Vast Voice produced by VastSolutionsGroup.com: Recent Episodes
VastSolutionsGroup.com
Our podcast is engineered by entrepreneurs for entrepreneurs helping them to pay the RIGHT amount of taxes using proprietary artificial intelligence technology.
This conversation discusses tax-free investing and ways to make money on a tax-free basis. Kenner explains the importance of tax advantage investing and retirement income that you cannot outlive. He discusses the need for a rate of return that allows you to live for a long time without running out of money and the impact of taxes on retirement income.
The conversation also explores different types of life insurance policies and their benefits, as well as the advantages of annuity investing. He provides strategies for tax-free and tax-deferred income and emphasizes the importance of consulting with professionals to optimize your financial situation.
Takeaways
• Tax advantage investing is important for retirement income that you cannot outlive.
• Consider different types of life insurance policies and their benefits for tax-free investing.
• Annuity investing can provide guaranteed income for retirement.
• Consult with professionals, such as CPAs and financial advisors, to optimize your financial situation.
• Understand the tax strategies and advantages of different investment options.
Sound Bites
• Tax free, tax free, two words that you should love when they're combined to equal tax free.
Sometimes it does make sense because of the tax-free element.
• The government does not tax life insurance death proceeds at all.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-212-8189
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Amanda Webster, explains how her company helps entrepreneurs and real estate investors access funding through business credit. They provide education and assistance in building personal and business credit profiles, finding the best lenders, and strategically using credit to fund investments.
Amanda shares success stories of clients who have 10x their businesses and obtained millions in funding. She emphasizes the importance of understanding credit and using it responsibly, as well as the benefits of cashback and rewards programs. Amanda also discusses the process of engagement with Fund and Grow and provides a link for interested individuals to learn more.
Takeaways
• Fund and Grow helps entrepreneurs and real estate investors access funding through business credit.
• Building personal and business credit profiles is crucial for obtaining funding.
• Understanding credit and using it responsibly is key to financial success.
• Cashback and rewards programs can provide additional benefits when using credit.
• Engaging with Fund and Grow involves a dedicated success manager and a step-by-step process to secure funding.
• Fund and Grow has helped clients 10x their businesses and obtain millions in funding.
Sound Bites
• Kids, we got the growlady, Amanda Webster, the growlady, you like that?
• I love you. Holy mackerel. Okay. This is a good start right off the bat
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-212-8189
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Shane Carter, a real estate investor, shares his insights and experiences in the industry. He emphasizes the importance of focus and how it has helped him achieve success in his career. He also discusses his diversified real estate fund, which focuses on three asset classes: multifamily, land development, and outdoor hospitality.
Carter explains the different investment strategies and returns associated with each asset class. He also touches on the importance of balance in life and how it contributes to overall fulfillment and success.
Takeaways
• Focus is crucial for success in real estate investing.
• Diversification across different asset classes can provide a blended return and mitigate risk.
• Investing in stable, income-producing assets like multifamily properties can provide a preservation of wealth.
• Land development offers the potential for high total returns, while outdoor hospitality provides cash flow and attractive yields.
• Consider the hyperlocal market conditions and opportunities when investing in specific regions.
• Maintaining balance in all aspects of life, including health, relationships, and spirituality, is essential for long-term fulfillment and success.
Sound Bites
• Focus, right? What do I mean by that? 20 years ago, I was all over the place, right? Like most young entrepreneurs, 30 year olds were not super in touch with who I was as a person, right? I was grinding and spinning my wheels.
• Our investment fund is centered in housing. So what does that mean by that? It's basically got three, it's a three pronged approach. Number one is multifamily.
• The total return play for land development is massive. Depending upon the deal, it's between 30 to 40%. Annualized return.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-212-8189
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Colby Jones is an expert in organizing events, particularly cruises and corporate events. He emphasizes the importance of budget and offers his services at the best possible price to ensure the success of the event. He also highlights his ability to secure discounted prices for events, allowing entrepreneurs to make a profit.
He is open to events of all sizes and enjoys a good challenge. Colby's main goal is to add value to every event and provide a seamless experience for attendees. He can be reached through his website and LinkedIn.
Takeaways
• Colby Jones specializes in organizing events, including cruises and corporate events.
• He offers his services at the best possible price to accommodate entrepreneurs' budgets.
• Colby can secure discounted prices for events, allowing entrepreneurs to make a profit.
• He focuses on adding value to every event and providing a seamless experience for attendees.
Sound Bites
• I'm all the above guy. I'm whatever you want travel guy, but there are certain parts where we're totally just unmatched and elite.
• The cheapest, the best that I can make it for you.
We can essentially get the pricing for a lot cheaper than anybody else can find.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-212-8189
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner and Bryan Clayton discuss the importance of adopting AI and business automation to stay ahead in today's competitive landscape. He shares his journey from running a traditional landscaping business to building GreenPal, an app that connects homeowners with lawn care services. They emphasize the need to approach AI implementation as an experiment and iterate on different solutions to find the best fit.
They also discuss the benefits of using AI for customer support, matching buyers and sellers, and streamlining manual processes. The conversation highlights the importance of continuously monitoring and improving AI systems to provide a better customer experience.
Takeaways
• Adopting AI and business automation is crucial for staying competitive in today's market.
• Approach AI implementation as an experiment and iterate on different solutions to find the best fit for your business.
• AI can be used to streamline customer support, matching buyers and sellers, and automate manual processes.
• Continuously monitor and improve AI systems to provide a better customer experience.
• Don't be afraid to delegate tasks to AI, but be cautious about sharing proprietary information.
• Invest in building a comprehensive knowledge base and leverage AI to provide thorough and efficient responses to customer queries.
Sound Bites
• Green Pal is a 10 year overnight success in building this app for over a decade.
• You have to monitor, you have to inspect what you expect.
We were able to cut that by 80%.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-212-8189
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner French of VastSolutionsGroup.com shares three tax hacks for real estate investors. The three hacks discussed are: 1) utilizing a defined benefit plan to lower tax liability, 2) taking advantage of R&D tax credits for artificial intelligence investments, and 3) setting up a captive insurance company for risk mitigation and tax benefits.
These hacks can help real estate investors save money legally, morally, and ethically. Kenner also mentions the availability of a free book, 'Entrepreneurs Manifesto,' which contains smart financial advice.
Takeaways
• Utilizing a defined benefit plan can lower tax liability for real estate investors, especially if they have no employees.
• R&D tax credits can be obtained for investments in artificial intelligence, providing a dollar-for-dollar tax credit.
• Setting up a captive insurance company can offer tax deductions and allow for better management of funds.
• These tax hacks can help real estate investors save money legally, morally, and ethically.
• A free book, 'Entrepreneurs Manifesto,' containing smart financial advice is available by emailing info@vastsolutionsgroup.com.
Sound Bites
• I have three tax hacks for real estate investors.
• Defined benefit plans may lower your prior year's tax return.
• R&D tax credits. Oh my gosh. Especially nowadays, everyone's doing artificial intelligence.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-212-8189
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner and Marc discuss marketing strategies for small business owners, particularly real estate investors and agents. Marc emphasizes the importance of properly tracking leads and understanding where every dollar is coming from. He explains that his company, Loudmouse, provides fractional CMO services, where they come in and manage all aspects of a company's marketing. They focus on tracking, ensuring the right people are in place, and then developing a strategy based on data and results. He shares a case study where they turned around a client's marketing, increasing their return on ad spend and reducing their marketing spend.
In this conversation, Kenner from VastSolutionsGroup.com interviews Marc Ensign about his expertise in marketing and how it can help businesses grow. They discuss the use of artificial intelligence (AI) in content writing and research, as well as its impact on marketing strategies. They also explore the importance of targeted ad buys and optimizing marketing budgets. Marc emphasizes the need for a human touch in marketing, even as AI becomes more prevalent. He suggests that businesses should focus on telling their story and connecting with customers on a personal level.
The conversation concludes with a discussion on the benefits of working with a marketing agency and the potential for automation in the future.
Takeaways
• Properly tracking leads is crucial for making smart marketing decisions and understanding where every dollar is coming from.
• Loudmouse provides fractional CMO services, managing all aspects of a company's marketing and focusing on tracking, people, and strategy.
• They aim to increase revenue and reduce wasted marketing spend by identifying and addressing issues with agencies and optimizing marketing efforts.
• A case study showcased how Loudmouse turned around a client's marketing, increasing their return on ad spend and reducing their marketing spend. Artificial intelligence (AI) can be used in content writing and research to streamline processes and improve efficiency.
• Targeted ad buys and optimizing marketing budgets can help businesses maximize their return on investment.
• Maintaining a human touch in marketing, such as telling a compelling story, can set businesses apart in an increasingly automated world.
• Working with a marketing agency can provide expertise and support in developing effective marketing strategies.
• The future of marketing may involve increased automation, but businesses should still prioritize human connection and personalization.
Sound Bites
• The biggest thing I find is they're not properly tracking leads.
• Loudmouse is a fractional CMO agency that manages all aspects of a company's marketing.
• We bring all the marketing data together into one place, so there's one source of truth.
• AI has obviously taken a strong hold now.
• One of the ways that we can trim the fat is by focusing on specific markets.
• Get specific about what taking it to the next level means.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-212-8189
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
John Jackson, the 'king of lease options,' explains what lease options are and how they can be used in real estate. Lease options allow buyers to lease a property with the option to purchase it in the future. John primarily uses lease options as a plan B for sellers who are struggling to sell their properties. He helps sellers by offering them full price, cash flow, and a guaranteed sale within 12 months. John also coaches students on how to implement lease options in their own real estate businesses.
In this conversation, John discusses his real estate investing strategies, specifically focusing on lease options and seller financing. He explains how he finds motivated sellers and attracts buyers using direct mail, yard signs, and online marketing. He emphasizes the importance of having conversations with sellers to understand their pain points and offer solutions that benefit both parties. He also discusses the potential for real estate agents to get involved in these types of deals and earn additional income. Overall, John provides valuable insights into the world of lease options and seller financing.
Takeaways
• Lease options are a useful tool in real estate that allow buyers to lease a property with the option to purchase it in the future.
• Lease options can be a plan B for sellers who are struggling to sell their properties, offering them full price, cash flow, and a guaranteed sale within a certain timeframe.
• Implementing lease options in a real estate business can be a profitable strategy, and John Jackson offers coaching and support to help students succeed.
• Lease options provide a win-win solution for both sellers and buyers, helping sellers sell their properties and buyers achieve their goal of homeownership. Lease options and seller financing can be lucrative real estate investing strategies.
• Direct mail, yard signs, and online marketing are effective ways to find motivated sellers and attract buyers.
• Having conversations with sellers to understand their pain points and offer tailored solutions is key to success.
• Real estate agents can play a role in lease options and seller financing deals, potentially earning additional income.
Sound Bites
• The king of lease option
• Lease options are a very useful tool
• Lease options allow you to reserve your capital
Now I'm vibing with him.
• Four houses under contract that ends up being a good number.
• If you can copy paste, you can do what I do.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-212-8189
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
David Olds, the founder of EzREIclosings, discusses how his company adds value to real estate investors by taking care of paperwork and transaction coordination. He emphasizes the importance of focusing on the aspects of the business that move the needle and bring joy, while outsourcing the tasks that are time-consuming and less enjoyable. He shares his journey as a real estate investor and how he realized the need for transaction coordination services.
He also highlights the significance of building a tribe and finding like-minded individuals to lean on for support and inspiration. Olds concludes by encouraging investors to treat sellers and buyers with respect and to choose a niche in real estate that aligns with their interests and strengths.
Takeaways
• Outsourcing paperwork and transaction coordination allows real estate investors to focus on the aspects of the business that bring joy and generate revenue.
• Building a tribe of like-minded individuals provides support, inspiration, and a sense of community in the real estate industry.
• Treating sellers and buyers with respect and integrity is crucial for maintaining a positive reputation as a real estate professional.
• Choosing a niche in real estate that aligns with one's interests and strengths can lead to greater success and fulfillment in the business.
Sound Bites
• We add value by taking stuff off of our clients' plate, allowing them to focus on the things that move the needle and bring joy.
• Outsourcing paperwork and transaction coordination is like taking broccoli and asparagus off your plate.
Social media is like reality TV. People love seeing behind the scenes and the real side of real estate.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-212-8189
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner French discusses the current state of the AI market, emphasizing the dominance of Microsoft and Google. He explores the implications of their control over AI technology and the potential future landscape, including the role of open source and regulatory measures. The conversation highlights the importance of understanding who controls AI and the impact on consumers and businesses.
Takeaways
• AI is revolutionary and will change businesses.
• Microsoft and Google are the primary controllers of AI.
• Open source AI lacks safety parameters.
• Regulation will likely favor Microsoft and Google.
• The future of AI control is uncertain.
• Consumers need to be aware of AI control dynamics.
• AI technology is already integrated into daily life.
• Understanding AI market dynamics is crucial for entrepreneurs.
• The conversation around AI regulation is ongoing.
• The influence of major tech companies on AI is significant.
Sound Bites
• Microsoft controls the AI market and Google.
• Everyone else is a splinter group.
• Google and Microsoft are providing value in AI.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-212-8189
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner French discusses the importance of tax deductions for entrepreneurs, outlining various types of deductions available, common mistakes made by business owners, and the role of tax preparers in maximizing tax savings.
