Top 3 Tax Planning Opportunities in 2024

[@Florcitalove]

Super good information. Thx for sharing

[@taxleverage]

Of course!

[@HarvestingFaithHomestead]

I am a bookkeeper, but not an accountant, so I don’t know much about taxes at all. I feel that I have a good understanding of what should and should not be eligible to deduct, but always defer to the accountant for more accurate information. Is there anything I can do as a bookkeeper to help my clients more with their tax questions, aside from going to school for accounting? What resources are there that I could reference when things come up?

[@blackberryman51]

Is it better to file jointly or married filing separately? What are the pros and cons of both. Thank you in advance.

[@davidsponseller5053]

I THought I heard you say once that you could buy realestate and if you need money you can borrow it tax free. Question... how do you pay off the loan with no income? Thank you for your expertise!

[@frankb1]

Jasmine has a lot of good tax information.

[@taxleverage]

Thank you!

[@CreatorsExpress]

Do you have any videos on becoming an enrolled agent??! I’m studying for SEE and of course trying to get as much info as I can. I 1000% trust you more than any other tax person on KZbin!

[@JetFire9]

Yes

[@Swampum]

What a wonderful, consice and entertaining video. Thank you!

[@davidmeredith1263]

Would you do a video on Self Rental Grouping Election? I have a client that qualifies but I want to make sure I do it right.

[@fedorweemsch]

When selling C Corp. Would you break the sale into three chunks. One chunk for assets, second chunk for Goodwill of the business and the value of the name that you're selling, and a third chunk is the personal Goodwill?? Do I have this right?

[@taxleverage]

It can depend on the business, but yes you basically break it down into the pieces that make up the actual value. Most businesses have some level of fixed assets, so that part is typically straightforward. Then the rest is usually intangibles or goodwill, and the value is split between them. For goodwill, a lot of times the value is at the personal level since it's relationship based and as long as there's no covenant not to compete keeping the goodwill at the business level, then moving it to personal can avoid the layer of double tax.

[@fedorweemsch]

@@taxleverage So when you sell the Goodwill and "move it to personal" you don't recognize the gain on the 1040. You just have the gain in a C Corp

[@taxleverage]

@@fedorweemsch No, so if you carry the value at the personal level in the first place (relationship based, no covenant not to compete), then the position is that the value is at the personal level so when you sell the business, the buyer pays part of the purchase price to the owner directly for the value of the personal goodwill, so there's just the 1 layer of tax. For example, a CPA firm where all the clients would just move with the owner from one entity to another, there would be a strong position that the goodwill is not actually at the business level but owned by the personal individually.

[@fedorweemsch]

@@taxleverage okay, so that part of the Goodwill will be sold on 1040 and not sold on 1120?

[@fedorweemsch]

Thank you for taking your time. I'm just trying to wrap my mind on how this would look like on the tax returns

[@rootstriker1618]

Can you make a video on the best tax strategy for successful day traders? Should we llc and trade under a personal buisness

[@JetFire9]

Not relevant because you will eventually go broke and will have to move back in with your parents, so it won’t matter.

[@jaklee86ca]

How do I enroll your Monday tax calls?