162. Keep More of the Money You Make with Scott Snow

The Laundromat Resource Podcast

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Welcome back to another episode of the Laundromat Resource Podcast! Today we're diving into the world of tax-saving strategies with our special guest, Scott Snow, a seasoned CPA from ProVision.
In this episode, Scott shares invaluable insights on how real estate and laundromat business owners can maximize their tax advantages, from the importance of material participation to setting up your business for sale from the start. We'll explore how to offset W-2 income with business losses, the benefits of accelerated depreciation, and the strategic use of LLCs and S corporations. Scott also offers a sneak peek into the nuances of entity sales versus asset sales and their respective tax implications.
Whether you're an entrepreneur looking to optimize your tax planning or just curious about the financial perks of owning a business, this episode has something for you. Stick around for practical tips and actionable advice to keep more of what you earn and grow your wealth. Plus, don’t miss our live Q&A session coming up on July 17th, where we’ll delve even deeper into tax strategies. Let's get started!
In this episode, Jordan and Scott discuss:
00:00 Join live Q&A about taxes.
08:39 Episode not a sales pitch, live Q&A.
11:38 LLC can elect S corporation for benefits.
19:16 Separate entities for legal and liability protection.
23:45 Foreign investors require a US person involvement.
26:12 Separate personal and business accounts for clarity.
32:32 Active involvement determines tax implications for investors.
41:53 Market fluctuations, own assets offer more control.
46:32 Deductions for home office and business travel.
51:03 Encourage legitimacy, provide jobs, maximize tax deductions.
54:18 IRS uses term to tax income.
01:01:08 Detailed records essential for business valuation confidence.
01:06:10 Finance or sell, consider taxes and planning.
01:10:16 Form 8594: Buyers and sellers allocate purchase.
01:17:53 Proactive mindset, strategic planning, and financial empowerment.
01:18:54 Exciting tax talk, live q&a on July 17th.
Show Notes

https://laundromatresource.com/show162

Resources
https://www.provisionwealth.com/

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