The discussion emphasizes the need for awareness and proper record-keeping to ensure that entrepreneurs can take full advantage of the deductions available to them, ultimately leading to significant savings on their tax liabilities.
Takeaways
• Tax deductions can significantly reduce taxable income for business owners.
• Home office expenses can be claimed as deductions if working from home.
• Capital expenditures can also be deducted over time.
• Lower tax rates on business income can lead to overall savings.
• Many entrepreneurs miss deductions due to lack of awareness.
• Keeping detailed records is crucial for claiming deductions.
• Tax preparers can assist in identifying potential deductions.
• Professional development expenses are deductible for business owners.
• Fear of audits can prevent entrepreneurs from claiming deductions.
• Effective communication with tax preparers can lower tax liabilities.
Sound Bites
• You are way too afraid to ask it.
• Let's go over the tax advantages simply of owning a business.
• Deductions for business expenses can reduce taxable income.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Anthony Simonie discusses the importance of building relationships in marketing and how small businesses can add value to their existing businesses. He emphasizes the power of email marketing and the need to optimize and leverage existing email lists.
Anthony also introduces the concept of performance-based marketing, where the marketing firm invests in the client's business and is paid based on the results achieved. He highlights the value of communities in building credibility and trust and the importance of engagement within those communities. Anthony shares the importance of testing and making adjustments based on market feedback, and the significance of referrals in growing a business.
Takeaways
• Building relationships is key in marketing and can add value to small businesses.
• Optimizing and leveraging existing email lists can be a high-impact strategy for small businesses.
• Performance-based marketing, where the marketing firm invests in the client's business and is paid based on results, can be a win-win approach.
• Communities can be valuable in building credibility and trust, and engagement is crucial within those communities.
• Testing and making adjustments based on market feedback is essential for success in marketing.
• Referrals are a powerful way to grow a business.
Sound Bites
• Anthony Simone the marketing guy is gonna make sure that we all have really big businesses
• Well, the whole Google thing is not really about Google. It's about relationships.
• There's so much opportunity within your existing business that you don't necessarily need to spend any more money to add any more shiny objects.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Chris Miles, known as the anti-financial advisor, shares his tips for solopreneurs and entrepreneurs who want to get rich. His first tip is to focus on profit first and prioritize how much money you have left over after expenses. He emphasizes the importance of being a wise steward of money, using it in a way that generates more wealth and blesses more lives.
Chris also shares his personal journey from being a financial advisor to becoming financially free through real estate investing and passive income strategies. He discusses the concept of infinite banking, which involves using whole life insurance as a tax-free supercharged savings account. Chris advises getting lean, getting liquid, and getting out to achieve financial freedom.
Takeaways
• Focus on profit first and prioritize how much money you have left over after expenses.
• Be a wise steward of money, using it in a way that generates more wealth and blesses more lives.
• Consider real estate investing and passive income strategies to achieve financial freedom.
• Explore the concept of infinite banking, which involves using whole life insurance as a tax-free supercharged savings account.
Sound Bites
• The anti-financial advisor is cool by my
• Profit first, man. It's always about how much money do you actually have left over after all is said and done?
• The best way to create more wealth is to figure out how to become a wiser
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner interviews Alex Ottewell about the oil and gas industry. Alex explains the process of drilling for oil and how the production of a well can change over time. He also discusses his approach to investing in oil and gas, which involves buying existing production rather than drilling new wells.
Alex shares that his company offers investors a return of 18.5% to 22% after fees, along with tax benefits. He emphasizes the importance of transparency in the industry and the need to understand the risks involved. Alex also highlights the wide range of products that are made from oil and gas, beyond just gasoline.
Takeaways
• The production of an oil well can change over time, with initial high production followed by depletion.
• Investing in existing oil and gas production can provide a more predictable return compared to drilling new wells.
• Investors in the oil and gas industry can expect a return of 18.5% to 22% after fees, along with tax benefits.
• Transparency and understanding the risks are important when investing in oil and gas.
• Oil and gas are used in a wide range of products beyond gasoline.
Sound Bites
• Can you explain a little bit about that?
• I'd rather buy existing products that I can kind of almost foresee the future in some regard.
• We put it between 18 and a half and 22 percent IRR
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Artificial Intelligence can be used in any industry to automate processes and improve efficiency. It can be applied to finance, tax reviews, commercial property, and even car racing. AI can help with website management, social media automation, logistics, engine optimization, hiring, and more.
The use of AI can benefit industries like car racing and real estate. Kenner French, from VastSolutionsGroup.com, shares his insights on the versatility of AI and offers a free book on smart financial advice.
Takeaways
• Artificial intelligence can be used in any industry to automate processes and improve efficiency.
• AI can help with website management, social media automation, logistics, engine optimization, and hiring.
• Industries like car racing and real estate can benefit from the use of AI.
• Kenner French offers a free book on smart financial advice.
Sound Bites
• Artificial intelligence for any industry it will help.
• Can artificial intelligence be used to help that industry, that race team? The answer to this is yes.
• Artificial intelligence can help write your job posting as an example, and it can automate that process.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
The conversation focuses on two main topics: lowering tax liabilities and protecting assets. The guests, Bob Bluhm and Patrick Smith, discuss strategies for reducing taxes, such as utilizing depreciation and bonus depreciation in real estate investments. They also emphasize the importance of asset protection and the need to separate personal and business assets.
The conversation highlights the benefits of having a comprehensive approach to tax planning and asset protection, and the value of working with a team of professionals who can provide holistic advice. The guests also mention the importance of good bookkeeping and proactive tax planning. They discuss the benefits of engaging with their companies, VastSolutionsGroup.com and AssetDefenseTeam.com, for comprehensive tax and asset protection services.
Takeaways
• Lowering tax liabilities and protecting assets are key considerations for individuals and businesses.
• Strategies such as depreciation and bonus depreciation can help reduce taxes in real estate investments.
• Separating personal and business assets is crucial for asset protection.
• Good bookkeeping and proactive tax planning are essential for financial success.
• Engaging with a team of professionals can provide comprehensive tax and asset protection services.
Sound Bites
• We live in a very litigious society and there are more lawsuits than car accidents in the US.
• Isolating expenses and accelerating depreciation can help lower taxes in real estate investments.
• The main reasons people don't take advantage of tax strategies are lack of knowledge and the cost of implementing them.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Bob McIntosh, a marketing guru, shares valuable insights on building a successful business. He emphasizes the importance of having a professional and trustworthy website to boost credibility. He also highlights the significance of integrity in business and how it breeds trust with customers. He discusses his journey of building his marketing firm and the role of personal branding in attracting clients. He explains the impact of email marketing on his business growth and the power of building relationships through speaking engagements.
In this conversation, Bob discusses the importance of email marketing and the high ROI it can generate. He emphasizes the power of storytelling in email marketing and how it can engage and connect with the audience. Bob also shares two mistakes he made in his business: not continuing to write emails consistently and not outsourcing fulfillment. He highlights the significance of follow-up in marketing and how it can build trust with customers.
Overall, the conversation provides valuable insights into effective email marketing strategies and the importance of consistent follow-up.
Takeaways
• Invest in a professional website to enhance credibility and attract customers.
• Integrity is crucial in building trust with clients and customers.
• Personal branding can significantly contribute to business growth.
• Email marketing remains a powerful tool for building relationships and generating leads.
• Speaking engagements can be an effective way to connect with potential clients and showcase expertise. Email marketing can generate a high ROI, even if it's a quarter as good as the industry average.
• Storytelling is a powerful tool in email marketing and can greatly improve its effectiveness.
• Consistent follow-up is crucial in building trust with customers and increasing conversions.
• Outsourcing tasks that you're not good at, such as fulfillment, can help your business grow faster.
• A good CRM can automate follow-up communication and make it easier to stay in touch with customers.
Sound Bites
• Do not underestimate the power of a great website to boost your bottom line.
• Integrity is utmost in what we do and breeds customers and clients who will believe in you.
• 97% of people will judge your business's credibility based on only the design of your website.
• Imagine spending $1 and getting $10 back.
• Email marketing that works is storytelling at its finest.
• Email marketing is the only way to go.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Matthew Coates, an architect and entrepreneur, about his unique career and insights into entrepreneurialism. He shares his background and journey as an architect, explaining his decision to become an entrepreneur and work for himself. He emphasizes the importance of commitment and not being afraid to take risks.
Matthew also discusses the need for entrepreneurs to adapt to change and embrace new technologies, such as artificial intelligence and virtual reality. He shares his marketing approach, focusing on showcasing the beauty and mystery of architecture without asking for anything in return. He concludes by offering his services to real estate agents and providing vision and feasibility analysis for potential projects.
Takeaways
• Entrepreneurship requires commitment and a willingness to take risks.
• Adapting to change is crucial for success in business.
• Artificial intelligence and virtual reality are transforming the architecture industry.
• Effective marketing involves showcasing the unique aspects of your business without being pushy.
• Providing vision and feasibility analysis can help clients make informed decisions.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Thomas Lorini, a dual citizen of Canada and the US, shares his advice for real estate investors. He emphasizes the importance of taking action and not overanalyzing deals. He suggests looking for good opportunities in the right market and building a solid local power team.
Thomas also discusses the benefits of investing outside of one's backyard and highlights the differences between the Canadian and US real estate markets. He shares his experience with Wealthgenius, an educational and networking group, and talks about his transition into commercial properties and multifamily real estate.
Takeaways
Take action and don't overanalyze deals
• Build a solid local power team
• Consider investing outside of your backyard
• Understand the differences between the Canadian and US real estate markets
• Join educational and networking groups like Wealthgenius
• Explore opportunities in commercial properties and multifamily real estate
Sound Bites
• Take action, look for the right markets, do your market investigation, build your local power team
• Don't limit yourself to your backyard, there are opportunities across North America
• Consider investing in the US for more opportunities and affordability
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Philip Vincent shares his expertise in the senior living industry and how real estate agents can tap into this niche market. He explains that when seniors move into senior living communities, they often need to sell their homes to pay for their care, making them a valuable source of real estate leads.
Vincent discusses the opportunity for real estate agents to become referral and placement agents, helping families find the right senior living community and earning referral fees. He emphasizes the importance of building relationships and providing value in this industry. Vincent also offers a special offer of providing thousands of leads to interested individuals.
Takeaways
• Senior living communities are a valuable source of real estate leads as seniors often need to sell their homes to pay for their care.
• Real estate agents can become referral and placement agents, helping families find the right senior living community and earning referral fees.
• Building relationships and providing value are key to success in the senior living industry.
• There is a significant opportunity in the senior living market as the aging population continues to grow.
Sound Bites
• I discovered what I found to be the best real estate leads source I've ever found.
• When you refer Bob to Garden View and it's 10 grand a month to live there, Garden View will pay you $10,000 for bringing one customer to their community.
• This is lead acquisition or aggregation in the organic way, the most pure way of the best real estate leads I've ever found.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
This conversation provides specific ideas on how entrepreneurs can get involved and learn about artificial intelligence (AI) to make money. Kenner suggests spending five hours a week or one hour a day using different AI models to learn about AI.
He also recommends sponsoring a meetup or doing research with a small group to become a thought leader in the AI community. Attending conferences and learning from scholars in the field is also encouraged. He emphasizes the importance of using AI in business to stay competitive and lower costs.
Takeaways
• Spend five hours a week or one hour a day using different AI models to learn about artificial intelligence.
• Sponsor a meetup or do research with a small group to become a thought leader in the AI community.
• Attend conferences and learn from scholars to gain a deeper understanding of artificial intelligence.
• Using AI in business can help lower costs and increase efficiency.
Sound Bites
• I'm going give you very, very, very, very specific, very specific ideas of how to get involved and learn about AI, artificial intelligence to make you money, the entrepreneur.
• You spent four hours, four hours that week, or in this case in the first week, learning about artificial intelligence and you're learning because you're going to be using it on an hourly basis for an hour a day.
• Sponsor a meetup. Don't, by the way, I don't even care if the meetups are just getting coffee as an example, getting tea or who knows, maybe it's going to be a big meetup.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
David Randolph is a real estate investor who specializes in short sales. He shares an example of a short sale where he bought a house for $250,000 and sold it the next day for $350,000, all within his Roth IRA, making the profit tax-free. David started in real estate after climbing the corporate ladder and realizing there was nothing on the other side. He became a rehabber and has been successful in selling renovated houses for a profit. He now teaches others how to do short sales and offers workshops and a mastermind group.
In this conversation, David Randolph discusses his strategies for minimizing taxes and maximizing profits in real estate investing. He emphasizes the importance of seeking expert financial advice and using LLCs and retirement vehicles to reduce tax liabilities. He also shares his approach to short sales and how it can help families in financial distress while providing opportunities for investors. David highlights the benefits of being part of a supportive community and offers various resources for learning more about his methods.
Takeaways
• Short sales can be a lucrative way to make money in real estate, especially when done within a Roth IRA for tax-free profit.
• David Randolph started in real estate after realizing there was no future in the corporate world.
• He has been successful in rehabbing and selling houses for a profit.
• David now teaches others how to do short sales and offers workshops and a mastermind group. Seek expert financial advice to minimize taxes and maximize profits in real estate investing.
• Utilize LLCs and retirement vehicles to reduce tax liabilities.
