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Tax Strategies for Entrepreneurs: LLCs vs. S Corps vs. C Corps (What's the Best) · Earn Your Leisure

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Speaker 1: National Association Member FDIC erness What's Up? You ever walk
0:45
Speaker 1: into a small business and everything just works like the
0:49
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1:51
Speaker 2: So let's talk about these deductions if we can, some
1:54
Speaker 2: of the deductions that people can take.
1:56
Speaker 1: And obviously the sneakers is not one of them.
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Speaker 3: Sneakers is not one of the.
2:03
Speaker 4: Come on, that is not your uniform.
2:06
Speaker 3: Not a uniform. Okay, So let's talk about first of all,
2:10
Speaker 3: let's get let's get Troy sneakers out the way. Let's
2:14
Speaker 3: talk about how you can make that as a business
2:16
Speaker 3: owner a deduction. If you put if you purchase a
2:22
Speaker 3: pair of sneakers and you put your logo on them,
2:26
Speaker 3: then you can now write them off like I've seen
2:29
Speaker 3: you guys with e y y'all sneakers before. That can
2:32
Speaker 3: now make it a tax deduction, right. But you cannot
2:36
Speaker 3: just purchase sneakers, you know, when you were an employee
2:40
Speaker 3: and just be like, oh, because I went to put
2:42
Speaker 3: locker and I brought these sneakers, they are now a
2:44
Speaker 3: tax deduction, right. And that also goes with clothes. So
2:46
Speaker 3: a lot of people will say, well, how can I
2:48
Speaker 3: write off this clothing? So you can write off, you know,
2:51
Speaker 3: clothing that you purchase, however, and you have to stit
2:54
Speaker 3: your logo in it. And it also can't be excessive,
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Speaker 3: like you can't say, oh, I'm gonna go out and
2:59
Speaker 3: buy a Gucci and then I'm gonna like put my
3:02
Speaker 3: business on there and then I'm gonna be able to
3:04
Speaker 3: write it off, right, So it has to be reasonable.
3:06
Speaker 3: You purchase a reasonable shirt you want to, you know,
3:08
Speaker 3: put your logo on it, you can then you know,
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Speaker 3: write that off. So that's how that works, all right.
3:15
Speaker 3: But let's talk about expenses, right, what does it mean?
3:17
Speaker 3: Because I do get a lot of outlandish requests and
3:21
Speaker 3: inquiries about what can be written off. And keep in mind, guys,
3:24
Speaker 3: there's hundreds of things that can be written off. This
3:27
Speaker 3: is like the number one question that I get all
3:31
Speaker 3: the time. So I like literally wrote a book about it,
3:35
Speaker 3: like there's hundreds of deductions because I mean I wrote
3:41
Speaker 3: the book because there's literally hundreds of deductions that you
3:43
Speaker 3: guys can write off. Right. But let's talk about what
3:46
Speaker 3: classifies something as an expense. According to the IRS, it
3:51
Speaker 3: has to be an ordinary and necessary expense. Ordinary meaning
3:56
Speaker 3: ordinarily in your industry people are spending money on it.
3:59
Speaker 3: Necessary meaning that it is necessary for you to spend
4:03
Speaker 3: this money or incur this expense in order for you
4:07
Speaker 3: to operate your business. Okay, So just to get that
4:10
Speaker 3: out the way. And I always say to people when
4:13
Speaker 3: you want to start talking about how outlandish the things are, right,
4:16
Speaker 3: think about if you were sitting across from an IRS
4:19
Speaker 3: agent and you had to explain to them, like, yeah,
4:23
Speaker 3: I needed to purchase this right in order to make
4:26
Speaker 3: this happen. Like does that sound logical? Right? Because sometimes
4:29
Speaker 3: people will try to take it to the moon and
4:31
Speaker 3: I'm like, yeah, no, let's keep it, you know, let's
4:34
Speaker 3: keep it reasonable. That is what the IRS is all about.
