Tax Planning Q&A with CPAs - C-Corp vs S-Corp, deducting HELOC, and REPS #419

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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