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The Wealth Elevator
Tax Planning Q&A with CPAs - C-Corp vs S-Corp, deducting HELOC, and REPS #419
Season 1, Ep. 419
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Get the latest insights on 2023 financial reports for consumer and business finances. This script covers discussions on the impact of tighter monetary policies, the recession phase of the wholesale trade in the U.S., and predictions for an economic rebound in 2025. Discover why certain markets will flourish despite financial hardships, the effect of raising interest rates on the commercial real estate sector, and the impending shift of iconic Disney characters entering the public domain. The session also touches on the importance of diversifying into different sectors to secure long-term wealth, tax planning strategies, filing statuses like Real Estate Professional status, and nuances of active vs passive income. Questions from attendees shed light on aspects of setting up LLCs, real estate investments, tax deductions and more. Tune in for a comprehensive analysis of current economic trends and valuable advice from the experts at Unified Global.
00:00 Introduction
00:00 Economic Outlook for 2023 and Beyond
00:07 Impact of Monetary Policies on the Economy
00:42 Predictions for the Real Estate Sector
01:34 Disney Characters Entering Public Domain
02:06 Intellectual Property and Real Estate Investments
02:44 Investing in Businesses and Real Estate
03:18 Podcast Introduction and Webinar Announcement
03:36 Tax Questions and Answers Session
04:14 Introduction of Tax Advisors
04:24 Unified Global Group Overview
06:40 Discussion on Active vs Passive Income
10:46 Understanding Real Estate Professional Status
20:31 Tax Implications of Paying Children through LLC
23:39 Managing Self-Directed Solo 401k
25:06 Tax Deductions for Long Term Rentals
25:53 Discussion on K1s and Tax Packages
29:56 Transitioning from Primary Residence to Rental
30:15 Understanding Property Taxation
30:36 Exploring Tax Implications of Property Rental
31:16 Debunking Misconceptions about Property Tax
31:49 The Role of CPAs in Property Taxation
32:01 The Impact of Property Rental Duration on Tax
32:55 Strategies for Maximizing Property Rental Income
34:02 Exploring Tax Deductions for Seminars and Retreats
34:27 Understanding the Role of LLCs in Tax Deductions
35:10 The Benefits of Consulting LLCs
35:33 The Importance of Record Keeping in Tax Deductions
36:07 Understanding the Hobby Loss Rule
43:29 The Pros and Cons of Rent-to-Own Sales
44:33 Understanding the Role of LLCs in Property Sales
46:58 The Importance of Accurate Record Keeping in Property Sales
01:00:18 Understanding the Short-Term Rental Loophole
01:02:23 Closing Remarks and Contact Information
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