• Short sales can provide opportunities for investors while helping families in financial distress.
• Being part of a supportive community can enhance learning and success in real estate investing.
Sound Bites
• The dude we're gonna be hanging out with here today has made massive money for investors.
• Who is The David Randolph? Why don't we go there first? Who are you?
• When you're making the kind of money I'm making, you got to get experts involved in it."
• How much money do you want to spend this year? What do you want to buy this year to make you a happy wife, happy life?
• Invest in a Roth environment because it grow. When you pull the money out, you do not have to worry about taxes.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Chris Johnsen, a civil attorney specializing in business law, shares insights on selling a business and the importance of building structures and systems to make a business more marketable. He emphasizes the need to start thinking about selling a business about five years in advance and recommends resources. Chris also discusses the significance of having clean and organized books, the role of attorneys in the selling process, and the benefits of infinite banking and self-directed investing.
Takeaways
• Start thinking about selling a business about five years in advance and focus on building structures and systems that make the business more marketable.
• Having clean and organized books is crucial for a successful business sale.
• Consider working with an attorney to navigate the selling process and protect your interests.
• Explore the concept of infinite banking and self-directed investing as alternative financial strategies.
Sound Bites
• Start thinking about these things about five years out from the time that you want to sell your practice.
• The number one deal killer is messy books.
• It makes sense to meet with an attorney early on, even right after starting a business, to optimize the rate of return when selling.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner interviews Kristi Nelson, a real estate agent on Bainbridge Island. They discuss topics such as being an entrepreneur, the real estate market on Bainbridge, and the importance of social media marketing. Kristi shares her experience and tips for success as an entrepreneur and real estate agent. She emphasizes the importance of consistency in marketing and building a personal brand.
Kristi also talks about the benefits of having a virtual assistant and the unique business practices she has implemented. Overall, the conversation provides valuable insights for entrepreneurs and real estate professionals.
Takeaways
• Consistency in marketing and building a personal brand is crucial for entrepreneurs and real estate professionals.
• Social media is an effective and affordable way to reach a larger audience and build trust with potential clients.
• Having a virtual assistant can help with tasks that are not the best use of an entrepreneur's time.
• Implementing unique business practices, such as setting up an LLC and becoming an S-Corp, can have financial benefits.
• Experience and trustworthiness are key factors that set real estate agents apart and attract clients.
Sound Bites
• I got a DM from a gal who lives in Tennessee... That was a million dollar sale.
• Right now, the only way to market is social media.
• If you're not able to do [social media], I think it's almost imperative that you hire someone to help you with that.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner interviews Jessica de Castro, a luxury marketing expert, about her background and tips for small business owners. She shares her experience working in luxury retail and how she transitioned into entrepreneurship. She emphasizes the importance of experiential marketing and collaborating with unexpected partners to create unique and memorable experiences for customers.
Jessica also discusses the value of guerrilla marketing campaigns and immersive online experiences. She recommends having a tight and clean referral program as a powerful marketing tool. Overall, She provides valuable insights and practical tips for small business owners looking to take their businesses to the next level.
Takeaways
• Experiential marketing is key in the luxury industry, and small businesses can leverage this approach to create unique and memorable experiences for their customers.
• Collaborating with unexpected partners can help businesses stand out and create buzz.
• Guerrilla marketing campaigns, where businesses show up in unexpected places, can generate excitement and intrigue.
• Creating immersive online experiences, such as embedding audio or virtual reality elements, can engage customers and make the website more memorable.
• Having a tight and clean referral program is a powerful marketing tool that can help businesses grow through word-of-mouth.
Sound Bites
• Collaborating with companies that are not expected
• Guerrilla marketing campaigns, showing up in places you're not expected
• Creating immersive online experiences, engaging multiple senses
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner and Justine Mader discuss the power of referrals in growing a business. Justine shares her experience of building her business through referrals and emphasizes the importance of utilizing this long-term tool. They discuss the basics of referrals, including starting with your network and creating a digital presence. They also touch on the importance of automation in managing referrals and optimizing Google reviews for better SEO and customer trust. Justine provides valuable insights and tips for business owners looking to leverage referrals to grow their business.
In this conversation, Justine and Kenner discuss the importance of referrals and automation in business. They explore how to optimize referrals using AI and business automation tools. Justine emphasizes the need for intentionality and focusing on building relationships with clients. They also touch on the power of reviews and the role of AI in various aspects of business. The conversation concludes with a reminder that AI cannot replace the human touch and the importance of being present in both business and personal life.
Takeaways
• Referrals are a powerful tool for growing a business and should not be overlooked in favor of other marketing strategies.
• Start with your network when seeking referrals, including friends, family, previous clients, and colleagues.
• Create a digital presence, such as a Google Business • Profile, to boost credibility and make it easier for people to find and contact you.
• Automation can help streamline the referral process and ensure consistency in asking for and receiving referrals.
• Optimizing Google reviews is crucial for better SEO and building trust with potential customers.
• Simplicity and prioritization are key in managing referrals and optimizing business processes. Focus on building relationships with clients and utilizing referrals as the foundation of your business.
• Use automation and AI tools to optimize the referral process and streamline business operations.
• Be intentional and prioritize where you allocate your time, energy, and resources.
• Remember that AI cannot replace the human touch and the value of personal connections.
• Utilize reviews and leverage your network to expand your reach and attract new clients.
Sound Bites
• Referrals really can grow your business.
• We're all looking for a way to make a greater impact.
• Start off with your network.
• Figure out where your dollars are gonna go the furthest.
• Look at your industry. Who are the top ones that are working for that style?
• It has to be within the allocated budget. It has to have decent support.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
AI is evolving rapidly, and it is important for small business owners to stay informed and engaged with the technology. The AI4 conference in Las Vegas highlighted several key themes, including ethics, the future applications of AI, and the increasing adoption of AI by traditional industries.
The conference also discussed the emergence of multimodal AI, which incorporates text, images, and videos. The cost of AI is decreasing, making it more accessible, but also potentially pricing out smaller players. Overall, the conference showcased the ongoing advancements and potential of AI.
Takeaways
• Small business owners should dedicate time to learning about AI and its potential impact on their business.
• Sponsoring or attending AI-oriented meetups and conferences can provide valuable insights and networking opportunities.
• Ethics in AI, including transparency and responsible use, are becoming increasingly important.
• The future of AI lies in automation and the ability to perform tasks without constant human interaction.
• Traditional industries, such as insurance and commercial real estate, are embracing AI.
• The cost of AI is decreasing, but it may still pose a barrier for smaller businesses.
• Multimodal AI, incorporating text, images, and videos, is an emerging trend.
• AI is constantly evolving, and staying up to date with the latest advancements is crucial for business success.
Sound Bites
• AI is changing
• If you don't know AI now, well, you're going to be a thing of the past
• The ethics of artificial intelligence
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner and Joe Del Monte discuss strategies to lower taxes and achieve high rates of return through investing in oil and gas drilling. They highlight the simplicity of investing in oil and gas, the significant tax benefits, and the potential for good rates of return. Joe explains that investing in working interests in oil and gas wells allows for a massive deduction on the front end, reducing taxable income.
He also discusses the three pillars of tax benefits: intangible drilling costs, tangible drilling costs, and tax-free income. Joe emphasizes the importance of investing in proven acreage and the role of reservoir engineering in reducing risk. They conclude by providing contact information for those interested in learning more about investing in oil and gas.
Takeaways
• Investing in working interests in oil and gas wells can provide significant tax benefits, including a massive deduction on the front end and the ability to write off intangible and tangible drilling costs.
• The rates of return in oil and gas drilling can be good, but they are dependent on factors such as oil prices and the quality of the acreage being drilled.
• Investing in proven acreage and utilizing reservoir engineering can help reduce risk and increase the chances of a successful investment.
• The process of investing in oil and gas is relatively simple, with the ability to open an account online and receive regular updates and statements.
• For more information on investing in oil and gas, visit the Invito Energy Partners website or contact Joe Del Monte directly.
Sound Bites
• Tax savings and big rates of return.
• You get a massive deduction on the front end for owning these working interests in new wells.
• It's a clean way to go about reducing your taxable income.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner French interviews Bill Fairman about ways to make big money in real estate. They discuss the benefits of being on the banking side of real estate, such as lower risk and less responsibility for property management.
They also explore the concept of self-directed retirement accounts and how they can be used to invest in real estate. Bill emphasizes the importance of generating passive income in retirement and being tax-efficient in investment strategies.
Takeaways
• Real estate is a longer-term process, and being on the banking side is a steady and safe way to make money.
• Lending in real estate allows for lower risk and less responsibility for property management.
• Self-directed retirement accounts can be used to invest in real estate and provide tax benefits.
• Generating passive income in retirement is crucial, and it's important to be tax-efficient in investment strategies.
Sound Bites
• Ways to make big money with Bill Fairman
• When you're the lender, you're only risking somewhere between 50, 60, 70% of the value.
• You can take that same three hundred thousand dollars at eight and a half percent compounded and in twenty years you'll have one point nine
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
R. Kenner French interviews Nancy Steidl about international clients and how to add value to startup companies. They discuss the importance of doing a business plan for international markets, understanding cultural differences and tax structures, and conducting thorough research on target audiences and growth opportunities. Nancy also shares insights on using AI to gather market information and navigate intellectual property laws in different countries.
The conversation highlights the significance of understanding jurisdictional requirements and the time-consuming process of obtaining intellectual property rights. Nancy provides her contact information for those interested in reaching out to her.
Takeaways
• Doing a business plan is crucial when entering international markets.
• Understanding cultural differences and tax structures is essential for success in different countries.
• Thorough research on target audiences and growth opportunities is necessary before setting up a business in a new location.
• AI can be used to gather market information and navigate intellectual property laws in different countries.
Obtaining intellectual property rights can be a lengthy process, and it is important to start early.
• Nancy Steidl can be contacted through her website or social media platforms.
Sound Bites
• We're going to talk for about 10 minutes talking about international clients, meaning outside the United States, maybe even inside the United States really quickly.
• It's very important that you do a business plan for that international market because a lot of people think well, you know I'm in the UK everybody the world is like the UK, but they're not so when you go into the US market You really need to understand that.
• So it's really before you venture into those areas, you need to understand the target audience, the growth, the size, and just doing your homework on those sorts of things before you set up a business in different areas.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Real estate guru Cherif Medawar discusses the benefits of investing in real estate and explains how individuals can set up their own real estate funds. He emphasizes the importance of productive assets that generate income and provide leverage with banks. He shares his extensive experience in the market, including owning historic properties in Old San Juan and luxury homes in San Francisco. He also highlights the value of giving back and teaching others, offering free live events and training to help aspiring investors.
Cherif explains the process of setting up a real estate fund, including the five P's: people, projects, positioning, performance, and profit. He provides a turnkey solution for individuals to customize their own funds and attract investors. The funds can be used to finance various types of real estate projects and assets, offering a fixed return to investors and the potential for compounding over time. He also discusses the advantages of his fund structure, including no fees and the ability to refinance assets instead of selling them.
In this conversation, Cherif Medawar discusses the benefits of real estate investing and how to set up a successful real estate fund. He explains the process of finding single tenant buildings and attracting national tenants to increase property value. He also shares insights on reducing taxes and asset protection through equity stripping and setting up a Wyoming LLC. He emphasizes the importance of staying proactive and promoting new programs during challenging times.
Takeaways
• Investing in real estate provides the opportunity for income generation, leverage with banks, and protection against inflation.
• Setting up a real estate fund allows individuals to attract investors and finance various types of real estate projects and assets.
• Cherif Medawar emphasizes the importance of giving back and teaching others, offering free live events and training to help aspiring investors.
• The process of setting up a real estate fund involves considering the five P's: people, projects, positioning, performance, and profit.
• Medawar's turnkey solution provides a customized fund structure with no fees and the ability to refinance assets instead of selling them. Real estate investing can be lucrative and provide long-term cash flow and asset growth.
• Setting up a real estate fund allows investors to pool their resources and take advantage of larger investment opportunities.
• Finding single tenant buildings and attracting national tenants can significantly increase property value.
Reducing taxes can be achieved by routing income through structures in U.S. territories like Puerto Rico.
• Asset protection can be achieved through equity stripping and setting up a Wyoming LLC.
• During challenging times, it is important to stay proactive and promote new programs to stay ahead of the competition.
Sound Bites
• I believe unless you have productive assets, meaning assets that produce income, you really will not be able to retire.
• With real estate, you can have the leverage with the banks. You can have an asset that over time will beat inflation and then keep bringing you income.
• I try to give people what I hoped and was wishing somebody would give me when I was starting. So I structured when I started making a lot of money in real estate, I realized I should help others. I should teach.That's the way to give back.
• You cannot make it so enticing and over promise and then under deliver because the investors are going to be very upset.
• They get the cash flow, they get the upside.
• You just went into a property that was vacant. Put the national tenant, it jumped in value.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner discusses the top five resources for small business owners in terms of business automation and AI. He highlights the benefits of using AI-powered systems like Cassidy.ai, Bardeen.ai, X, Blue Prism, and UiPath.
Kenner emphasizes the importance of business automation for small business owners and how it can improve efficiency, lower costs, and provide better customer service. He also mentions the role of AI in tax liability mitigation. Overall, the conversation focuses on the potential of AI and automation to help small businesses succeed.