4:38
Speaker 3: Things being reasonable and you being able to and you
4:41
Speaker 3: having your documentation. Okay, you need documentation. So let's just
4:46
Speaker 3: talk about a few very popular expenses. So you're CPA services.
4:51
Speaker 3: That put me first, just because I need you guys
4:53
Speaker 3: to understand that you need a CPA and you need
4:56
Speaker 3: an accountant, and an accountant is going to be able
4:59
Speaker 3: to guess, have to pay your accountant, but it is
5:01
Speaker 3: a tax deduction and then they should also be able
5:04
Speaker 3: to save you money, so it is a win win.
5:06
Speaker 3: So any legal services. Education, so you guys are going
5:10
Speaker 3: to conferences, you know, investing in your education, purchasing books,
5:15
Speaker 3: you know, investing in mentorships, like all of these things
5:19
Speaker 3: are tax deductible. Why because it is a necessary expense
5:23
Speaker 3: in order for you to develop in your business. And
5:25
Speaker 3: that's what I love about business, right, Like we get
5:27
Speaker 3: to really invest in ourselves and it's a tax deduction.
5:31
Speaker 3: So consultants meals for a.
5:34
Speaker 4: Minute, So this and this is a business. This is
5:36
Speaker 4: a business owner's only.
5:37
Speaker 3: Right, this business owner.
5:39
Speaker 4: So so so if for.
5:41
Speaker 2: A business owner, if you were going to invest fest
5:43
Speaker 2: let's say, right, and you buy a ticket to invest
5:46
Speaker 2: fast and then you know the travel of course, you
5:49
Speaker 2: gotta fly and get a hotel, so you can you
5:52
Speaker 2: can deduct that.
5:53
Speaker 3: Absolutely, you can deduct the ticket, purchase the flight, the hotel,
5:58
Speaker 3: the meals while you're there, transportation, get into and from.
6:02
Speaker 2: Absolutely, because because it would be for the betterment of
6:06
Speaker 2: your business. You're there and you're promoting your business, your marketing,
6:09
Speaker 2: you're talking to different people.
6:11
Speaker 4: So you're you're right, that's what And the only.
6:15
Speaker 3: Thing you need to do is you need to keep
6:17
Speaker 3: confirmation that you purchase your ticket, obviously, and a good
6:21
Speaker 3: thing about all of these things is they're digital, right,
6:23
Speaker 3: so you know you keep that, you keep your hotel
6:26
Speaker 3: record and obviously all of your receipts, and it is
6:29
Speaker 3: a text deduction.
6:33
Speaker 4: Okay.
6:33
Speaker 3: Reason that especially played yourself. You double played yourself, all right.
6:41
Speaker 4: So consultants, you said, consultants.
6:44
Speaker 3: Yep, consultants meals travel, so business travel that I want
6:49
Speaker 3: to make about.
6:50
Speaker 2: Let's talk about the meals, Okay, because there's something that's
6:54
Speaker 2: you gotta let's explain that.
6:57
Speaker 3: Let's explain meals. Okay, guys, me meals. You can write
7:02
Speaker 3: off fifty percent. Here's the idea. If you are having
7:05
Speaker 3: a meeting with the client, the IRS says, hey, you
7:09
Speaker 3: can write off and no way are we paying for
7:12
Speaker 3: your meals, right, but you can write all fifty percent
7:15
Speaker 3: of it because the idea is that you are having
7:20
Speaker 3: you are having dinner with clients, and then if you
7:24
Speaker 3: are having dinner with clients, then you know their portion
7:28
Speaker 3: is deductible, yours is not. So that's why you can
7:32
Speaker 3: write all fifty percent of your meal. So fifty percent
7:35
Speaker 3: of your meals can be deducted. I want you all
7:38
Speaker 3: to understand that this line item is and thank you
7:41
Speaker 3: a shot for making me go back to this, because
7:43
Speaker 3: this is one of the highest auditit line items. And
7:48
Speaker 3: the reason why is because people are unlike for shod like, oh,
7:51
Speaker 3: let me get that receipt you have to keep your
7:54
Speaker 3: receipts because the government is like, okay, well we know.
