If you’d like a free copy of the book, just email us at team@thewealthelevator.com and tell us how you found us.
In this episode, we dive deep into various tax strategies tailored specifically for business owners. We cover essential topics such as home office deductions, the Augusta Rule, paying your kids on payroll, Solo 401(k)s, and advanced strategies like captive insurance. The first half of the podcast is dedicated to potential tax changes currently under review by the Senate. We discuss extensions of the Tax Cuts and Jobs Act, increases in qualified business income deductions, and more. In the second half, we bring on guest Patrick Lonergan to discuss specific strategies for business owners and how to optimize personal taxes linked with business operations.
00:00 Introduction to Today's Podcast
00:18 Overview of Potential Tax Changes
00:41 Extension of Tax Cuts and Jobs Act
01:26 Bonus Depreciation and Section 179
03:13 Qualified Opportunity Zone Program
03:57 State and Local Tax Cap Increase
04:33 Lifetime Estate and Gift Tax Exemption
06:19 Additional Tax Changes and Implications
08:03 Infomercial: Family Office Ohana Mastermind
08:35 FOOM and Real Estate Professional Status
11:33 Tax Strategies for Business Owners
14:00 Home Office Deduction
17:09 The Augusta Rule
21:28 Family on Payroll
24:37 Qualified Business Income Deduction
29:18 Level Two Tax Strategies
37:27 Setting Up Retirement Plans for Solopreneurs
38:46 Navigating IRS Audits and Employee Classifications
39:17 Overview of Level Two Tax Strategies
39:37 Understanding ROBS and Roth Conversions
41:08 Introduction to Level Three Tax Planning
41:22 Captive Insurance: Benefits and Risks
46:38 Investing Through Captive Insurance
55:31 Level Four: Tax Fraud and Evasion
57:30 Common Pitfalls and CPA Involvement
01:05:39 Final Thoughts and Contact Information
","author_name":"Lane Kawaoka, PE"}