall: Tax Tips with Ms Business · Earn Your Leisure

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1:43
Speaker 3: My graduates from my school being forced back drop drop Mike.
1:49
Speaker 4: There are advantages of being a business owner, and that's
1:52
Speaker 4: something that we want to encourage. Entrepreneurship for a lot
1:55
Speaker 4: of different reasons, not just to take money of your taxes,
1:57
Speaker 4: but it's one of the perks that comes with being
2:01
Speaker 4: a business owner because even if you look at it
2:02
Speaker 4: from a corporate standpoint, like large corporations, the corporate tax
2:06
Speaker 4: rate is twenty one percent, right, that's but the highest
2:12
Speaker 4: federal tax rate for individuals is thirty seven percent. So
2:17
Speaker 4: if you're a wealthy business like Amazon, or if you're
2:19
Speaker 4: a wealthy person right like a basketball player or an
2:22
Speaker 4: NBA player, NFL player, whatever, and you're at the highest
2:25
Speaker 4: federal tax rate, you're at an advantage to be a
2:28
Speaker 4: corporation because the most you can pay is twenty one percent.
2:31
Speaker 4: Now you're working your way down from there, whereas the
2:34
Speaker 4: federal tax rate. The highest you can pay is thirty
2:37
Speaker 4: seven percent. You have to work your way down from there.
2:39
Speaker 4: So we're gonna take down a micro level, and you know,
2:43
Speaker 4: talk about small businesses because you know that's the majority
2:45
Speaker 4: of businesses in America and in the world of small businesses.
2:47
Speaker 4: Right Amazon, We talk about Amazon and Netflix, but that's
2:50
Speaker 4: not typical. Those aren't the majority of businesses in America.
2:55
Speaker 4: So as a small business owner, I'm going to speak
2:58
Speaker 4: from first had experience, whereas I can say that you
3:03
Speaker 4: have benefits of being a business owner because you can
3:05
Speaker 4: deduct a lot of things. Right, So when we talk
3:08
Speaker 4: about Amazon as far as their travel and things of
3:11
Speaker 4: that nature, it's the same thing with a small business
3:13
Speaker 4: owning on a certain level. Where you travel, you see
3:15
Speaker 4: a client, you can deduct that, you take your client
3:17
Speaker 4: out for a mal, you can deduct that. You lease
3:19
Speaker 4: a car, you can deduct that the mouths as long
3:22
Speaker 4: as it's for business, so your cell phone, you can
3:25
Speaker 4: deduct that. You buy furniture for your office, you can
3:28
Speaker 4: deduct that. So you have a lot of things that
3:30
Speaker 4: you can deduct, where if you just have a regular job,
3:33
Speaker 4: you can't deduct any of that stuff, right, So it's
3:36
Speaker 4: hard for you to do anything with your taxes if
3:39
Speaker 4: you just have a regular job, because there's only so
3:42
Speaker 4: much that you can actually deduct, right, Where a business
3:44
Speaker 4: owner you can you can get creative, be responsible, responsible,
3:51
Speaker 4: be responsible with that. So okay, it's all right. So
3:57
Speaker 4: when we talk about the advantages for people that may
4:00
Speaker 4: not be familiar or people that want to be business
4:03
Speaker 4: owners or want to be entrepreneurs, what are some basic
4:06
Speaker 4: advantages that entrepreneurs and business owners have as far as
4:09
Speaker 4: the tax system as opposed to regular individuals.
4:12
Speaker 3: Well, first, I always tell people, because do you get
4:15
Speaker 3: that question a lot, what's the advantage of me being
4:17
Speaker 3: a business owner or even claiming self employed, right, because
4:22
Speaker 3: then you are a business owner as well versus me
4:25
Speaker 3: being an employee. And I always tell them employees are
4:29
Speaker 3: taxed first and they have to pay their bills later,
4:31
Speaker 3: where a business owner pays their bills and then they
4:35
Speaker 3: are charge tax on what's left.
4:37
Speaker 5: Right.
4:37
Speaker 3: And so, like you said, we can't as a business owner.
4:41
Speaker 3: There's a ton of things that you can write off, right,
4:43
Speaker 3: Like you can write off your travel, you can write
4:45
Speaker 3: off your meals, you can write off anything that relates
4:48
Speaker 3: to your business, your supplies, your employees. Right, So everything
4:52
Speaker 3: that relates to your business you're able.