7:58
Speaker 3: I'm going to tell you it is the highest audit
8:01
Speaker 3: line items on a business owner's tax return is meals, travel,
8:06
Speaker 3: and vehicle, okay. And the reason why is because you
8:10
Speaker 3: need extensive documentation to support these things. And when I
8:14
Speaker 3: say extensive, I mean that it's a lot of small
8:17
Speaker 3: transactions right that equal up into this big transaction. So
8:21
Speaker 3: for your meals, you need to hold on to your receipts.
8:24
Speaker 2: So for the received things, though, because most people are
8:26
Speaker 2: not going to carry their receipt. So what's the best
8:29
Speaker 2: option outside of that? Is it to use a credit card,
8:31
Speaker 2: a business credit card where it can track your transactions,
8:34
Speaker 2: or or.
8:35
Speaker 4: Is it an app?
8:35
Speaker 1: I know sometimes people are using the app that takes a
8:37
Speaker 1: picture of seat and now it saves this from digitally.
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Speaker 3: Absolutely, so it's both. So let's just talk about when
8:42
Speaker 3: you go out and the receipt and what it should have. Right,
8:45
Speaker 3: if you have a meal, the receipt that you have,
8:48
Speaker 3: So let's talk about the receipt, and then let's talk
8:50
Speaker 3: about how to actually hold on to the receipt and
8:52
Speaker 3: what you need to do. So for the receipt, right,
8:55
Speaker 3: the receipt needs to have the date, the amount, who
9:00
Speaker 3: you went to dinner with or lunch with or whoever,
9:04
Speaker 3: like who was the like, who did you go with?
9:06
Speaker 3: What did you guys discuss? Right, So you need to
9:09
Speaker 3: have all of these things written down, like you need
9:12
Speaker 3: to know all of these things. And what I do
9:14
Speaker 3: is when I get the receipt, I'll say, Okay, I
9:17
Speaker 3: went out with Raseean and Troy. You know, this is
9:20
Speaker 3: what we you know, talked about, like this is what
9:23
Speaker 3: you know, like we were meeting to review taxes and
9:26
Speaker 3: then you know, then I'll well all the date, the amount,
9:31
Speaker 3: and the place is already on the It's on the receipt, right,
9:35
Speaker 3: so you just need to identify, like what was your
9:37
Speaker 3: business reason for being there? That's the only thing that
9:40
Speaker 3: the IRS wants to know, right, what was your business
9:42
Speaker 3: reason for being there? So then from there, Rashad to
9:45
Speaker 3: your point. You have to hold on to those receipts, right,
9:48
Speaker 3: So you have to hold on to those receipts. But
9:51
Speaker 3: not everyone is going to be able to hold onto
9:53
Speaker 3: a physical receipt. I'm one of those people. Receipts they crumble,
9:57
Speaker 3: they fade, they're all over the place. So what I
9:59
Speaker 3: do is I take a photo of them. I'll take
10:01
Speaker 3: a photo of them on my phone. And then what
10:03
Speaker 3: I do is I and my account and software. So
10:07
Speaker 3: I use quick Books. So quick books has a feature
10:09
Speaker 3: where it allows you to upload the receipt and attach
10:12
Speaker 3: it to the transaction. So that makes it really helpful
10:16
Speaker 3: to do that. Or if you're a person that you know,
10:18
Speaker 3: let's say you want to upload into your Google Drive
10:20
Speaker 3: or and you know it's so crazy, Troy, you gave
10:23
Speaker 3: me that idea one year when you were like, I
10:26
Speaker 3: was asking you for a receipt for something and you
10:28
Speaker 3: were like, oh, let me just go back in my
10:30
Speaker 3: photos and I could just look in my photos because
10:33
Speaker 3: it'll match to date. And so now I give that
10:36
Speaker 3: that strategy out to everybody. So thank you, trust me,
10:38
Speaker 3: Just thank you, because a lot of times if you,
10:44
Speaker 3: let's say you you know, you'll know when the transaction happens.
