Q&A with a Enrolled Agent for Your Tax Questions

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Q&A with a Certified Enrolled Agent for Your Tax Questions
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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxes #taxfreeliving #taxexpert #taxreduction #llc
#taxes #taxfreeliving #taxexpert #taxreduction
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In today's video, we'll go over a selection of the comments you viewers have left on some previous videos regarding tax strategies! We go over the best personalized advice for each response. See if your comment was answered!
Some of the questions we go over include:
-Does rental arbitrage qualify someone as a real estate professional?
-Would I be getting the same benefits as an S-Corp if I'm running an LLC being taxed as an S-Corp?
AND
-If I win the lottery, could I put my winning ticket into an LLC so I can pay less taxes?
Are you a business owner or real estate professional?
Schedule a one on one coaching call with me personally📞
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

[@ky3079]

Love these Q&As. Thank you for sharing your knowledge. It's hard to understand other CPA but I can understand you clearly when you talk the CPA language.

[@djstep84]

Just wanted to say thank you for your content. It has changed my thinking of my daily "W2" job and looking to start my own business so My money can work for me.

[@letsgoviral777]

Excellent vid! Thank you.

[@lindaoliver5904]

Always great information thank you 🙏

[@hakai_shinn9793]

On point yet again!! Can you talk more about the distributions. I’d like to know the pros and cons one may have with an LLC doing distribution

[@akrylic_]

This channel is so interesting

[@SpiffBanks]

Yo fam!!… Can you make a tax video for us forex traders, option traders, stock/crypto traders & about setting up LLCS for our trading & how does the capital we earn gets taxes on?? Get back to me when you can

[@dwyanelymore2833]

Good information 👍

[@clarsen07]

Hey man, starting to study for the EA test I found a few sites for test prep but I wanted to know if you had any recommendations of a site you use to study.

[@joshuaozeri6382]

So I own an LLC and would like to make a tax-deductible donation. How does this deduction work exactly? I was reading that a individual's can donate up to 100% of their income and corporations can donate up to 25% of their income. Hypothetically speaking, if a business were to make a donation of $1,000 - does this mean that 100% of the donation ($1,000) is deducted from the overall taxable income or is the deduction less than that? Thank you for all of the wisdom, Karlton. Toward the end of last year I started my first business and I've been learning a lot through your videos.

[@charlielanderos6939]

How can one avoid PHT or accumulated earnings tax from corps?

[@tammyjenkins7305]

Karlton Dennis I'm getting ready to start an online business and watching another channel, the attorney mentioned that "there is no need to start an LLC because if you are just starting out then most likely you don't have any money coming in and you don't have any clients, so why start an LLC if there is no one who is going to sue you".... That makes total since to me 1) I do not have any money coming in yet and 2) when I do the client will be a one time client only.. So do I reallly need an LLC? To be honest and yes this is a stupid question/ comment, I thought I needed an LLC to make sure the NAME of my business was not already used by another person AND to protect ME from someone using the name of my new, soon to be, business.. Is this not the case??? thx

[@damianguzman391]

How did you get so knowledgeable on tax strategies?

[@frankelse745]

He is an accountant. Went to school for it. Probably loved it. No every business major enjoy accounting. I didn’t. Barely survived.

[@alexbroking9252]

So how does it work when it comes to health insurance / dental Could I pay it through the llc And have it tax deductible? Maybe get better rates / plans for employees / family who works for the private family foundations or other charity's we own .

[@mohammadalamgir6096]

Someone please solve

[@jonezmusicgroup]

Hello @karlton Dennis, I’m about to receive a whistle blower settlement. I want to look for ways to be prepared for tax time therefore I’m looking to start a revocable Trust & an LLC. Is there a way to save on federal taxes? I should be ok on State as my residency is now Florida. I’m married but always filed separately. My wife & I own a business in SC that I’ve basically been a silent partner on because I’ve never taken a dime from the company. I currently own 1 property in SC solely in my name. My wife has another solely in her name. The one in her name is currently a rental. (We’re on each other’s Deed). Any advice for me or should I find an EA/CPA? Thanks

[@nkt9789]

Can you buy a home in your LLC and rent it to yourself? How does that work with the tax system