4:54
Speaker 5: To write off. You know.
4:56
Speaker 3: I know we spoke about it and covered it a
4:57
Speaker 3: little bit when we were talking about Amazon, but even Capex, right,
5:01
Speaker 3: if you have any type of machinery or you know,
5:04
Speaker 3: warehouse or even for my real estate investors or you know,
5:09
Speaker 3: just landlords, even if you have one and you don't
5:11
Speaker 3: have like multiple properties. So if you're doing things to
5:13
Speaker 3: your property like capital improvements, you're able to write that
5:16
Speaker 3: off one hundred percent, right, versus being a homeowner, where
5:20
Speaker 3: you're not able to write that off at all. Right,
5:23
Speaker 3: So those things are very important when you are a
5:26
Speaker 3: business owner.
5:28
Speaker 4: Yeah, well, yeah, exactly, And that's something that people have
5:31
Speaker 4: to fully understand. I like what you said as far
5:33
Speaker 4: as taxes, I don't know I forgot exactly how you
5:35
Speaker 4: framed it. But regular people, regular people, people, people, people
5:42
Speaker 4: were people were regular jobs pay taxes first. Business owners
5:46
Speaker 4: pay taxes last. Right, So you can make one hundred
5:48
Speaker 4: thousand dollars, but then by the time you have all
5:52
Speaker 4: your deductions, you might only pay taxes on twenty thousand. Yep.
5:55
Speaker 4: Now it's important to be responsible with that because the
5:59
Speaker 4: good thing about having a regular job when it comes
6:02
Speaker 4: to taxes that you don't have to worry about paying
6:04
Speaker 4: the taxes. It's done for you, right, it's taken out
6:05
Speaker 4: of your paycheck. So most of the time you might
6:08
Speaker 4: even get money back at the end of the year
6:10
Speaker 4: because they've they've taken too much money out right, whereas
6:12
Speaker 4: a business owner, they're not taking any money out of
6:14
Speaker 4: your paycheck. So you either pay quarterly or you pay
6:17
Speaker 4: at the end of the year. So what happens a
6:18
Speaker 4: lot of times is that you don't save to pay
6:22
Speaker 4: your taxes. Right. So let's say you make a hundred
6:24
Speaker 4: thousand dollars, right, but you're living like you make one
6:27
Speaker 4: hundred thousand, So like everybody, you're spending one hundred thousand.
6:30
Speaker 4: You're living up to the limit. So now when it's
6:34
Speaker 4: tax time, you have a tax liability for twenty five thousand,
6:37
Speaker 4: thirty thousand, but you don't have twenty five thousand saved.
6:41
Speaker 4: So now you're behind on your taxes, right, and before
6:44
Speaker 4: you know it, the next tax year comes around. And
6:48
Speaker 4: this is how a lot of business owners fall into
6:50
Speaker 4: tax trouble because it's up to you to actually pay it.
6:55
Speaker 4: It sounds easy, but it's not easy at all.
6:58
Speaker 5: It's a lot of discipline.
6:59
Speaker 3: I try to and a lot of systems for my clients,
7:02
Speaker 3: one being quarterly taxes, getting me in there doing your
7:05
Speaker 3: bookkeeping quarterly, whether it's me or you just you know,
7:08
Speaker 3: you just kind of knowing what your income and expenses
7:12
Speaker 3: are for that quarter. But that's important because at the
7:15
Speaker 3: end of the year, paying twenty five hundred quarterly versus
7:19
Speaker 3: paying ten thousand at the end of the year seems
7:21
Speaker 3: like a you know, a world of difference, you know,
7:24
Speaker 3: so I do. That is important and I'm glad that
7:29
Speaker 3: you brought that up because it sounds good, like, oh,
7:33
Speaker 3: I get to pay my taxes later. But imagine looking
7:35
Speaker 3: at your W two and you're like, oh, I paid
7:37
Speaker 3: out twelve thousand this year.
7:39
Speaker 5: Imagine that twelve thousand.
7:40
Speaker 3: Once at once at the end of the year. You're
7:43
Speaker 3: not gonna want to pay it.
7:44
Speaker 6: Oh you don't have it.
7:47
Speaker 5: Oh you don't have it.