10:47
Speaker 3: So if you put the date in the search bar
10:49
Speaker 3: of your phone, you'll be able to pull it up.
10:50
Speaker 3: You'll know exactly who you were with while you were there.
10:53
Speaker 3: You know, you should have a photo in your phone
10:55
Speaker 3: of the of the receipt. I wouldn't say keep all
10:57
Speaker 3: don't keep the photos there, right, but originally take the
11:00
Speaker 3: phote on your phone and then you know, attach it
11:02
Speaker 3: to quick boats or upload it into Google Drive, like whatever,
11:05
Speaker 3: whatever your process is, figure out the process and stick
11:09
Speaker 3: to it.
11:09
Speaker 1: Yeah, I would just just add to that what you're
11:12
Speaker 1: saying is one hundred percent factual. Having documentation is super important.
11:16
Speaker 1: The last thing you want to see at the end
11:18
Speaker 1: of the year, especially if you're a business owner. It's
11:21
Speaker 1: uncategorized transactions. It is It's the most tedious thing you
11:28
Speaker 1: ever have to look at you don't want to do it.
11:30
Speaker 1: So the best thing to do is make sure just
11:32
Speaker 1: document it. When when you're doing something, document it, label it.
11:35
Speaker 1: When you send the money, just label it. It's going
11:37
Speaker 1: to say yourself a lot of time and energy and hassle.
11:40
Speaker 1: So just document the process.
11:41
Speaker 3: Speaking from experienced guys, you know, you know, you know,
11:47
Speaker 3: and then try to do it on a more frequent basis,
11:49
Speaker 3: like now we're like sending over those uncategorized transactions over
11:53
Speaker 3: to you guys, like every two weeks, every two to
11:56
Speaker 3: three weeks. I know. Try. I'm so sorry, but it
11:58
Speaker 3: makes it makes it easy about the taxes later.
12:01
Speaker 1: I appreciate you, no problem.
12:04
Speaker 3: All right, So let's talk about some deductions. Right, Let's
12:08
Speaker 3: talk about some other deductions. So we're clear on that, right,
12:10
Speaker 3: if it is deductive, I mean, if it is ordinary
12:14
Speaker 3: or necessary, you can expense it as a business owner.
12:17
Speaker 3: All right. So now let's talk about what I want
12:20
Speaker 3: to talk about is the shifting of expenses from your
12:24
Speaker 3: personal over into your business. And this income ship, I mean,
12:28
Speaker 3: this extensive thing really is just saying, hey, these are
12:31
Speaker 3: expenses that you're already utilizing in your business. So if
12:34
Speaker 3: there's expenses that you're already utilizing in your business. How
12:38
Speaker 3: about we, you know, switch those like over to your
12:41
Speaker 3: business because you're utilizing them. So let's talk about the infamous.
12:44
Speaker 3: Let's take it back real quick. Let's talk about vehicles.
12:47
Speaker 3: Let's talk vehicles. Let's take it back, and let's let's
12:53
Speaker 3: start out there. So with a vehicle, if you are
12:57
Speaker 3: leasing your vehicle, if you are financing your vehicle, there's
12:59
Speaker 3: still an our opportunity for you to take a tax deduction.
13:03
Speaker 3: So if you're leasing the vehicle, and guys, keep in mind,
13:05
Speaker 3: because I get this question all the time. In order
13:07
Speaker 3: for me to write off my vehicle, do I have
13:09
Speaker 3: to own it? The IRS does not care who owns
13:13
Speaker 3: your vehicle. They don't care if it's you or the business.
13:16
Speaker 3: What they care about is your business use of the vehicle. Okay,
13:20
Speaker 3: So if you have your personal vehicle and you are
13:24
Speaker 3: utilizing it for business, you can still take the tax deduction. Okay.