Takeaways
• Business automation and AI can greatly benefit small business owners by improving efficiency and lowering costs.
• AI-powered systems like Cassidy.ai, Bardeen.ai, X, Blue Prism, and UiPath offer various automation solutions for different business needs.
• Automation can help with tasks such as answering client questions, social media posting, customer service, and enterprise-level queries.
• Using AI and automation can potentially expand a business's reach and offer products or services to a wider audience.
• AI can also be utilized for tax liability mitigation, providing a more thorough analysis and potential cost savings.
Sound Bites
• What are the five best resources for a small business owner as far as business automation and AI?
• Business automation, which there's going to be a theme here. Well, Cassidy .ai.
• Bardeen .ai. It's only like 10 bucks a month. Basically, you can automate almost every business system you have in one smart way is Bardeen .ai.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Angela Duncan, also known as Miss Finance, discusses tax liens and their potential for high returns. She explains that tax liens are created when people don't pay their property taxes, and investors can buy these liens at auction. If the property owner doesn't pay the taxes, the investor may end up owning the property.
Angela emphasizes the importance of doing thorough research and due diligence before investing in tax liens. She also mentions the potential tax advantages of investing in tax liens through qualified plans like Roth IRAs. Angela offers coaching and education on tax lien investing through her website, morewithangela.com.
Takeaways
• Tax liens are created when property owners don't pay their taxes, and investors can buy these liens at auction.
• Investors may end up owning the property if the owner doesn't pay the taxes.
• Thorough research and due diligence are essential before investing in tax liens.
• Investing in tax liens through qualified plans like Roth IRAs can offer potential tax advantages.
• Angela Duncan offers coaching and education on tax lien investing through her website, morewithangela.com.
Sound Bites
• Let's talk about tax liens. Let's give the basics of tax liens.
• You could get a huge rate of return.
• Tax liens make a lot of sense.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Dean Rogers is a real estate coach who provides hands-on guidance and support to investors. He emphasizes the importance of hard work and putting in the effort to succeed in real estate. Dean takes a different approach than most coaches by personally working with his students and providing ongoing support. He focuses on single-family homes and specializes in wholesaling, flipping, and buying rentals.
Dean's coaching program includes training, contracts, processes, and marketing strategies. He believes that implementation and accountability are key to achieving success in real estate.
Takeaways
• Hard work and effort are necessary for success in real estate.
• Dean Rogers provides hands-on guidance and support to his students.
• He focuses on single-family homes and specializes in wholesaling, flipping, and buying rentals.
• Dean's coaching program includes training, contracts, processes, and marketing strategies.
• Implementation and accountability are key to achieving success in real estate.
Sound Bites
• What's one thing a real estate investor who wants to take it to the next level should be thinking about?
• What's an engagement look like? What's it like to be a student?
• Is foreclosure your niche? What's the perfect world for you in real estate investing?
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Brad Holcman, a media expert with 20 years of experience in the television industry, shares his journey from working in the corporate world to becoming an entrepreneur. He emphasizes the importance of connecting with your audience through storytelling and creating content that resonates with them. Brad also discusses how he can help entrepreneurs and solopreneurs by leveraging his expertise in television and content creation. He offers insights on how to develop a successful television show and how to use content to attract customers.
Additionally, Brad talks about his interest in real estate investing and how he plans to combine his passion for real estate with his media skills. In this conversation, He shares insights on how solopreneurs, specifically real estate agents, can leverage social media and content marketing to differentiate themselves and attract clients. He emphasizes the importance of being clear and concise with your message, identifying what makes you distinct and different from others in your industry. Brad also discusses the role of likability and building relationships in generating referrals. He highlights the value of creating content that resonates with your target audience and constantly analyzing what works and what doesn't. Brad offers his expertise as an architect of the plan, connecting clients with the right executors to bring their vision to life.
Takeaways
• Connecting with your audience through storytelling is crucial in any industry
• Creating content that resonates with your target audience is key to success
• Developing a successful television show requires understanding your audience and testing your content
• Mentorship and investing in yourself and others can lead to personal and professional growth
• Combining different passions and skills can open up new opportunities. Be clear and concise with your message to differentiate yourself from others in your industry.
• Build relationships and be likable to generate referrals.
• Identify your target audience and create content that resonates with them.
• Constantly analyze what works and what doesn't in your marketing efforts.
• Collaborate with experts in content creation and execution to bring your vision to life.
Sound Bites
• How can we create a story that really connects with your audience?
• How can I use those skills and basically for anybody out there, how to use content and story to really bring your audience in
• You've got to be specific. What I need to be is the right show for the right person that I'm aiming for
• Brad needs abs
• I am different because I know every house in this neighborhood
• The more likable you are, the more somebody is going to refer that person
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kirsten Graham, a business coach and video marketing expert, joins Kenner to discuss the power of video marketing and podcasting. Kirsten shares her background in real estate and how she transitioned into business coaching and video marketing. They discuss the challenges business owners face with video marketing and how virtual assistants can help. Kirsten also provides insights on being a guest on podcasts and strategies for leveraging podcast audiences. They touch on the importance of email marketing and repurposing podcast content.
The conversation concludes with tips on starting a podcast and the tools that can add value to podcasters. In this conversation, Kirsten Graham and Kenner discuss the benefits of outsourcing and using virtual assistants for podcasting and other business tasks. They emphasize the importance of starting imperfectly and practicing, as well as the value of video and audio editing. They also discuss the concept of unique ability and the power of delegating tasks to focus on what you're great at. Kirsten shares case studies of clients who have turned their businesses around with the help of virtual assistants. They also touch on the importance of work-life balance and the impact of social connections on happiness.
They discuss the ethical considerations of hiring virtual assistants overseas and the benefits of providing jobs in other countries. Kirsten highlights the need for support in business and the role of virtual assistants in providing that support. They also touch on the tax deductions available for podcasting and coaching services. The conversation ends with a discussion of how to get in touch with Kirsten and the promise of future conversations.
Takeaways
• Video marketing is a powerful tool for connecting with audiences and building trust.
• Virtual assistants can help business owners with video editing, audio editing, and other tasks related to video marketing.
• Being a guest on podcasts is a great way to connect with new audiences and build relationships with hosts.
• Email marketing is an effective way to nurture and engage with your audience.
• Repurposing podcast content can extend its reach and provide value to different platforms.
• Starting a podcast doesn't have to be expensive or complicated; focus on the path of least resistance and start where you are.
• Consistency and providing value are key to building a successful podcast and monetizing it.
• Tools like Riverside and Zoom can be used for podcast recording, but it's important to choose what works best for you and your guests. Start imperfectly and practice, don't wait for perfection
• Video and audio editing can enhance the quality of your content
• Delegate tasks that are not your unique ability to virtual assistants
• Virtual assistants can help improve productivity and increase revenue
• Work-life balance and social connections contribute to happiness
• Outsourcing overseas can provide jobs and support local economies
• Virtual assistant fees and coaching services may be tax deductible
Sound Bites
• I'm not bossy. My sister-in-law says I just have better ideas.
• They were so familiar with me and my dog and the team. You know, I'm racing around my head thinking, how do they know me? Like, where did I meet them?
• So many people love watching videos, but there's so few videos out there.
• You have to practice at some point, but there's also a lot of magic in video editing and audio editing.
• You can lean into the person who is producing the video or the podcast for you.
• If you're not making the money you wanna make in your business, then it is not worth your time. Hire someone to have them do it for you.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner French of VastSolutionsGroup.com discusses the use of artificial intelligence (AI) in their business. He explains how they have implemented AI in the past and how they are currently using it. He also discusses the importance of being nimble and adaptable in the rapidly changing AI landscape.
Kenner emphasizes the need for businesses to adopt AI to stay competitive and avoid being left behind. He also mentions the potential impact of quantum computing on AI in the future.
Takeaways
• Artificial intelligence is a powerful tool that can be used to lower tax liability, automate business processes, and make informed decisions.
• Businesses need to be nimble and adaptable in the rapidly changing AI landscape to stay competitive.
• The adoption of AI is crucial for businesses to avoid being left behind and to take advantage of its benefits.
• The future of AI combined with quantum computing holds great potential for groundbreaking advancements.
Sound Bites
• How are we gonna use artificial intelligence to help our business?
• We used artificial intelligence to lower tax liability for our clients.
• Business automation is crucial in the rapidly changing AI landscape.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner French discusses the benefits of using a 401k to lower tax liability and prepare for retirement. He shares two specific scenarios where individuals wanted to reduce their tax liability and save for retirement. He explains the process of setting up a 401k and how it can lower tax liability by deferring income. Kenner also discusses the difference between pre-tax and Roth contributions and the tax implications of each. He emphasizes the importance of consulting with a professional to determine the best strategy based on individual tax situations.
Takeaways
• A 401k can be an effective tool for small business owners to lower tax liability and save for retirement.
• Setting up a 401k allows individuals to defer income and receive tax deductions on contributions.
• There are two types of contributions to a 401k: pre-tax and Roth. Pre-tax contributions provide immediate tax savings, while Roth contributions offer tax-free growth and withdrawals.
• Consulting with a professional is crucial to determine the best strategy based on individual tax situations.
Sound Bites
• One of the easiest ways a small business owner can lower tax liability is with a qualified plan.
• Does it make sense for him to do it pre-tax, meaning of using a traditional 401k or after tax, meaning a Roth IRA?
• He wouldn't be taxed next year. It's not going to be a tax year after that. It's not going to be a tax year after that. Let's say 20 years down the road.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Jody Grunden, a virtual CFO, discusses the transition from brick and mortar to virtual business and the use of virtual assistants. He shares his experience in transforming the accounting industry by creating a virtual CFO service and changing billing models. Grunden emphasizes the importance of deliberate communication and building a strong virtual culture. He also highlights the challenges of managing a virtual team and provides tips for success, such as setting regular meetings and creating a professional virtual office environment.
He discusses the importance of strategic coaching and how it has helped him achieve a work-life balance with 150 free days per year. He emphasizes the need to delegate and systematize processes in order to scale a business and increase its value. Grunden also highlights the benefits of hiring virtual assistants and utilizing AI in business operations. He encourages entrepreneurs to embrace AI as a tool and learn how to leverage its capabilities.
Takeaways
• Transitioning from brick and mortar to virtual business requires careful planning and consideration of software, office space, and internet connectivity.
• Deliberate communication is crucial in managing a virtual team, including regular meetings and fostering a strong virtual culture.
• Tools like SoCoCo and ClickUp can help create a virtual office space and manage processes effectively.
Building a virtual business allows for flexibility in work hours and location, but it requires intentional processes and systems to ensure productivity and client satisfaction. Strategic coaching can help entrepreneurs achieve a work-life balance and focus on tasks that bring in profits.
• Delegating and systematizing processes is crucial for scaling a business and increasing its value.
• Hiring virtual assistants, both domestically and internationally, can be cost-effective and improve efficiency.
• AI can be a valuable tool in various aspects of business, from writing emails to analyzing financial data.
• Entrepreneurs should embrace AI and learn how to leverage its capabilities to stay competitive in the market.
Sound Bites
• Grunden what should I call him? My nickname will be the virtual guru virtual guru.
• We basically transformed the accounting industry in regard to creating a virtual CFO service.
• The virtual thing has really kind of opened it up.
• I have about 150 free days, which is kind of cool.
• You've got to figure out how to get yourself out of the weeds.
• If everything's snowflakey, good luck on selling it for a premium.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Nizan Mosery, a real estate investor, shares his journey and offers tips for both new and experienced investors. He emphasizes the importance of knowing your exit strategy before buying any property. Mosery's background and upbringing instilled in him the value of owning land and generating income from it. He started his real estate journey by flipping houses and gradually moved into multifamily and student housing. Mosery now offers a coaching and mentoring program to help new investors get started and experienced investors level up.
In this conversation, Nizan Mosery discusses the different ways to raise capital for real estate investments, specifically focusing on the 506B and 506C offerings. He explains that the 506B offering requires a pre-existing relationship with investors, limiting the number of sophisticated investors to 35. On the other hand, the 506C offering allows for unlimited accredited investors and the ability to advertise the offering. He also discusses the importance of investing in class A properties, as they offer better value and higher resale value compared to older properties. He emphasizes the need to focus on the numbers and not get emotionally attached to a property. Mosery also highlights the importance of building a team with the right personalities rather than just focusing on skill sets. He concludes by sharing his coaching program and how it helps individuals break free and live life on their own terms.
Takeaways
• Know your exit strategy before buying any property.
• Owning land free and clear is a valuable asset that can generate income.
• Start with smaller real estate deals and gradually move up to larger ones.
• Building a team and networking are crucial for success in real estate.
• Coaching and mentoring programs can provide guidance and support for new investors
• There are different types of investors, including sophisticated and accredited investors There are two main ways to raise capital for real estate investments: the 506B offering, which requires a pre-existing relationship with investors, and the 506C offering, which allows for unlimited accredited investors and the ability to advertise the offering.
• Investing in class A properties can offer better value and higher resale value compared to older properties.
• It is important to focus on the numbers and not get emotionally attached to a property. If the numbers don't work, it's best to walk away from the deal.
• When building a team, it is important to consider the personalities of the individuals rather than just their skill sets.
• Nizan Mosery offers a coaching program to help individuals break free and live life on their own terms.