7:49
Speaker 4: You don't have it too pay Okay, So before.
7:50
Speaker 2: We go any further, because you said a few things
7:52
Speaker 2: real estate, and you said regular people, and I guess
7:56
Speaker 2: you go with your everybody.
7:58
Speaker 4: So everybody's not a business own, right, so most people
8:01
Speaker 4: aren't business owners. Right, So we talked about the advantages
8:04
Speaker 4: of business. Well, there's also things that regular people with
8:09
Speaker 4: regular jobs can take advantage of as well. Right, So, okay,
8:13
Speaker 4: I'm a business owner. Enjoy you're a school teacher.
8:15
Speaker 2: I'm an educator.
8:16
Speaker 4: Okay, Okay, So I spoke. I spoke from the business
8:21
Speaker 4: season standpoint. Yeah, so I want you to talk on
8:24
Speaker 4: the other side of the flip side of the right.
8:26
Speaker 2: So I'm an educator, and taxes are taken out, and
8:30
Speaker 2: like I said, we have a set salary and that
8:32
Speaker 2: works in our benefit, especially when we want to go
8:35
Speaker 2: to do things like purchase a home. Right when we
8:37
Speaker 2: look at our income, our income is steady because it's
8:40
Speaker 2: the same thing. Whereas you, for example, you might have
8:42
Speaker 2: made a one hundred thousand, but if your deductions was
8:45
Speaker 2: seventy five thousand, when the bank looks at it, they
8:47
Speaker 2: said that your income's only twenty five thousand, you might
8:49
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8:50
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Speaker 2: few times and he goes, yeah, I can help you.
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Speaker 2: I can help you. Can I ask your personal question?
10:58
Speaker 2: And he says, did you get your income tax back?
11:02
Speaker 2: And I'm like what He's like, Yo, I didn't get
11:04
Speaker 2: my refund back? The mess with my money and they
11:06
Speaker 2: tell me I'm getting lest this year. So has there
11:11
Speaker 2: something has changed in the federal income tax for us
11:14
Speaker 2: regular people.
11:15
Speaker 5: I'm not going to call you guys, I'm going to
11:19
Speaker 5: call you guys employees.
11:21
Speaker 3: So yes, a lot has changed, and I think that
11:24
Speaker 3: that's important.
11:25
Speaker 6: Right.
11:27
Speaker 3: The tax code has shifted to be in favor of
11:30
Speaker 3: the real estate investor and the business owner, right, all
11:34
Speaker 3: of the perks. And I'm sure I don't know if
11:38
Speaker 3: the guy who you were talking to, like if he
11:40
Speaker 3: had a house or what his specific situation was, But
11:43
Speaker 3: to just speak a little bit about some changes that
11:45
Speaker 3: I've seen a lot with my clients, one being people
11:48
Speaker 3: who have homes have been hit hard. Right, So I'm
11:52
Speaker 3: not talking about the landlords or the real estate investors.
11:54
Speaker 3: I'm not talking about those people. I'm talking about homeowners,
11:58
Speaker 3: single family homeowners, and they've been hit the hardest because
12:02
Speaker 3: now taxes are capped at ten ten thousand.
12:06
Speaker 5: Right, So where last year you were able to, you know.
12:10
Speaker 3: Take in all of your sales tax, your sales I
12:13
Speaker 3: mean your income tax and your property tax. Now it's
12:17
Speaker 3: not even putting a dent inside of your you know,
12:20
Speaker 3: inside of your itemized deductions because it's being capped.
12:24
Speaker 5: At ten thousand.
12:25
Speaker 2: Yeah, I was, Yeah, And so what.
12:28
Speaker 3: They also did was they raised standard deduction and got
12:31
Speaker 3: rid of personal exemption. So to just elaborate a little
12:34
Speaker 3: bit about that, and prior year in twenty seventeen, we
12:39
Speaker 3: would all receive standard deductions based off of your file
12:43
Speaker 3: and status if you were single head of household, right,
12:46
Speaker 3: and then you would also, in addition, get a personal exemption. Now,
12:50
Speaker 3: personal exemptions have been taken away. Standard deductions has been increased, right,
12:56
Speaker 3: So what that means is, let's just say, let me
12:58
Speaker 3: give some numbers. If you are a married filing joint, right,
13:02
Speaker 3: your standard deduction has now been increased to twenty four
13:04
Speaker 3: thousand dollars.
