We are all about making money, growing money, and keeping your money. One of the best ways you can keep your money is to be smart about your tax structure. The new tax laws have passed, and 2018 has a lot of changes for small business owners and investors. My partner and guest Mike Giorgi is here to talk about all of the new changes and how to get the most out of them.
We talk about the importance of a team to really help you set things up correctly. Depending on your circumstances, you may need to create a pass-through entity to take advantage of the 20% QBI deduction. Mike talks about setting up your corporate structure correctly, planning, and monthly check-ins. We also have a checklist for you and a lot of great advice for keeping the money that you have earned.
You can find Mike here:‘Have a management company that performs non-professionally licensed tasks with an S election, so you can get pass through income and your QBI deduction.’ -Mike Giorgi Click To Tweet
- [02:28] 2018 tax code. The changes are amazing for the rich.
- [02:48] There are a lot of changes that need to be made if you are investing or a service company or doing business in general.
- [02:59] People who are not service individuals like attorneys or realtors can get the 20% qualified income deduction.
- [04:30] We have found a work around to get this deduction by having a management company.
- [05:09] You need to have these types of conversations with your corporate compliance people.
- [06:13] Doctors and professionals can lower their taxes by having money flow through their practice or management company.
- [08:59] A 21% flat tax is an amazing thing especially for professionals.
- [09:13] Have a management company that performs non-professionally licensed tasks with an S election, so you can get pass through income and your QBI deduction.
- [09:42] Associative entertainment deductions are gone. Travel meals are limited to 50%.
- [10:43] If you think about it, the trade offs are worth it.
- [11:15] Get your tax team involved and ask about the effective tax rates of your current entities and what changes you may need to make with the new laws.
- [11:49] Create a plan and create a budget. You need to document everything.
- [12:31] Have a resolution and plan backing up that resolution. Check and recheck your plan on a monthly basis and make sure you are doing everything in that documentation.
- [12:59] Find a professional team, put a plan in place, and document everything.
- [14:08] Be sure to issue your corporate stock if you have an LLC. Make sure there is another officer in the annual minutes.
- [15:20] Document a special resolution for anything that is special. Track large changes.
- [15:48] Have cash flow in your proceedings.
- [16:32] Email StartAssetEducation@gmail.com
- [17:21] Anyone making $175,000 to $200,000 needs to talk to Mike. There is a phase out that starts at these numbers. They need to be spread out across the structure.
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Peter Anthony Wynn, the CEO and Founder of ‘You Will Change the World’ – a place that connects authors and speakers to a larger infrastructure, sits down with me today to talk about having a money mindset. How doing the same thing as everyone else is not the way to free yourself and make truly life changing money.
You need to think outside of the box, and be open to alternative investments and methods that make your money work for you. It’s not hard once you understand the system and have the right team in place. Find the right people and education to change your finances and your money mindset.
You can find Peter here:'You don't have to be great to start, but you have to start to be great.' -Peter Anthony Wynn Click To Tweet
- [00:56] Peter Anthony Wynn is the CEO and founder of You Will Change the World. Where he connects authors and speakers and helps them connect to create a larger infrastructure.
- [01:21] As much as you want to give, you still have to give back to yourself.
- [02:49] How people really need to learn about money. They need an alignment of the team, so that together there is a plan.
- [03:52] People are confused when they come at money with a mindset of protect all I have when they should be compounding it and letting it grow.
- [04:02] How you becoming a millionaire isn’t your accountant’s priority.
- [04:42] How Loral is introducing people to the ecosystem of success.
- [06:09] What is heartbreaking is when people say they want help but they don’t move.
- [06:29] It’s about understanding that you have amazing potential and that you can do anything.
- [06:55] How Wall Street is the most unsafe investment if you look at it behind the scenes.
- [08:22] You are not going to become amazingly successful by staying broke.
- [08:46] Most people want to help somebody, but most people can’t even help themselves.
- [10:54] Go out and figure it out. Understand how to manipulate your debt so that it is serving you.
- [11:37] Change your social circle to answer the biggest questions or you’ll never grow.
- [13:05] How Loral is pulling back the curtain and sharing with the public the opportunities that are available to us today.
- [14:05] There are 81,000 pages of tax deductions. There are only a few things you can’t deduct if you are truly living a corporate life.
- [14:56] When people have term insurance they have death insurance not life insurance. They are just wasting their money.
- [15:23] Everyone has a gift or a talent that they are not bringing to the world because they are scared or afraid that they might fail.
- [16:33] If you’re going to change her life, you need a strategy. You are going to have to invest in more education.
- [18:20] Providing a product or service with amazing value to make money. People fail because they don’t understand money or how to manage their resources.
- [20:00] You don’t have to be great to start, but you have to start to be great.
- [21:43] The number one reason people don’t succeed in business is because they don’t know what business they are in.
- [22:16] You need to know how to market and get your great stuff out to the world.
- [24:04] How people need to get past the fear and go out and share their product. Leaders need to be decisive. If it perfectly fine to make mistakes.
- [25:50] If you can share a feeling and make it an experience, you will own that market.
- [28:55] Pre-sell your stuff, so you have the believe that it’s worth it.
- [29:27] If people don’t give you money, then don’t move or design the webinar.
- [30:22] Loral shares a story about how she found a partner in the cannabis industry. They did a webinar and asked if there was interest in a workshop. Then they designed the workshop according to what the attendees wanted.
- [34:14] Becoming a millionaire isn’t hard. There is just a system you have to follow.
- [35:32] After Loral’s workshop, you will be so motivated that you will go out and find the money to make the investments in your portfolio.
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