13:28
Speaker 3: So if you're leasing the vehicle and you utilize the
13:30
Speaker 3: vehicle fifty percent of you know, fifty percent of the
13:33
Speaker 3: time for business, you can take fifty percent of the
13:35
Speaker 3: lease payments, fuel repairs, registration, you can take all of
13:39
Speaker 3: those expenses up to fifty percent. Right, So if your
13:43
Speaker 3: financing the vehicle, then we have to do what's called
13:46
Speaker 3: depreciation because now that's an asset. You own it. You're
13:49
Speaker 3: not leasing it and renting it, right, so you're owning it,
13:52
Speaker 3: so you have to do what's called depreciation. Depreciation. All
13:55
Speaker 3: depreciation is is the process of being able to duck
14:00
Speaker 3: the value of your asset. That's all it is over time,
14:04
Speaker 3: And the IRS says what that time is. They determine
14:07
Speaker 3: what the time is, so they say, okay, well a
14:09
Speaker 3: home is I mean not a home. Sorry. They'll say
14:12
Speaker 3: a vehicle can be depreciated over five years. They'll say
14:17
Speaker 3: a cell phone can be depreciated over five years, a
14:20
Speaker 3: home can be depreciated over twenty seven and a half years.
14:22
Speaker 3: So the IRS gives you what you know, what that
14:25
Speaker 3: looks like. So if there is no guesswork, So what
14:29
Speaker 3: happens is if you do have a vehicle that you're
14:31
Speaker 3: financing and you utilize a fifty percent, then you will
14:35
Speaker 3: your depreciation. So let's just say you had a vehicle
14:38
Speaker 3: fifty thousand dollars. What will happen is that you'll be
14:41
Speaker 3: able to depreciate fifty percent of it. Right, So let's
14:45
Speaker 3: say the the tax deduction should have been ten thousand
14:48
Speaker 3: dollars because you divided by five, what would have What
14:52
Speaker 3: would happen is that you would be able to take
14:54
Speaker 3: a tax deduction of five thousand dollars in depreciation expense
14:58
Speaker 3: on top of your fuel and the maintenance and all
15:01
Speaker 3: those things. Right, That wouldn't change, But it's just about
15:05
Speaker 3: how you treat that actual payment, if it's least versus
15:08
Speaker 3: if it is finance. Now, let's just go back real quick.
15:12
Speaker 3: Let's take it back twenty nineteen. We talked about six
15:15
Speaker 3: thousand pound roll and at that moment I broke down
15:20
Speaker 3: how if your vehicle is over six thousand pounds that
15:23
Speaker 3: you would be able to write off one hundred percent
15:25
Speaker 3: of it. What happens now is you only can write
15:28
Speaker 3: on sixty percent of it. So let's just talk about
15:30
Speaker 3: why and all of those things.
15:32
Speaker 4: That's cool.
15:34
Speaker 3: In twenty nineteen, we were still in the window of
15:36
Speaker 3: being able to write off the being able to write
15:40
Speaker 3: off one hundred percent. So the Tax Cuts and Jobs
15:43
Speaker 3: Act implemented was called bonus appreciation. Bonus appreciation started on
15:49
Speaker 3: November twenty seventh for twenty seventeen, and basically it's going
15:53
Speaker 3: to go all the way into twenty twenty seven. However,
15:56
Speaker 3: as of twenty twenty two, that was the last year
15:59
Speaker 3: you'll be able to one hundred percent, right, So that's
16:02
Speaker 3: the last year you'll be able to take one hundred percent.
16:05
Speaker 3: Every single year after that is going to decrease by
16:07
Speaker 3: twenty percent until it phases out. So what that means
16:11
Speaker 3: is in twenty twenty three you only can take eighty percent,
16:14
Speaker 3: and twenty twenty four you only can take sixty percent.
16:16
Speaker 3: So if any of you are new to this conversation
16:19
Speaker 3: about bonus appreciation and writing the asset off and you
16:23
Speaker 3: know all of those things, and what happens is, you
16:25
Speaker 3: know you you miss you missed the train, but you
16:29
Speaker 3: you didn't totally miss it, right you you're still here.
16:33
Speaker 3: You can take sixty percent, you just can't take one
16:34
Speaker 3: hundred and so next year it'll be forty twenty percent
16:38
Speaker 3: until it completely phases out in twenty twenty seven.
