On this episode of House Flip Masters Holly is joined by guest Mark Kolher. Holly exclaims that Mark is her favorite CPA presenter, when she first heard Mark speak she says that not only was his content amazing so was his delivery of that content.
Holly asks Mark to share some of his favorite tax tips and strategies. Mark currently is finishing his ebook about the top 10 strategies that he has. He says that a lot of CPAs don’t give their clients this necessary and helpful information and it is hard for him really pick his favorite 10 tips because there are so many good tips that people should know about.
Mark’s first tip is that if this podcast is the first time you’ve heard about any tax tips for your investment business you need to think twice about the CPA that you hired because these are topics that you should be discussing with you CPA when it comes to investments.
Holly says that one question she gets frequently from new investors is if an entity is important to have when buying homes to fix and flips. Mark says that having a real estate investment helps you to build wealth and it is a critical tax strategy and again your CPA should be discussing this with you because it is so important. But he cautions that there are a lot of scam artists out there when it comes to having an LLC or any other entity and that having that entity is not important to have right out the gate. When it comes to the different properties and different businesses there are certain entities that you want to look into and make sure that you cover yourself accordingly. To make sure that you follow the right path you want to make sure that you make an appointment to get professional advice before signing anything or paying any fees for an entity.
Another topic that Holly asks Mark to discuss is how parents can save on taxes by paying their kids. Mark says that this tip is even for people with children over the age of 18 - Mark says that if you are helping your family financially quit paying taxes and giving them money and put them on the payroll and have them pay taxes at their own rate. Mark emphasizes that this tactic is completely legal and it allows for people to have responsibility and it also opens the door to teaching them how to have their own business and to get those wheels turning at a young age.
Mark and Holly discuss the various items that you can purchase for your small business that will easily become a write-off. Mark discusses purchasing properties where you like to vacation because you can use your trip to your destination as a write-off because you will have to check on your property.
If you are interested in learning more from Mark you can listen to his weekly live radio show at 11 am PST which you can find on his website www.RefreshYourWealth.com
- you can also find his Refresh Your Wealth podcast on iTunes.