How to Maximize Tax Savings Through Strategic Planning with Amanda Han and Matthew MacFarland

A funny quote goes like this, “The tax code is like a foreign language, nobody understands it, and it's always changing.” Paying taxes is a legal obligation of every citizen as it ensures that the government has the necessary funds to provide essential services and maintain public infrastructure. However, it can seem overwhelming, especially for those who are not familiar with financial matters or the nitty gritty of tax laws. 

Hence, we must seek guidance and education to not perceive it as a burden but as an opportunity to strategically manage our finances and minimize our tax liabilities. Therefore, the more you talk to experts in fields where you are having difficulty, the more you know.  Moreso, in financial matters, we must be wise and proactive in staying informed about changes in tax regulations. Remember, exploring available tax-saving strategies and seeking professional advice can lead to maximizing potential savings and reducing the stress associated with tax season. 

Amanda Han is a Certified Public Accountant, tax strategist, author, and managing director of Keystone CPA.  She specializes in creating tax-saving strategies for real estate investors. As a CPA, she has helped countless national investors to supercharge their wealth-building through proactive tax saving.  Some of the tools she uses are her top-selling Amazon books and teachings on prominent publications such as Money Magazine, Google Talks, and CNBC. As a real estate investor of more than ten years, she combines her passion for investing with her tax expertise to help others supercharge their wealth and keep more of what they make. 

Matthew MacFarland is a Certified Public Accountant, author, managing director of Keystone CPA, and tax strategist with over 20 years of experience handling individuals, families, real estate investors, and closely held businesses. Matt received his accounting degree from UCLA and a Master's in Taxation degree from USC. As a CPA, Matt brings over two decades of tax planning expertise working specifically with real estate investors and high-net-worth individuals.  He has experience in both Big 4 Public Accounting and private client advisory. Matt is an avid speaker and educator on real estate tax strategies who authored The Book on Advanced Tax Strategies for Real Estate Investors. Matt has a passion for animals and founded the Animals for Armed Forces Foundation.

In this episode with Amanda Han and Matthew MacFarland, we will guide you in a step-by-step process to optimize your tax strategy and maximize your savings. Our conversation touches on the difference between filing and planning taxes, the importance of proactive tax planning, and a deeper understanding of what bonus depreciation law is. Furthermore, we explore effective tactics for leveraging both short-term and long-term real estate investments to their fullest potential within the tax framework. Tune in as we unlock the secrets to strategic tax planning and financial freedom.

"Most people are just hoping and praying they don't get a big surprise tax bill. When it comes to tax savings, it's usually not by chance, it's with design and careful planning." – Amanda Han

Topics Covered:

(00:00:41) Introducing our special guests, Amanda Han & Matthew MacFarland.

(00:02:06) Filing taxes vs. Planning tax strategies

(00:06:23) Short-term real estate investment strategies

(00:08:27) Material participation requirements for short-term rental tax benefits.

(00:13:10) Long-term real estate

(00:13:47) Real estate professional qualification

(00:14:59) Quick Reminder: Are you enjoying this episode? Please share it, leave a five-star review, and give feedback. Go to TimeOut with the SportsDr website.

(00:17:33) What is bonus depreciation?

(00:20:21) How to leverage self-directed retirement accounts

(00:22:23) How does seller financing work?

(00:24:47) The Book on Advanced Tax Strategies: Cracking the Code for Savvy Real Estate Investors

(00:26:18) How does 1031 Exchange work?

(00:28:06) Where to connect with Amanda Han & Matthew MacFarland

Key Takeaways: 

“You can use your retirement account to invest in a syndication. Real estate is one of those asset classes.” – Amanda Han

"You have a lot more people who are retiring, so for them to carry knowing that their money is secured by that same property they used to own, I think it's pretty reassuring to them." – Amanda Han

"Real estate professional status offers tax advantages but requires meeting specific time and participation criteria." – Matthew MacFarland

Connect with Amanda Han:

Email: [email protected]

Website: https://www.keystonecpa.com/

Facebook: https://www.facebook.com/keystonecpainc/

LinkedIn: https://www.linkedin.com/in/amandayhan/

Instagram: https://www.instagram.com/amanda_han_cpa/

YouTube: https://www.youtube.com/channel/UCvL8-Sq9NtVbh_SO6oDmmAg/

Connect with Matthew MacFarland: 

Email: [email protected]

Website: https://www.keystonecpa.com/; animalsforarmedforces.org 

Facebook: https://www.facebook.com/keystonecpainc/

YouTube: https://www.youtube.com/channel/UCvL8-Sq9NtVbh_SO6oDmmAg/

Instagram: https://www.instagram.com/keystone.cpa/

LinkedIn: https://www.linkedin.com/in/mattmacfarland/

Connect with Dr. Derrick Burgess:

Website: https://www.drderrickthesportsdr.com/

Instagram: https://www.instagram.com/drderrickthesportsdr/

Facebook: https://www.facebook.com/TimeOut.SportsDr

LinkedIn: https://www.linkedin.com/in/derrick-burgess-72047b246/

YouTube: https://www.youtube.com/channel/UCHGDu1zT4K_X6PnYELu8weg

Email: [email protected]

This episode of TimeOut with the SportsDr. is produced by Podcast VAs Philippines - the team that helps podcasters effectively launch and manage their podcasts, so we don't have to. Record, share, and repeat! Podcast VAs PH gives me back my time so I can focus on the core functions of my business. Need expert help with your podcast? Go to www.podcastvasph.com.