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Questions:
0:00 Introduction
3:00 Understanding Bankruptcy
5:25 Solo 401k Rules
8:54 Which Entity is Best for Doing International Business?
11:54 Roth Solo 401k Contribution Questions
14:39 Payroll Sweet Spot in Your S-Corp
18:10 Writing Off Start-Up Costs
24:49 Back Dating your S-Corp Conversion
25:50 Moving Deduction / Home Office Deduction strategy
28:52 The Difference Between Holding & Managing Companies
37:55 Limited Partnerships or LPs
41:00 Can you max out a Roth and Traditional IRA in the same year?
44:59 Strategies to Shut Down a Business
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LEARN MORE ABOUT: 401k Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
I got my LLC on 7/18/22 this year and filed the irs form 2553 form for s-corp.
Could I be taxed as a s-corp for the full 2022 or only beginning on 7/18?
Thank you Mr. Kohler, I love America too
First of all you can't contribute 61,000 to a solo 401k. You have to have the income to support a contribution of that size. In order to contribute 61,000 in 2022, you would have to have at least 136,000 in income from the business. That is because profit sharing contributions are limited to 25% of income. Secondly the part time rule doesn't apply in 2022. Thus solo 401k plans could continue to avoid filing a Form 5500, as long as they have less than $250,000 in assets in the plan. Starting in 2021, the SECURE Act defines Long Term -Part time employees as any employee who in each of the past three consecutive years worked between 500 and 999 hours. Thus, the first year that any long-term, part-time employee will be eligible to participate in a 401(k) plan no earlier than 2023. Thus in 2022, a business owner with part time employees could continue his/her Solo 401k. Currently there are proposals in Congress to shorten it from 3 years to 2 years. Finally if a part time employee does become eligible to participate in a plan, under the SECURE Act they would not get any matching or profit sharing contributions and they are excluded from the IRS testing rules.
Mark and Mat,
I thought the Roth employer match goes into a traditional type account and is taxed at ordinary when distributed. Can you guys clarify? Thank you!
Mark can You and Matt address "U.S. Senate Democrats are finalizing a plan to close a tax loophole used by many companies, and they want to use those revenues to shore up the government-run Medicare healthcare program for the elderly and disabled, sources familiar with the discussions said on Thursday.
Democrats expect to submit legislative text to the Senate parliamentarian in coming days, said one source, who asked not to be identified in order to discuss the private negotiations.
Great content, I've always admired the content and informative nature of this channel mate, you do well. Hell breaks the loss after just a few days of the plunge in the price level of the major cryptocurrencies. Many of us keep forgetting that crypto is obviously exposed to a volatile market environment, although I am 100% sure that crypto would rise in the long run (new investors keep turning to crypto as an investment location) although a seasoned trader would personally agree a trader earns a lot regardless of the price of cryptocurrencies and that a price drop is equally an opportunity to acquire stocks for profitable trading, Mr Tayler Smith, I started at 1.5BTC and raised over 6.5BTC in just three weeks using the trading strategy given to me by veteran trader Mr Josh Altman. You can easily get to him ͲeӀeցraʍ @JoshAltmanTrades for profitable trades.
Great show. Loved the one about being able to apportion some moving expenses to home office. You've got some smart viewers. Or maybe you're successfully teaching us grasshoppers how to think outside the box. I hope you get better.
If i am working remotely (expat) in another country what are the tax implications? Would I still only pay normal US taxes. I thought about living abroad to save in high rents in the usa. And tax write off on living.
CA Prop 19 _ is there any strategy to minimize prop taxes – claim farm? Split ownership? 1031?
Great to hear your better!
Love your stuff, Mark, keep it coming. When is your next book coming out?!
Thank you!! You two are a wealth of information!!