Sound Bites
• Before buying any type of property, you need to know your exit strategy first.
• Anyone who owns a piece of land free and clear is the richest person on the planet.
• Having kids gave me a why, a motivation to succeed in real estate.
• If I put a property on the contract today, or let's say I'm just setting out a letter of intent, and Kenner, and I just met you today, and you're either a sophisticated or accredited investor, and I'm doing a 506B, I can present the offering to you, but you cannot invest because we don't have a pre-existing relationship prior to this asset, right?
• The 506C, you can have unlimited amounts of accredited investors and you can literally take your offering and put it on a billboard on the highway and advertise it. However, you can only accept accredited investors.
• Now with the bigger projects, we're doing more on the 506Cs because we want to bring in those institutional equity groups that we just create relationships with now.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Bryan Clayton, CEO of GreenPal, discusses his journey from a traditional lawn care business to building a tech platform that connects homeowners with lawn maintenance services. GreenPal operates like Uber or DoorDash, allowing users to request quotes from local lawn care providers and hire them through the app.
The platform is popular among real estate investors, property managers, and homeowners who struggle to find reliable lawn care vendors. Clayton emphasizes the importance of automating tasks and using technology to scale a business. He also shares insights on content marketing, SEO, and the challenges of building a tech company.
Takeaways
• GreenPal is an online marketplace that connects homeowners with lawn maintenance services, operating like Uber or DoorDash.
• The platform is popular among real estate investors, property managers, and homeowners who struggle to find reliable lawn care vendors.
• Automating tasks and using technology is crucial for scaling a business and achieving passive income.
• Content marketing and SEO are effective strategies for attracting customers and building a brand.
• Building a tech company requires perseverance, learning new skills, and finding innovative ways to distribute and market the product.
Sound Bites
• GreenPal is an online marketplace that works like Uber or DoorDash, but for lawn maintenance services.
• Automating tasks and using technology is the key to scaling a business and achieving passive income.
• Content marketing and SEO are crucial for attracting customers and building a brand.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Jeff Lenning, also known as the Excel man, shares his expertise on using Excel to improve business efficiency. He offers on-demand self-paced courses and a community for individuals to learn and master Excel. He emphasizes the importance of focusing on recurring projects and automating processes to save time.
He also discusses the value of building an email list and using webinars as a marketing strategy. Jeff's future plans include expanding his courses to cover other tools and systems that can enhance business efficiency.
Takeaways
• Excel can greatly improve business efficiency by automating processes and saving time.
• Building an email list and using webinars are effective marketing strategies.
• Focusing on recurring projects and automating workflows can lead to long-term success.
• Expanding courses to cover other tools and systems can provide additional value to the community.
Sound Bites
• The most effective asset to have is gonna be your email list.
• Free webinars and other resources are a great way to attract leads.
• If you're an Excel user and you are not aware of Power Query, that is a feature that you need to investigate like stat.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
R. Kenner French discusses the top 10 IRS tax tips for entrepreneurs in 2024. The main focus is on lowering tax liability and maximizing deductions. The conversation covers topics such as organizing financial records, reporting all income, using the IRS website as a resource, understanding filing options, e-filing, getting answers to tax questions, using direct deposit for refunds, and double-checking tax returns. The conversation concludes with a reminder to consult with a tax provider for personalized advice.
Takeaways
• Organizing financial records can make tax preparation easier and potentially save money.
• Reporting all income is important to avoid penalties from the IRS.
• The IRS website is a valuable resource for tax forms, information, and changes.
• Understanding filing options and considering a consultation with a tax provider can help optimize tax returns.
• E-filing is a convenient method that reduces errors and speeds up refunds.
• The IRS website's interactive tax assistant tool can provide answers to tax questions.
• Using direct deposit for tax refunds can result in faster returns and increased security.
• Publication 17 is a resource that can provide valuable information for saving taxes.
• Double-checking tax returns is important to catch errors and ensure accuracy.
• Consulting with a tax provider is recommended for personalized advice and assistance.
Sound Bites
• Lower your tax liability because you're an entrepreneur and you want to make sure that you're lowering your biggest expense and that being taxes.
• Getting all your papers in order.
• Report all your income.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
John Money McKinley shares his expertise in real estate investing and innovative financing programs. He discusses the Investor 100 program, which provides all the funds to buy and renovate distressed properties without the need for a down payment.
He also introduces the Pass Go approval, a pre-approval letter that gives borrowers a competitive edge in the market. McKinley emphasizes the importance of human touch in the lending process and offers personalized consultations.
Takeaways
• Real estate investing is a great way for average individuals to acquire wealth and secure a comfortable retirement.
• The Investor 100 program offers full funding for distressed property purchases and renovations without a down payment.
• The Pass Go approval provides borrowers with a pre-approval letter that demonstrates their credibility and ability to close quickly.
• John Money McKinley emphasizes the importance of human touch in the lending process and offers personalized consultations.
Sound Bites
• Real estate is one of the best ways for the average person to acquire wealth and set themselves up for a substantial retirement.
• The Investor 100 program provides all the funds to buy and renovate distressed properties without a down payment.
• The Pass Go approval gives borrowers a pre-approval letter that shows they are as good as cash.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
As a business owner, if you decide to apply for SBA-backed financing, you will need to follow these steps:
1. Identify Your Needs. When purchasing real estate, determine what you must spend to get the type of building your firm needs. If you anticipate buying a facility that requires renovation, add these costs to the project and, if approved, the SBA will finance 90% of the total amount. If you need financing for equipment purchases or for tenant improvements, obtain a close assessment of the costs from the vendor or contractor.
2. Structure Your Loan Proposal. A project occasionally fits the criteria of more than one SBA loan program. When this happens, loan packagers or lenders compare different loan structures including rates and fees so that you can evaluate which program best suits your business.
3. Apply for SBA Financing. Set a timetable for document deadlines from the start of the application process through the close of escrow funds. If you are purchasing real estate, make arrangements through your lender for a current property appraisal.
4. Open an Escrow Account. For real estate loans, and often with equipment and working capital loans, you will need to open an escrow account at a title company to complete the transition of property titles, insurance, loan documents, and funds.
5. Other Considerations. SBA loan offices are generally inundated with applications for financing and have limited time to consider each application. If you choose to apply for financing, decide whether you want to prepare the application yourself, hire a loan packager who specializes in SBA loans, or work with the SBA loan division of your lending institution.
Kenner French and Jake Goldfarb discuss hard money loans, a type of private lending that is often used by real estate investors and entrepreneurs. They explain that hard money loans are short-term, secured loans with higher interest rates than traditional bank loans.
They discuss the advantages and drawbacks of hard money loans and provide examples of situations where they can be beneficial. They also emphasize the importance of understanding the loan documents and working with reputable lenders. Jake offers consulting services for those interested in hard money lending.
Takeaways
• Hard money loans are a type of private lending that is often used by real estate investors and entrepreneurs.
These loans are short-term and have higher interest rates than traditional bank loans.
• Hard money loans can be beneficial in situations where quick financing is needed or traditional financing is not available.
• It is important to carefully review and understand the loan documents and work with reputable lenders.
• Jake Goldfarb offers consulting services for those interested in hard money lending.
Sound Bites
• Hard money loans are a type of secured loan that's very short term, higher interest rates unfortunately because.
• A hard money loan would be a great fit for a situation like that.
• In the event of a default, the lender can take that property, you know, that's their collateral.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
R. Kenner French interviews David Sanghera, an entrepreneur who runs an E-Commerce holding company. They discuss David's journey in entrepreneurship and share valuable tips for entrepreneurs looking to expand their businesses.
They cover topics such as performance marketing, tripwires for professional services firms, using iMessage for quick response, setting up communities for entrepreneurs, the importance of testing, the future of E-Commerce, and the role of AI in E-Commerce Marketing.
Takeaways
• Performance marketing is a valuable tool for selling products digitally through platforms like Shopify and Amazon.
• Using tripwires, such as attractive offers on landing pages, can help professional services firms generate leads and expand their businesses.
• Utilizing iMessage for quick and personalized responses can improve customer engagement and increase conversion rates.
• Setting up communities, such as Slack groups, can be an effective way to connect like-minded entrepreneurs and provide additional value to customers.
• Testing is crucial for success in entrepreneurship, and entrepreneurs should not give up until they have tried at least eight different approaches.
• TikTok Shop is emerging as a significant platform for E-Commerce, especially among younger demographics.
• AI can streamline processes in E-Commerce, such as creating landing pages, product packaging, and ads, allowing businesses to get to market faster.
• Crypto investments require patience and a long-term perspective, and bet sizing is important for maximizing returns.
• The future of E-Commerce may involve AI-powered consoles that simplify ad targeting and campaign management.
• Mental resilience is essential in the volatile world of crypto investments.
Sound Bites
• We're going to be talking about entrepreneurship and kind of his journey.
• We use performance marketing to sell our products.
• I'm doing a lot of work for a lot of other clients. They're capitalizing on all the work that I've done. And I'm not getting any residual benefit after I send them to sale.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
DJ Shirley, the owner of Speak Loud Group, shares insights and tips on digital marketing and advertising for small and medium-sized businesses. He emphasizes the importance of understanding AI in marketing but highlights the need for a human element in content creation. He discusses the key elements of effective email marketing, including consistency, purpose, and value-driven subject lines.
He also explores the role of social media platforms like Facebook and Instagram, with a focus on the power of short-form video content and live videos. DJ encourages businesses to focus on their strengths and engage marketing professionals to help them create engaging and entertaining content.
Takeaways
• Understanding AI is important in marketing, but there is still a need for a human element in content creation.
• Consistency and purpose are key elements of effective email marketing.
• Short-form video content and live videos are highly promoted on social media platforms like Facebook and Instagram.
• Businesses should focus on their strengths and engage marketing professionals to create engaging and entertaining content.
• Content that may seem ordinary to businesses can be valuable and interesting to their audience.
Sound Bites
• AI is good for what it's good for, and it's only going to get better.
• Subject lines are probably super, super key when it comes to email marketing.
• Give them something intriguing to make them open that email.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner and Michael discuss a case study where they help a client lower their tax liability. The client had been over-contributing to their 401k and needed assistance in fixing the mistake. Kenner explains that they can go back to 2023 and do an amendment to correct the over-contribution.
They also discuss the possibility of setting up a defined benefit plan to further lower the client's tax liability. The conversation emphasizes the importance of compliance and reporting to the IRS. Kenner mentions the resources available on their website, including the Vast Vault membership, which provides valuable information on lowering tax liability.
Takeaways
• Over-contributing to a retirement account can lead to higher tax liability.
• Amending tax returns can help correct over-contributions and lower tax liability.
• Setting up a defined benefit plan can further reduce tax liability.
• Compliance and reporting to the IRS are crucial for avoiding penalties.
• The Vast Vault membership offers valuable resources for lowering tax liability.
Sound Bites
• We're gonna show this as a true case study.
• They've been over contributing... Hence the reason they came to us.
• We're gonna have to ask the IRS for a little bit of help there.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
In this conversation, Kenner interviews Jayson Lowe, the chairman of the Lowe Family Group of Companies. They discuss the concept of infinite banking and how it can benefit entrepreneurs and real estate investors. Jayson explains that infinite banking involves using dividend-paying whole life insurance policies to create a personal banking system, allowing individuals to become their own bankers. He emphasizes the importance of understanding the problem of traditional banking and the benefits of taking control of one's finances.
Jayson also shares how his company, Ascendant Financial and LifEva, specializes in implementing the infinite banking concept and provides coaching and mentoring to entrepreneurs. In this conversation, He discusses the importance of having a clear vision for the future and setting specific goals to achieve it. He emphasizes the power of programming the brain for success and the need to build a future that is bigger than the past.
He also highlights the value of systems and coaching in achieving success and shares his philosophy on investing and giving back. He provides insights into his coaching process and how his team helps clients with financial planning. The conversation concludes with Lowe sharing his contact information and recommending the book 'Becoming Your Own Banker' by R. Nelson Nash.
Takeaways
• Infinite banking involves using dividend-paying whole life insurance policies to create a personal banking system.
• Understanding the problem of traditional banking is crucial for implementing the infinite banking concept.
• Taking control of one's finances through infinite banking allows individuals to become their own bankers.
• Ascendant Financial and LifEva specialize in implementing the infinite banking concept and provide coaching and mentoring to entrepreneurs. Have a clear vision for the future and set specific goals to achieve it
• Program your brain for success by setting specific and achievable objectives
• Build a future that is bigger than your past
• Invest in systems and coaching to enhance productivity and success
• Prioritize health, wealth, and giving in your personal and professional life
• Connect with Jayson Lowe on social media or through the Ascendant Financial or LifEVA websites
• Read 'Becoming Your Own Banker' by R. Nelson Nash for insights into financial planning
Sound Bites
• Having a good coach, having somebody who can bring purpose to your capabilities helps you make those leaps and helps you move through those different stages in business.
• You and I wouldn't be talking to each other right now. Prior to that, I was a senior partner with Dell. I was in a completely different world. I thought that climbing that executive ladder was my lot in life.
• You did all the work to earn the money, everyone else got it. That's a problem.
• I've been able to have more family time as a result.
• You should always be building a future that's bigger than your past.