16:41
Speaker 2: Soy so for so all right, so for six thousand
16:43
Speaker 2: pounds if you buy a car SUV. And it was
16:46
Speaker 2: started by George Bush, I think originally to give give
16:51
Speaker 2: incentives to the gas companies because SUVs obviously use more gas,
16:56
Speaker 2: so he wanted to incentivize people to buy SUVs.
16:58
Speaker 4: So they started a rule, the six thousand pounds rule.
17:01
Speaker 2: Right, So, okay, if you buy a car that's over
17:03
Speaker 2: six thousand pounds, let's say a g Wagon, right, it's
17:08
Speaker 2: over six thousand pounds, yes, and let's say you buy
17:11
Speaker 2: it for two hundred thousand dollars, right, So now you
17:14
Speaker 2: buy a two hundred thousand dollars g Wagon for It's
17:17
Speaker 2: so currently in twenty twenty four is sixty percent and
17:22
Speaker 2: then in twenty twenty five.
17:23
Speaker 4: Is forty percent. So what is that? What does that
17:25
Speaker 4: actually mean?
17:26
Speaker 2: Because most people aren't going to pay two hundred thousand
17:29
Speaker 2: dollars cash.
17:30
Speaker 4: But let's say hypothetically they were.
17:31
Speaker 2: Let's say hypothetically they paid twenty thousand dollars cash, and
17:34
Speaker 2: let's do what most people would do.
17:36
Speaker 4: They would probably finance the car, right, or at least
17:41
Speaker 4: the car and finance.
17:42
Speaker 2: So let's kind of explain, like, how what is sixty
17:44
Speaker 2: percent of your car payments?
17:46
Speaker 4: What is it?
17:47
Speaker 3: It's sixty percent of the value because it is an asset.
17:52
Speaker 3: So because it is an asset, what happens is that
17:55
Speaker 3: you are able to deduct the value of the app said,
18:00
Speaker 3: so to your point, it's if you finance it. It is
18:05
Speaker 3: not the payment, it is the asset value. So if
18:08
Speaker 3: let's say in your case where you just mentioned, someone
18:10
Speaker 3: purchased a g wagon, it's two hundred thousand dollars in
18:14
Speaker 3: twenty twenty four, they'll be able to take one hundred
18:16
Speaker 3: and twenty thousand dollars tax deduction right against their income.
18:20
Speaker 3: It is now going that it's a line item. They
18:22
Speaker 3: can take that deduction. Now what happens is the remaining
18:25
Speaker 3: what is that the remaining eighty thousand dollars, they'll depreciate
18:29
Speaker 3: it over the remaining four years. Right, So now that
18:32
Speaker 3: would just be a tax deduction that they'll receive over
18:34
Speaker 3: the remaining four years. So twenty thousand dollars every single year.
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Speaker 5: An illegal alien from Guatemala charged with raping a child
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Speaker 5: in Massachusetts. An MS thirteen gang member from Al Salvador
18:45
Speaker 5: accused of murdering a Texas man of Venezuelan charged with
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Speaker 5: filming and selling child pornography in Michigan. These are just
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Speaker 5: some of the heinous migrant criminals caught because of President
18:57
Speaker 5: Donald J. Trump's leadership. Denome, the United States Secretary of
19:02
Speaker 5: Homeland Security. Under President Trump, attempted illegal border crossings are
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Speaker 5: at the lowest levels ever recorded, and over one hundred
19:10
Speaker 5: thousand illegal aliens have been arrested. If you are here illegally,
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Speaker 5: your next you will be fine nearly one thousand dollars
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Speaker 5: a day, imprisoned, and deported. You will never return. But
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Speaker 5: if you register using our CBP home app and leave now,
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Speaker 5: you could be allowed to return legally. Do what's right,
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Speaker 5: leave now. Under President Trump, America's laws, border and families
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Speaker 5: will be protected.
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Speaker 4: Sponsored by the United States Department of Homeland Security,