Hey Business Owners! I’m back with another juicy tax chat. Whether you’re tuning in from Reno, Berkeley, Las Vegas, or beyond, grab your favorite beverage and let’s dive in. In this laid-back video, I’m answering your real life tax questions about everything from rental properties to donations to disregarded entities and more. With over 3,000 audit defense cases under my belt, I’ve seen it all – and I’m ready to share my experiences to help you navigate tricky tax scenarios. Think of this as your monthly dose of tax planning intel, coupled with plenty of real-life examples from clients I’ve worked with. As a business owner myself who grew up under communism with strict censorship, I’m passionate about ensuring you understand your rights and how to legally optimize what you pay Uncle Sam. So drop your questions in the Q&A and let’s chat! I’ll do my best to tackle as many as possible. Towards the end, I’ll also reveal two of my favorite tax reduction strategies you can start using right away. Whether you have questions about retirement accounts, business deductions, inheritance issues or anything in between, I’m here to help in plain English!

In this episode, you will be able to:
Maximize Tax Efficiency: Learn how to benefit from Roth IRA conversion for increased tax optimization.

Simplify LLC Tax Filing: Discover the ins and outs of filing taxes for inherited LLCs to ensure financial optimization.

Unlock Real Estate Tax Benefits: Explore the advantages of real estate professional tax benefits for enhanced financial efficiency.

Optimize Tax Deductions: Understand the tax implications of donating to your own nonprofit for strategic financial planning.

Elevate Virtual Business Finances: Uncover effective tax strategies tailored for virtual businesses to maximize financial optimization.

The key moments in this episode are:

00:00:30 – Introduction and Community Engagement
00:09:32 – Structuring Business Entities
00:13:50 – Selling a Business and Tax Planning
00:14:56 – Conclusion and Next Steps
00:14:07 – Selling Your Business and Understanding Basis
00:16:27 – Determining Your Basis
00:18:36 – Filing for Tax Extensions
00:19:34 – Business Vehicle Tax Write-Off
00:22:33 – Maximizing Tax Savings
00:26:49 – Roth IRA Conversions and Benefits
00:27:48 – Understanding 1031 Exchange
00:29:44 – Solo 401K and Elective Deferral
00:31:08 – Tax Compliance for Minors and 1099 vs. W-2
00:34:03 – Corporate Transparency Act and Reporting Requirements
00:40:13 – Disregarded Entity and Tax Forms
00:43:48 – Roth IRA and Tax Filings
00:45:53 – Foreign LLC Registration
00:49:10 – Statute of Limitations and Tax Compliance
00:54:11 – Understanding Traditional and Roth IRAs
00:55:17 – Benefits of Roth IRAs
00:57:08 – Backdoor IRA Conversion
01:04:23 – Leveraging Personal Expenses for Business Deductions
01:06:52 – Maximizing Deductions
01:07:10 – Understanding Entities
01:08:00 – Entity Diagramming
01:09:03 – Accessibility and Review
01:09:43 – Community Engagement

The resources mentioned in this episode are:
Visit the Nexus business questionnaire (link: – Daniel can you check w Laura to see if this is the right link?) to determine if you need to register a foreign LLC in a different state where you earn income.
Consider using a middle layer, such as a donor-advised fund, to donate appreciated art to your nonprofit organization to avoid potential conflicts of interest.
Open a Roth IRA account and contribute to it to take advantage of tax-free earnings and no required minimum distributions in retirement.
Consider using a backdoor Roth IRA conversion to convert traditional IRA funds into a Roth IRA, especially during lower earning years.
Research the specific income limits for investing in a Roth IRA when you or your spouse have a retirement plan to determine eligibility.
Connect with me here:

Get the Top 5 Tax Secrets that the Ultra Wealthy use to protect their income HERE: – because you can use them too!…(read more)

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CONVERT IRA TO GOLD: Gold IRA Account

CONVERT IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

Donating to charitable organizations is a noble act that not only helps those in need but also allows you to potentially deduct the donation on your taxes. However, the rules surrounding deducting personal expenses can be complex and confusing. Here are some guidelines on how to properly donate and deduct personal expenses.

First and foremost, it is important to ensure that the organization you are donating to is a qualified charitable organization. This means that the organization must be registered as a non-profit with the IRS and that your donation is going towards a charitable cause. Donations to individuals, political campaigns, and lobbying organizations do not qualify for a tax deduction.

Secondly, it is important to keep accurate records of your donations. This includes receipts, bank statements, and any written communication from the organization confirming your donation. For donations over $250, you will need a written acknowledgment from the organization detailing the amount of your donation and whether you received any goods or services in return.

It is also important to be mindful of the value of any goods or services you receive in return for your donation. If you receive something of value in exchange for your donation, such as a dinner or a gift, the value of that item must be deducted from the total amount of your donation when determining your tax deduction.

When it comes to deducting personal expenses, such as volunteering expenses or mileage, you must have documentation to support your deduction. This includes keeping a log of the dates and times you volunteered, as well as any expenses you incurred while volunteering. Mileage for volunteering is deductible at a rate set by the IRS, so be sure to keep records of your mileage.

In addition to donating money or goods to charity, you may also deduct the fair market value of goods you donate to charity. This includes clothing, household items, and other goods that are in good condition. Again, it is important to keep accurate records of your donations, including receipts and a detailed list of the items donated.

Overall, donating to charitable organizations can be a rewarding experience that not only helps those in need but also provides a tax benefit. By following these guidelines and keeping accurate records of your donations, you can ensure that you are maximizing your tax deduction while also making a positive impact on your community.