• If you program your brain to success, then you have a higher likelihood of success.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Scot Poirier specializes in creative financing and owner financing, which involves using someone else's debt or asset to make money for investors. He shares an example of a house he bought using owner financing and how he made money from it. He explains the process of having a conversation with the seller to understand their motivation and see if he can help them achieve their goals without using banks or credit.
Scot also discusses the benefits of owner financing, such as the ability to attract tenants who take better care of the property and the potential for cash flow and appreciation. In this conversation, He discusses the benefits of creative financing in real estate deals. He shares examples of how he has used creative financing to purchase properties with little to no money down and how it can be a win-win situation for both buyers and sellers.
Scot emphasizes the importance of being creative and finding solutions to problems, as well as the need to ask good questions and listen to the needs of the other party. He also provides tips on finding off-market leads and navigating the paperwork involved in creative financing deals.
Takeaways
• Owner financing involves using creative financing techniques to make money for investors.
• Having a conversation with the seller is crucial to understanding their motivation and finding ways to help them achieve their goals.
• Owner financing allows for cash flow and potential appreciation of the property.
• Attracting tenants who take better care of the property is a benefit of owner financing. Creative financing allows for real estate deals with little to no money down.
• Being creative and finding solutions is key in real estate transactions.
• Asking good questions and listening to the needs of the other party is crucial.
• Finding off-market leads can be a valuable strategy in real estate.
• Navigating the paperwork involved in creative financing deals requires attention to detail and the involvement of an attorney.
Sound Bites
• We make our money on the initial call
• There are ways to protect against the due on sale clause
• Anything above the initial investment is cash flow
• You know, there's no way you can do stuff with no money down, you know, use other people's money.
• Being creative is really what matters at the end of the day.
• You might be able to get in the property you wouldn't otherwise be able to get.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
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Marv and Victoria McGuire discuss their experience in multifamily investing and syndication. They share their background in real estate and their transition to multifamily investing. They highlight the challenges of managing single-family homes and the benefits of scaling with multifamily properties. They also discuss their underwriting process and the criteria they use to select deals.
Marv and Victoria emphasize the importance of education and due diligence in real estate investing. They provide insights into the current real estate market in Florida and the impact of new regulations on real estate agents. They conclude by encouraging listeners to take action and invest in real estate for long-term financial success.
Takeaways
• Multifamily investing provides the opportunity for scalability and consistent cash flow compared to single-family homes.
• Underwriting deals and conducting thorough due diligence are crucial for successful real estate investments.
• Investing in real estate syndications can provide diversification and stable income.
• The real estate market in Florida is experiencing a shortage of housing supply, leading to multiple offers and increased competition.
• New regulations in the real estate industry, such as the NAR rules, may impact buyers and sellers, requiring more transparency and potentially affecting first-time homebuyers.
• Military background can provide discipline, determination, and a risk-aware mindset that can be beneficial in real estate investing.
• Investing in real estate can provide lifestyle freedom and long-term financial security.
Sound Bites
• Real estate syndications...provide diversification and stable income.
• Underwriting deals...and conducting thorough due diligence are crucial.
• The real estate market in Florida is experiencing a shortage of housing supply.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
In this episode, the host discusses the importance of artificial intelligence (AI) in business and how it has revolutionized the landscape. The recent announcement by OpenAI about incorporating search into their chat GPT system is highlighted, which will now compete with Google's search and AI capabilities.
The host emphasizes the significance of this development for entrepreneurs, particularly in the areas of finance and tax mitigation. The episode concludes with a reminder to stay tuned for future discussions on how AI can help entrepreneurs lower their taxes and improve their financial situation.
Takeaways
• Artificial intelligence has become a crucial tool for business success.
• OpenAI's announcement about incorporating search into chat GPT will revolutionize the AI landscape.
• The competition between Google and chat GPT in the areas of search and AI will benefit entrepreneurs.
• AI can help entrepreneurs lower their taxes and improve their financial situation.
Sound Bites
• Today is AI Wednesday.
• Open AI...revolutionized artificial intelligence.
• We're at an AI war.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
This episode discusses tax deductions for business owners and provides an overview of the tax advantages of owning a business. It covers deductions for business expenses, home office expenses, capital expenditures, and lower tax rates on business income.
The conversation also highlights the top five commonly missed deductions for entrepreneurs, including the home office deduction, vehicle expenses, meals and entertainment, professional development expenses, and business travel expenses. The reasons why entrepreneurs may miss deductions are explored, and the role of tax preparers in helping clients find deductions is discussed.
Takeaways
• Owning a business comes with several tax advantages, including deductions for business expenses and capital expenditures, as well as lower tax rates on business income.
• Commonly missed deductions for entrepreneurs include the home office deduction, vehicle expenses, meals and entertainment, professional development expenses, and business travel expenses.
• Entrepreneurs may miss deductions due to lack of awareness, not keeping detailed records, and fear of being audited by the IRS.
• Tax preparers can help clients find deductions and provide guidance on properly claiming them on tax returns.
• It is important for business owners to communicate effectively with their tax preparers and maintain a good relationship to lower their tax liability.
Sound Bites
• We're gonna go over tax deduction 101 here.
• Business owners can claim deductions for a wide range of expenses that are directly related to their business.
• Business owners can claim deductions for the cost of purchasing or improving business assets.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
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R. Kenner French and Liliana Falconer discuss the top three things that new entrepreneurs need to do to set themselves up for success. The three main themes are: passion, preparation, and business structure. They emphasize the importance of being passionate about what you want to do as an entrepreneur, as it will help you push through tough times.
They also highlight the need for preparation, both financially and emotionally, and suggest having a good support system in place, such as a CPA or virtual assistant. Lastly, they stress the significance of understanding the logistics and structure of your business, including choosing the right business entity to protect your personal assets and optimize tax benefits.
Takeaways
• Passion is crucial for success as an entrepreneur. Be clear on what you want to do and have a strong belief in it.
• Preparation is key. Have your finances and emotions in order, and consider having a support system in place.
• Understand the logistics and structure of your business. Choose the right business entity to protect your personal assets and optimize tax benefits.
Sound Bites
• Be clear on what it is that you want to do. Don't be swaying between, well, should I do this or should I do that? I think you definitely need to have a clear, concise idea and have passion behind it.
• Have your ducks in a row, make sure you're prepared. So meaning financially and emotionally.
• Having a good, concise structure around the types of business that you should be filing for and having are really, really important.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
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JJ Childers, an expert in asset protection, estate planning, and tax reduction, discusses the importance of working with a knowledgeable professional in these areas. He emphasizes the need for proper asset protection strategies, such as setting up legal entities and insulating assets from liability. Childers explains that the complexity of these strategies requires the expertise of someone who understands the unique challenges faced by investors and business owners.
He also highlights the importance of regularly reviewing and updating asset protection plans to ensure they align with changing circumstances. Overall, Childers aims to provide clients with peace of mind and a comprehensive approach to safeguarding their assets.
Takeaways
• Working with a knowledgeable professional in asset protection, estate planning, and tax reduction is crucial.
• Proper asset protection strategies involve setting up legal entities and insulating assets from liability.
• Regularly reviewing and updating asset protection plans is essential to ensure they align with changing circumstances.
• The complexity of asset protection strategies requires the expertise of someone who understands the unique challenges faced by investors and business owners.
Sound Bites
• If he gets sued, what then happens to all his assets?
• Isolate your assets and activities into separate legal entities so that you can insulate those assets and activities from the potential liability of your other assets and activities.
• The lower your overall net worth, the more entities you may need.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner French interviews Angela Langlotz, a trademark and copyright attorney, about the importance of protecting intellectual property, specifically trademarks. They discuss the process of acquiring trademark and copyright rights, the benefits of proactive planning, and the potential consequences of not protecting one's intellectual property.
Angela emphasizes the need for entrepreneurs, including real estate agents and tax professionals, to register their business names, taglines, and other distinctive elements to prevent infringement and maintain exclusive rights. She also highlights the value of video marketing and coaching for attorneys. Angela offers consultations and trademark registration services through her website, TrademarkDoctor.net.
Takeaways
• Intellectual property, particularly trademarks, is a valuable asset that should be protected.
• Registering trademarks and copyrights is essential for entrepreneurs, including real estate agents and tax professionals, to maintain exclusive rights to their business names, taglines, and other distinctive elements.
• Proactive planning and conducting thorough trademark searches can help avoid potential infringement issues and costly legal battles.
• Video marketing is an effective tool for connecting with prospective clients and building a brand.
• Consulting with a trademark attorney, such as Angela Langlotz, can provide guidance and ensure proper protection of intellectual property.
Sound Bites
• She's going to help us to retain our name and actually who knows, maybe make some money as a result.
• You would be completely surprised at how many people come to me to register a trademark for whatever, of course, an online platform, what have you.
• Crazy with the K is still crazy.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Jake Goldfarb discusses the importance of utilizing debt with investments in commercial property. He highlights the advantage of leveraging other people's money and finding the right financing solution. He mentions an unsecured single-family rental-focused line of credit as an example.
Jake also talks about construction loans and the use of draw schedules. He mentions the availability of historical tax credits as a hidden gem for developers. Overall, the conversation provides insights into various financing options for commercial real estate investors.
Takeaways
• Utilizing debt is important for commercial property investors to amplify returns and grow faster.
• Finding the right financing solution is crucial for real estate investors.
• Construction loans can be challenging to obtain, but they are important for builders.
• Historical tax credits can provide a hidden subsidy for developers.
Sound Bites
• This episode of the Vast Cast is going to blow your socks off.
• Utilizing debt with investments is probably the most important thing for commercial investors.
• Leveraging other people's money is better for commercial property financing.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Asha Mankowska, a business mentor and consultant, shares valuable insights on scaling a business and increasing profitability. She emphasizes the importance of establishing a market dominating position and focusing on profitability rather than just revenue.
Asha also discusses the significance of attracting the right clientele and optimizing lead conversion. She provides a four-step conversion equation: interrupt, engage, educate, and offer.
The conversation concludes with a discussion about future episodes and how listeners can connect with Asha.
Takeaways
• Establishing a market dominating position is crucial for business success.
• Focusing on profitability is more important than just revenue.
• Attracting the right clientele and optimizing lead conversion are key to business growth.
• The four-step conversion equation: interrupt, engage, educate, and offer.
• Future episodes will delve deeper into these topics.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
In this podcast episode, Kenner French interviews Michael Albada, an expert in AI and cybersecurity. They discuss the importance of AI in improving productivity and the potential risks of cyber attacks. Michael shares his background in computer science and statistics and emphasizes the need for responsible AI development.
They also explore the challenges of cybersecurity and the measures that small business owners can take to protect themselves. They discuss the benefits of using AI tools and the importance of staying updated on the latest advancements. The conversation concludes with Michael sharing his contact information for further discussion.
Takeaways
AI has the potential to significantly improve productivity and quality of life
Cybersecurity is a critical aspect of AI development to protect against cyber attacks
Small business owners should prioritize cybersecurity measures to safeguard their businesses
Using AI tools can enhance efficiency and competitiveness
Staying updated on AI advancements is crucial for business success
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
This conversation discusses six simple ways to lower tax liability for entrepreneurs. The main themes include income splitting, shifting income, shifting deductions, deferring tax, tax deductible expenditures, and tax-exempt investments.
Each theme is explained in a simple and legal manner, emphasizing the importance of consulting with a tax professional. The conversation provides practical strategies that can help entrepreneurs save money and have more time with their families.
Takeaways
• Income splitting can reduce taxes for the entire family unit by shifting income among family members.
• Shifting income from one year to another can help income fall where it will be taxed at lower rates.
• Deductible expenses can be paid in one year or the next to maximize tax benefits.
• Deferring tax through investments or pension contributions allows for tax payment in future years.
• Tax deductible expenditures can be structured to obtain tax deductions for things you enjoy.
• Investing in tax-exempt investments can save money by reducing federal or state income tax.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Howard discusses the concept of measurable marketing 📊 and the importance of setting goals and tracking results 🎯. He emphasizes the need for solopreneurs and entrepreneurs to have a clear brand, effective messaging 💬, and valuable information to attract and retain customers.
He also highlights the significance of customer reviews 🌟 and referrals in building a strong reputation. Howard suggests that continuous learning 📚 and seeking guidance from coaches can help entrepreneurs improve their marketing strategies. Overall, the conversation provides valuable insights for business owners looking to enhance their marketing efforts.
Takeaways
• Set clear goals and track results to measure the success of your marketing efforts.
• Develop a strong brand, effective messaging, and valuable information to attract and retain customers.
• Utilize customer reviews and referrals to build a positive reputation.
• Continuously learn and seek guidance from coaches to improve your marketing strategies.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Many people are unaware that they can invest real estate assets in their IRA. Kurt Power from Quest Trust Company joins the conversation to shed light on this topic. Financial advisors often don't inform their clients about this option, either because they are unaware or because they have their own interests in mind.
Quest Trust's mission is to educate people about the possibilities of investing in real estate through their retirement accounts. They emphasize the importance of lowering tax liability and using IRAs as a wealth-building strategy. Quest Trust provides fast processing times and dedicated specialists to help clients navigate the process of moving funds from a 401k to an IRA.
They also offer resources and events to educate clients and provide networking opportunities. The conversation highlights the importance of having a power team, including attorneys and CPAs, to ensure proper bookkeeping and compliance with IRS rules.
Takeaways
• Investing in real estate assets through an IRA is a viable option that many people are unaware of.