13:06
Speaker 6: Right.
13:07
Speaker 3: However, in order for you to itemize, you have to
13:11
Speaker 3: get above that standard deduction.
13:14
Speaker 5: So now if you have a home.
13:17
Speaker 3: And they'll say you have your property taxes, right, and
13:20
Speaker 3: then you and your wife will have your your income taxes,
13:24
Speaker 3: your state income taxes, that's not probably going to exceed
13:29
Speaker 3: over twenty four thousand dollars once you start adding everything up.
13:33
Speaker 5: So now it's just a.
13:34
Speaker 3: Situation where everyone, not everyone, but for it's a lot
13:37
Speaker 3: harder for people to get over that standard deduction hurdle now.
13:42
Speaker 3: And so that's why people are getting hit hard, especially homeowners,
13:46
Speaker 3: because last year you guys were.
13:48
Speaker 6: Eating Any tips that people that aren't business owners, that
13:55
Speaker 6: employees can do to reduce their tax liability, to save
13:59
Speaker 6: money on taxes, yeah, anything they can.
14:02
Speaker 3: Do if you are a homeowner and you've been hit,
14:05
Speaker 3: what I would suggest is putting your property inside of
14:08
Speaker 3: an LLC because that way, with your properties in an LLC,
14:11
Speaker 3: it's now considered a business. So now that's considered a business.
14:15
Speaker 3: Now you're able to write off a one hundred percent
14:17
Speaker 3: of your CAPEX and well your capital improvement.
14:20
Speaker 5: So if you need a new AC.
14:23
Speaker 3: You know, as as a homeowner, you can't write that off,
14:26
Speaker 3: but as a business owner you're able to, right, So
14:29
Speaker 3: now and then there's also a twenty percent deduction. Right,
14:33
Speaker 3: So let's just say, if you know your home I
14:36
Speaker 3: don't know, let's just say in your LLC you're bringing
14:39
Speaker 3: in ten thousand dollars on your personal return, You're now
14:43
Speaker 3: given a twenty percent deduction. So now that would be
14:46
Speaker 3: a two thousand dollars deduction edition that you would be
14:50
Speaker 3: receiving on your on your taxes. So that would be
14:53
Speaker 3: my suggestion for for you know, people that, yeah, like employees.
15:00
Speaker 5: They own a home.
15:01
Speaker 4: Anything, somebody can do what they don't own a home.
15:04
Speaker 4: Kind of difficult, Huh, it's difficult.
15:06
Speaker 5: Yeah, it's difficult.
15:08
Speaker 4: It's just the way the tax law is set up.
15:10
Speaker 4: You know, it's set up for business owners in companies.
15:12
Speaker 4: Really yeah, And your think about it is that it's
15:18
Speaker 4: I don't even want to say it's unfortunate, because it's
15:20
Speaker 4: just it is what it is, right, it is.
15:21
Speaker 3: And one thing that I stress now more than ever
15:25
Speaker 3: is that we have to pay attention to the people
15:27
Speaker 3: that are in office and play up to that.
15:30
Speaker 5: Right.
15:31
Speaker 3: I find that if in school they taught us to
15:34
Speaker 3: focus more so on the taxes, then our mindset would
15:38
Speaker 3: be so different, right, because let's just use when Obama
15:42
Speaker 3: was in office.
15:43
Speaker 5: I believe when he.
15:44
Speaker 3: Was in office, there was a rebate for homeowners like
15:49
Speaker 3: eight thousand dollars or something like that. Right, So many
15:52
Speaker 3: people took that money and then reinvested it and purchased homes.
15:55
Speaker 5: Right.
15:56
Speaker 3: And so now with Trump, if you're going to purchase
15:58
Speaker 3: a home, now, maybe the time to you know, get
16:01
Speaker 3: that rental property that you want. Now, maybe the time
16:04
Speaker 3: to start that business that you want, because now you're
16:07
Speaker 3: able to get more, you know, you're able to write
16:10
Speaker 3: off more and get more deduction. So we just have
16:12
Speaker 3: to pay attention to the tax code a little bit more.
16:15
Speaker 2: Education is the key.
16:16
Speaker 4: And also it's a couple other things that people should
16:19
Speaker 4: be aware of too. It's a five to twenty nine plan.