• Financial advisors may not inform their clients about this option due to lack of knowledge or conflicting interests.
• Quest Trust Company's mission is to educate people about the possibilities of investing in real estate through their retirement accounts.
• Lowering tax liability and using IRAs as a wealth-building strategy are key considerations.
• Quest Trust provides fast processing times, dedicated specialists, and resources to help clients navigate the process.
• Having a power team, including attorneys and CPAs, is crucial for proper bookkeeping and compliance with IRS rules.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Thomas Copeland, a web design expert, about the importance of websites for small businesses. They discuss the need for regular updates to websites to improve search engine rankings and user experience. He emphasizes the value of owning your website and traffic, rather than relying solely on social media platforms.
He also highlights the role of AI in website design and the need for human interaction in the process. The conversation concludes with Thomas sharing the importance of optimizing Google My Business profiles and leveraging customer reviews.
Takeaways
• Regularly updating websites is crucial for improving search engine rankings and user experience.
• Owning your website and traffic is essential to maintain control over your online presence.
• AI can be a valuable tool in website design, but human interaction is still necessary for optimal results.
• Optimizing Google My Business profiles and leveraging customer reviews are effective strategies for attracting and retaining customers.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
The conversation discusses how small business owners can use AI to benefit their businesses. The main recommendations include spending at least one hour a day on AI, starting a meetup to discuss AI with others in the industry, and attending AI conferences to network and learn.
The conversation also suggests using AI tools like chatbots to enhance customer interactions and decision-making processes. The speaker emphasizes the importance of staying ahead in AI to remain competitive in the business world.
Takeaways
-
Spend at least one hour a day on AI to stay up to date and knowledgeable.
-
Start a meetup to discuss AI with others in the industry and become a leader in your area.
-
Attend AI conferences to network, learn, and potentially speak on panels.
-
Use AI tools like chatbots to enhance customer interactions and decision-making processes.
-
Stay ahead in AI to remain competitive in the business world.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner French discusses five tax hacks for entrepreneurs that can save them money and increase their net worth. The hacks include installing a defined benefit plan, utilizing installment sales, implementing captive insurance, leveraging IRS code 1202, and taking advantage of R&D tax credits.
Kenner emphasizes the importance of consulting with an advisor who is knowledgeable about these strategies. He also mentions that Vast Solutions Group is available to help entrepreneurs with their tax and finance issues.
Takeaways
• Entrepreneurs can save money and increase their net worth by implementing tax-saving strategies.
• Some tax hacks for entrepreneurs include installing a defined benefit plan, utilizing installment sales, implementing captive insurance, leveraging IRS code 1202, and taking advantage of R&D tax credits.
• Consulting with a knowledgeable advisor is crucial when implementing these strategies.
• Vast Solutions Group offers assistance to entrepreneurs with their tax and finance issues.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Liz, an experienced bookkeeper, discusses the importance of accounting and bookkeeping for small business owners. She shares her expertise in various areas of accounting, including payroll and trust accounting. Liz also talks about her experience writing a book on accounting with a focus on AI.
She emphasizes the value of having clean and accurate books for business owners, as it helps with tax returns and provides a clear picture of the financial health of the business. Liz also highlights the benefits of hiring a bookkeeper and the role they play in ensuring the accuracy and integrity of the books.
Takeaways
• Having clean and accurate books is crucial for small business owners as it provides a clear picture of the financial health of the business.
• A bookkeeper plays a vital role in ensuring the accuracy and integrity of the books, which can have a significant impact on tax returns and the sale price of a business.
• Accounting and bookkeeping should be embraced and seen as an opportunity to understand and improve the financial aspects of the business.
• While some business owners may choose to do their own bookkeeping, having a professional bookkeeper can provide a second set of eyes and ensure the books are done accurately and efficiently.
• AI can be a valuable tool in bookkeeping, helping with tasks such as generating book outlines and providing guidance on book structure.
• Trust accounting requires meticulous attention to detail and accuracy, as it involves managing other people's money.
• Having a good bookkeeper can save time and allow business owners to focus on other aspects of their business, such as sales and growth.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Bryan Hickman, a commercial real estate expert, discusses the opportunities and strategies for Canadian investors looking to buy commercial properties in the United States. He highlights the benefits of borrowing in US dollars to hedge against exchange rate risk and maximize returns.
He also emphasizes the potential of investing in senior housing, citing the growing demand and favorable market dynamics. He advises investors to thoroughly research and understand the local market and to underwrite the operator of the property. Overall, Hickman provides valuable insights and expertise for investors interested in commercial property finance.
Takeaways
• Borrowing in US dollars can help Canadian investors hedge against exchange rate risk and maximize returns.
• Investing in senior housing can be a lucrative opportunity due to the growing demand and favorable market dynamics.
• Thoroughly researching and understanding the local market is crucial for successful commercial property investments.
• Underwriting the operator of the property is essential to ensure a reliable and experienced management team.
• Investors should consider their investment parameters and goals, such as seeking predictable monthly income or maximizing total return.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
In this conversation, Kenner French interviews Rob Flick, a successful entrepreneur and real estate expert. Rob shares his background, including his time at the Naval Academy and his entry into the real estate industry. He discusses the importance of team building and the power of collaboration.
Rob also emphasizes the need for a mentor and the value of finding someone who has achieved what you aspire to. He highlights the importance of understanding the WIIFM (What's in it for me) mindset and tailoring your approach to meet the needs of others. Overall, Rob's story and insights provide valuable lessons for aspiring entrepreneurs and real estate professionals.
Takeaways
• Team building is crucial for success in any industry. Putting talented people together and allowing them to collaborate can lead to exceptional results.
• Finding a mentor who has achieved what you aspire to can provide valuable guidance and support on your entrepreneurial journey.
• Understanding the WIIFM (What's in it for me) mindset is essential when working with others. Tailor your approach to meet their needs and provide value.
• Creating passive income streams can provide financial stability and freedom. Look for opportunities to leverage your skills and assets.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner compares two large language models, Claude and ChatGPT, and discusses their value for small business owners. It explores factors such as cost, versatility, prompt window size, language support, and output quality. He also mentions other players in the market, such as Gemini and AWS.
The importance of staying updated on AI and large language models is emphasized, as well as the need for business owners to learn and utilize these technologies.
Takeaways
• The choice between Claude and ChatGPT depends on factors such as cost, versatility, and specific use cases.
• Claude is cheaper and has a larger prompt window, while ChatGPT is more versatile and supports more languages.
• Both models have their strengths and weaknesses, and it may be beneficial to diversify and explore other options like Gemini and AWS.
• Staying updated on AI and large language models is crucial for small business owners to remain competitive and leverage these technologies for growth.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
R. Kenner French and Lily Falconer discuss the importance of tax planning for entrepreneurs. They emphasize the need to prepare for taxes in advance to lower tax liability and avoid last-minute scrambling. They highlight the benefits of working with a tax professional and planning throughout the year to minimize tax liability.
The conversation concludes with the advice to look forward and project future tax liability, rather than just looking back at past taxes. The hosts encourage listeners to reach out to Fast Solutions Group for assistance with tax planning.
Takeaways
• Tax planning is important for entrepreneurs to lower tax liability.
• Preparing for taxes in advance can help minimize tax liability.
• Working with a tax professional and planning throughout the year is beneficial.
• Looking forward and projecting future tax liability is key.
• Fast Solutions Group can provide assistance with tax planning.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Millionaire maker Loral Langemeier shares insights on wealth building, financial habits, risk management, passive income, mindset, mentorship, entrepreneurship, and wealth management.
She emphasizes the importance of living a corporate life, making and investing money, and the need for accurate knowledge and application. She also warns about ripoff accounts and the impact of AI on financial decisions.
Takeaways
• Living a corporate life involves proper tax planning and asset protection.
• Making and investing money is crucial for financial success, and the pattern of money management needs to change.
• Accurate knowledge and application are essential for financial decisions.
• Beware of ripoff accounts and the impact of AI on financial decisions.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner French interviews Nick May, the creator of Evolve My Retirement, a financial planning software. Nick shares his background in IT and financial services and how he developed the idea for Evolve My Retirement. He explains the features and functionality of the software, including optimization algorithms and Monte Carlo simulations.
Nick also discusses the challenges of marketing the software and building a user base. He highlights the implementation of AI in Evolve My Retirement and the benefits it brings. Nick shares his advice for aspiring entrepreneurs and discusses the future plans for the software.
Takeaways
*Evolve My Retirement is a financial planning software that helps users optimize their retirement strategy.
*The software allows users to input their financial situation and generates an optimized strategy based on various factors.
*Implementing AI in Evolve My Retirement has been a challenge, but it has improved the user experience and provided immediate assistance.
*The software has a subscription model with different levels of access and a reasonable yearly cost.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Braden Greer went from being a scientist to a pastor to a successful real estate agent. He attributes his success to his service mindset and his commitment to doing what he says he'll do. He believes in serving his clients and helping them achieve their goals, which has earned him their trust and loyalty.
He also emphasizes the importance of sticking to it and never giving up, even in tough times. Braden's business model is focused on agility, adaptability, and providing exceptional service to his clients.
Takeaways
*Braden Greer's success as a real estate agent is attributed to his service mindset and commitment to doing what he says he'll do.
*Building trust and loyalty with clients is crucial in the real estate industry, and it can be achieved by serving and helping them achieve their goals.
*Sticking to it and never giving up, even in tough times, is a key factor in entrepreneurial success.
*Braden's business model focuses on agility, adaptability, and providing exceptional service to clients.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
The future of AI is a topic of discussion in this soliloquy by Kenner French. He emphasizes the importance of being on the right side of AI and becoming a leader in the industry. The ethical components of AI are also highlighted, with the need for leaders to shape the future of AI in an ethical manner. Those who do not adopt AI may be left behind and potentially replaced by artificial intelligence.
The potential benefits of using AI in business and expanding one's role at work are also mentioned. The soliloquy concludes with a reminder to invest time and resources in learning about AI to be part of the conversation and help shape its future.
Takeaways
*Being on the right side of AI and becoming a leader in the industry is advantageous.
*Ethical considerations are important in shaping the future of AI.
*Those who do not adopt AI may be left behind and potentially replaced by artificial intelligence.
*Using AI in business can lead to growth, efficiency, and expanded roles at work.
*Investing time and resources in learning about AI is beneficial for individuals and organizations.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Taxes are a significant expense for entrepreneurs, and it is important to spend time on mitigating or lowering taxes. Spending time with a tax professional or learning about taxes can make a huge difference. Lowering taxes can result in a bigger portfolio and higher rate of return.
It is essential to pay attention to taxes on an ongoing basis and not overpay. Meeting with a tax professional can help in optimizing taxes. The Vast Voice is a platform that provides business secrets to entrepreneurs and encourages feedback and ideas from taxpayers.
Takeaways
*Taxes are a significant expense for entrepreneurs and should not be ignored.
*Spending time on mitigating or lowering taxes is worth it.
*Lowering taxes can result in a bigger portfolio and higher rate of return.
*Paying attention to taxes on an ongoing basis is important.
*Meeting with a tax professional can help in optimizing taxes.
*The Vast Voice platform provides business secrets to entrepreneurs and welcomes feedback and ideas from taxpayers.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
R. Kenner French interviews Jackie Clark, a bookkeeper and author of a guidebook on operating a modern bookkeeping business. They discuss the benefits of bookkeeping, the use of AI in bookkeeping, and the importance of keeping accurate records for tax purposes.
They also touch on the issue of commingling personal and business expenses and the potential consequences. Jackie shares insights on how to clean up dirty books and the value of automation in bookkeeping. The conversation concludes with a mention of Jackie's book, which can be purchased at vastsolutionsgroup.com.
Takeaways
*Bookkeeping is essential for small business owners as it helps with accurate record-keeping and provides valuable insights for tax preparation.
*AI can greatly benefit bookkeeping by automating processes and improving efficiency.
*Commingling personal and business expenses can lead to legal and financial complications, and it is important to keep them separate.
*Cleaning up dirty books is a crucial task for bookkeepers, as it ensures accurate financial reporting and can potentially save money on taxes.
*Automation is a key aspect of modern bookkeeping, as it streamlines processes and reduces manual data entry.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Burak Berilgen, a seasoned banker with over 25 years of experience in commercial real estate loan origination. Discuss the differences between commercial and residential property loan origination, the challenges and barriers in commercial property loan origination, and the advantages of working with experienced loan officers. He also talks about the slow adoption of technology in the industry and the future of commercial real estate and loan origination.
Burak shares strategies for growing an investment portfolio in commercial real estate and the opportunities for passive income as a commercial property loan originator. He emphasizes the value of expertise, access to multiple lenders, and the benefits of working with VastSolutionsGroup.com.
Takeaways
*Commercial real estate includes a wide range of projects with real estate collateral, such as convenience stores, hotels, office buildings, and multi-family properties.
*Commercial property loan origination is more complex than residential loan origination, with a deeper analysis of the deal's mechanics, cost, and cash flow.
*Working with experienced loan officers is crucial in navigating the regulatory hurdles and structuring commercial real estate loans for success.
*Access to multiple lenders through platforms like Vast Solutions Group provides more flexibility, competitive terms, and faster response times for borrowers.