16:22
Speaker 4: That's it used to be a college savings plan only,
16:25
Speaker 4: but now with the new tax law, you can use
16:27
Speaker 4: the money for anything as far as education is concerned.
16:31
Speaker 4: So you can use it for prep school, you can
16:33
Speaker 4: use it for private school, you can use it for
16:34
Speaker 4: elementary school. So that helps parents out as far as
16:38
Speaker 4: paying for the cost of education where you just don't
16:41
Speaker 4: have to use it for college. Now you can use
16:43
Speaker 4: it for anything related to education at any point in
16:46
Speaker 4: time during child life. That's important. And then also the
16:49
Speaker 4: limit has been raised as far as how much money
16:51
Speaker 4: you can put into an IRA and four one K
16:53
Speaker 4: as well. So the limit for IRA this she is
16:56
Speaker 4: six thousand dollars four one K is nineteen thousand. So
17:00
Speaker 4: those are vehicles that you can put money in for
17:02
Speaker 4: your retirement and that that helps you save money on
17:04
Speaker 4: your taxes as well. That's probably one of the biggest
17:06
Speaker 4: tax deductions that people have if they just are employees,
17:10
Speaker 4: because that allows you to save up to almost twenty
17:13
Speaker 4: thousand dollars in a four one K nineteen thousand if
17:16
Speaker 4: and if you're over fifty five, you can actually save
17:18
Speaker 4: even more than that. But that's a pretty sizable amount
17:23
Speaker 4: and it goes back to you know, it's in your
17:25
Speaker 4: account and it grows for your retirement, so.
17:27
Speaker 2: Then also reduce your income for that year.
17:29
Speaker 4: That's how Yeah, that's exactly what it does. So that's
17:30
Speaker 4: why you save money your taxes because it reduces your income.
17:33
Speaker 4: So something to be aware of. But the key is
17:36
Speaker 4: to educate yourself and to learn the political gain and
17:40
Speaker 4: you know these are these are the rules that we're
17:42
Speaker 4: in so as far as Amazon to say, like whether
17:45
Speaker 4: my personal opinion, if it's fair, if it's not, I mean,
17:49
Speaker 4: what are they supposed to do? Not do it? Right?
17:51
Speaker 4: So it's the same thing with you as an individual.
17:53
Speaker 4: You should, you know, learn the tax code, the tax
17:57
Speaker 4: law and take advantage of it. And the thing about
17:59
Speaker 4: being a business owner tool is that you don't have
18:01
Speaker 4: to be full time. You can have a business and
18:03
Speaker 4: still work a job as well, right, and then you
18:06
Speaker 4: can still take advantage of your business, right because you
18:10
Speaker 4: have just like any other business that has, you have
18:12
Speaker 4: expenses and you have things that nature as well. So
18:14
Speaker 4: you don't want to start a business just for tax benefits. Obviously,
18:17
Speaker 4: you want to start a business because you want to
18:19
Speaker 4: be successful in business. But that's another benefit and something
18:22
Speaker 4: to strive forward where it's like you don't have to
18:24
Speaker 4: do one or the other, you can do both. And
18:26
Speaker 4: by having a business as your side hustle or a
18:29
Speaker 4: part time job or whatever, now you're opening up the
18:32
Speaker 4: window where you can deduct more things, and you know
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Speaker 4: it gives you a lot more flexibility.
18:40
Speaker 3: My graduates from my school being.
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Speaker 7: Forced bad drop bag drop mic drop bad drop b drop.
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Speaker 7: With Robinhood, not only can you trade individual stocks and ETFs,
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Speaker 7: you can also seamlessly buy and sell crypto at low costs,
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Speaker 7: trade all in one place. Get started now on robin Hood.
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Speaker 7: Trading crypto involves significant risk. Crypto trading is offered through
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Speaker 7: an account with the Robert Hood Crypto LC. Robin Hood
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Speaker 7: Crypto is licensed to engage in virtual currency business activity
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Speaker 7: by the New York State Department of Financial Services. Crypto
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Speaker 7: held thro robin Hood Cryptos not FDIC insured or SIPC protected.
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Speaker 7: Investing involves risk, including laws of principle securities. Trading is
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Speaker 7: offered through an account with robin Hood Financial LLC member SIPC,
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Speaker 7: a registered broker dealer