*The future of commercial real estate and loan origination involves refinancing opportunities, leveraging equity, and using tax advantages like 1031 exchanges.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
JCron, the founder of Kajabi, shares his entrepreneurial journey and insights into the creator economy. He discusses the growth of Kajabi and the impact of trends like the shift to digital education.
JCron also talks about the importance of community and authenticity in building a successful business. He shares lessons learned from his own experiences, including handling transitions and overcoming fear. He concludes by emphasizing the transformative power of entrepreneurship and the need for individuals to take risks and positively impact the world.
Takeaways
*The creator economy is experiencing significant growth, driven by trends like the shift to digital education and the desire for personal brands and revenue-driven opportunities.
*Community and authenticity are crucial in building a successful business, as people value human experiences and connections.
*Entrepreneurship requires commitment and a willingness to pay the price, even without knowing the exact cost or timeline of success.
*Transitions and failures can provide valuable lessons and opportunities for growth.
*The future of the creator economy is promising, with the rising billions of people coming online and seeking personalized learning experiences.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
AI expert Kai Fu Lee predicts that by 2027, 50% of people who are currently employed will be out of jobs due to AI. This prediction aligns with a government report that estimated 49% of people would be out of jobs by 2050. The rapid pace of AI development suggests that the government report may be too conservative.
To stay ahead, entrepreneurs should stay informed about AI, attend local meetups and industry events, and read about AI for at least an hour a day. By embracing AI, entrepreneurs have the opportunity to thrive in the changing landscape.
Takeaways
*AI expert Kai Fu Lee predicts that 50% of people who are currently employed will be out of jobs by 2027 due to AI.
*Entrepreneurs should stay informed about AI to stay ahead in the changing job market.
*Attending local meetups and industry events can provide valuable networking opportunities and insights into AI.
*Spending at least an hour a day reading about AI can help entrepreneurs understand and leverage its potential.
*Embracing AI can present new opportunities for entrepreneurs to thrive in the evolving business landscape.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
R. Kenner French discusses the importance of understanding and optimizing taxes as an entrepreneur. He emphasizes that taxes are one of the biggest expenses for entrepreneurs and suggests spending time on mitigating or lowering taxes. He encourages entrepreneurs to work with tax professionals and learn about taxes to make a significant difference in their financial situation.
He highlights the benefits of lowering taxes, such as having a larger portfolio and higher rate of return. French also reminds listeners that it is their duty as taxpayers to not overpay taxes and offers suggestions for ongoing tax planning.
Takeaways
*Taxes are one of the biggest expenses for entrepreneurs, so it is important to spend time on mitigating or lowering taxes.
*Working with a tax professional and learning about taxes can make a significant difference in an entrepreneur's financial situation.
*Lowering taxes can result in a larger portfolio and higher rate of return.
*It is the duty of taxpayers to not overpay taxes, and there are many strategies to lower taxes.
*Ongoing tax planning is essential for optimizing tax savings.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Bob Bluhm, an asset protection attorney, discusses the importance of asset protection and estate planning for solopreneurs and real estate investors. He explains that asset protection involves structuring entities such as limited partnerships, limited liability companies, and corporations to keep assets private and out of reach from potential creditors. Estate planning aims to protect against probate, minimize taxes, and ensure privacy.
Bob highlights the Corporate Transparency Act, which requires existing entities to file a report identifying the beneficial owner. He emphasizes the need for maintaining corporate formalities to avoid piercing the corporate veil and the importance of registered agent services for privacy and legal compliance. Bob also discusses the role of living trusts and other estate planning tools.
Takeaways
*Asset protection involves structuring entities to keep assets private and out of reach from potential creditors.
*Estate planning aims to protect against probate, minimize taxes, and ensure privacy.
*The Corporate Transparency Act requires existing entities to file a report identifying the beneficial owner.
*Maintaining corporate formalities is crucial to avoid piercing the corporate veil.
*Registered agent services are important for privacy and legal compliance.
If you have any questions in general you can reach our office at:
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Captive insurance companies, specifically the 831(b) micro-captive, have emerged as a potent tool for business owners and entrepreneurs seeking to protect their assets and lower taxes. Through these specialized insurance companies, business owners can gain a myriad of benefits, including customized coverage and enhanced risk management. This article delves into the history of 831(b) captives, their efficacy in reducing taxes, the advantages they offer, how they can be tailored to individual needs, and why entrepreneurs should consider them as part of their overall business strategy.
Benefits of 831(b) Captive Insurance Companies
- Customized Coverage: A captive insurance company can create policies tailored to the unique needs and risks of the parent company, offering coverage that may not be available or affordable in the traditional insurance market.
- Enhanced Risk Management: By establishing a captive, business owners can take a more proactive approach to risk management, identifying potential risks and mitigating them through customized insurance policies and loss control measures.
- Asset Protection: Captive insurance companies can help shield business assets from potential lawsuits and creditor claims, providing an additional layer of financial security.
- Cost Savings: By self-insuring through a captive, businesses can reduce insurance costs, avoid certain taxes and fees, and potentially negotiate better terms with third-party insurers.
- Tax Benefits: As mentioned earlier, 831(b) captives provide substantial tax advantages, enabling businesses to lower their tax liabilities and accumulate wealth more efficiently.
Island time or sleepless nights?
Patrick Fuchs, the entrepreneur who sold his business, is here to tell all! Thinking of building a business to flip? We're breaking down the realities of exit strategies - beyond the fancy headlines. Was it financial freedom or a new set of challenges?
Patrick spills the tea on the post-sale hustle (or lack thereof!), the unexpected roadblocks, and the lessons learned along the way. This is your chance to peek behind the curtain and see what it's REALLY like to be your own boss, even after the exit.
Entrepreneurs looking to up their financial game, rejoice! AI is here to help!
- AI takes the wheel on financial analysis!* University of Chicago study reveals AI outperforms humans in predicting financial reports. This means easier access to analysis for everyone – with a simple push of a button, you can get in-depth insights into your finances! This is a game-changer, making financial knowledge more accessible than ever before.
But what about financial advisors? Will they become a relic of the past? While some disruption is likely, AI can also be a powerful tool for advisors, allowing them to focus on more complex strategies and personalized advice. This is just the beginning! The future holds even more exciting possibilities, like AI-powered robots giving personalized stock recommendations.
Thinking about buying property in the US but you live in Canada?
Taxes can get tricky! Don't let taxes turn your US property dream into a nightmare!
This chat will break down everything Canadians need to know about buying US real estate, including costs, navigating complex tax implications, and why a tax pro can save you big.
Katie Klinkenberg, a marketing consultant with 25 years of experience, discusses the importance of customer loyalty and satisfaction. She emphasizes the need for businesses to focus on retaining existing customers, as it is more cost-effective than acquiring new ones.
Katie suggests using surveys to gather customer feedback and understanding the customer journey to improve the overall experience. She also highlights the significance of the Net Promoter Score in measuring customer satisfaction.
Katie enjoys working with small businesses and helping them transition to digital platforms. She shares her experiences in turning around companies' customer marketing efforts and offers advice for entrepreneurs to prioritize their existing customers.
Kenner interviews Harvey Goldberg, an experienced professional in commercial property loan financing. They discuss various topics related to commercial finance, including the role of technology, changes in the industry, entering the commercial loan space, adding value to clients, the importance of experience, and the right time to invest in commercial properties.
Harvey emphasizes the need for experience and partnerships in the industry and advises against waiting for interest rates to go lower. He also provides his contact information for those interested in reaching out to him.
Scott Brazdo shares his entrepreneurial journey, from starting a detailing business at a young age to pursuing a music career and eventually founding a marketing agency and real estate company. He emphasizes the importance of niching down in marketing and connecting with customers on a limbic level.
Scott also highlights the significance of focusing on one project at a time and finishing it. He concludes by offering his contact information for those seeking advice or assistance.
AI: Your Secret Weapon for Business Success (It's Easier Than You Think!)
Feeling lost in the tech world? Imagine having a super-powered tool to help your business grow. That's AI!
Your host, R. Kenner French, wrote an article years ago titled that well before the big AI wave. This episode breaks down how AI can be YOUR secret weapon for success.
You doing your own taxes as an entrepreneur? It is tough but possible. These tips may help:
Keep your tax and financial documents for at least 7 years. If you’re ever audited, you’ll need those records. Any claims made at tax time require supporting documentation. Keeping good records is an excellent idea for any small business because it encourages organization. It is very difficult to reconstruct records at a later date.
Know your deadlines. It isn’t all about April 15th. While most business entities can wait until “tax day,” C-corporations are required to file within 10 weeks after the fiscal year ends, which is normally December 31st.
Understand your loans. The IRS doesn’t classify most business loans as income. But the interest paid on loans is generally a deductible expense. It’s important to have records regarding the use of any loans. It might be for equipment or to finance some other activity.
Know the different types of audits. There are several types of audits and some are more intimidating than others.
- Office audit: Generally this is a simple audit. You’ll be requested to report to your local IRS office to resolve some discrepancy.
- Correspondence audit: You’ll just be asked to send in a document via mail or fax.
- Field audit: These tend to be very thorough audits and they are conducted at your place of business.
- Criminal investigation audit: Consult your lawyer. You’re suspected of tax evasion.
Pay your quarterly tax bill. This is a common mistake. If you have an employer, your taxes are regularly taken out of your paycheck. If you’re self-employed, you’re required to estimate your tax each quarter and pay it. Failure to pay this can result in a significant tax penalty. * You might also end up with a bigger tax bill than you can handle in a single payment. Make a habit of setting aside a portion of your profit each month in anticipation of paying your quarterly taxes.
Prepare early. The vast number of tax filers wait until the last minute. If you’re expecting a refund, this can be the worst time to file. The IRS is overwhelmed with all the tax returns that pour in. However, this can also be the best time to avoid an audit. Preparing your tax return earlyleaves you time to find any missing documents and answer any questions.
Get help. Depending on the complexity of your business’s finances, hiring an expert to prepare your tax return might be a good idea. In theory, the money you spend ought to result in a smaller tax burden. It’s also helpful if any legal issues arise.
Avoid using taxes collected from employee payroll to pay business expenses. This common practice upsets the IRS greatly. When you withhold taxes, send them to the IRS!
Join us a R. Kenner French shows the audience exactly how a Podcast episode is published on the VastSolutionsGroup.com website.
You asked for a 2023 quick reference guide to retirement planning for the small business owner — so here you go. Some plan options for small entities and the self-employed include SEP-IRAs, SIMPLE IRA plans, SIMPLE 401(k) plans, and individual 401(k) plans. Each plan has specific features, requirements, and contribution limits that should be considered when choosing the right plan for your business.
- SEP-IRAs (Simplified Employee Pension)
- Ideal for small businesses and self-employed individuals
- Employer-funded, with flexible annual contribution limits
- Contributions are tax-deductible for employers
- Easy to set up and maintain, with low administrative costs
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Employees are immediately 100% vested in their accounts
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SIMPLE IRA Plans (Savings Incentive Match Plan for Employees)
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Designed for small businesses with 100 or fewer employees
- Both employers and employees can contribute
- Employers must choose between matching contributions or making non-elective contributions
- Mandatory annual contribution requirements for employers
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Lower contribution limits compared to other retirement plans
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SIMPLE 401(k) Plans
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Similar to SIMPLE IRA plans but with 401(k) features
- Designed for small businesses with 100 or fewer employees
- Both employers and employees can contribute
- Employers must choose between matching contributions or making non-elective contributions
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Allows for loans and hardship withdrawals
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Individual 401(k) Plans (Solo 401(k))
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Suitable for self-employed individuals and owner-only businesses
- Both employers and employees (in the case of owner-only businesses, the owner and their spouse) can contribute
- Higher contribution limits compared to SEP-IRAs and SIMPLE IRAs
- Allows for loans and hardship withdrawals
- More complex administration compared to SEP-IRAs and SIMPLE IRAs
Keith Andrews, a commercial real estate expert. Keith shares his background and experience in the industry and discusses the benefits of joining EXP Commercial.
He also provides insights on transitioning from residential to commercial real estate and the earning potential in the commercial sector. Keith emphasizes the importance of building relationships and offers advice on sales strategies.
He introduces the concept of the seven groups to grow your business and concludes with his contact information for those interested in joining his community.
AI is changing everything and it's essential for businesses to implement AI to stay competitive. Vast Solutions Group specializes in helping businesses implement AI.
They offer tools and services to automate processes, onboard clients, and provide value to customers. AI can automate social media, automate client onboarding, and provide automated responses to customer inquiries.
It's important for businesses to stay ahead of the curve and leverage AI to improve efficiency and growth.
Entrepreneurs often miss deductions which means they are leaving money on the table. What is the number one missed deduction? Hmm, read on…
One of the most commonly missed deductions for entrepreneurs is the home office deduction. This deduction allows business owners who work from home to claim a portion of their home expenses, such as mortgage interest, property taxes, and utilities, as business expenses.
To claim the home office deduction, business owners must use a dedicated space in their home exclusively for business purposes. This space must be used regularly and exclusively for business, and cannot be used for any personal purposes.
In order to claim the home office deduction, business owners must also keep detailed records of their home office expenses, including receipts, invoices, and other documentation. They must also calculate the percentage of their home that is used for business purposes, and only claim a deduction for that percentage of their home expenses.
Overall, the home office deduction can be a significant tax savings for entrepreneurs who work from home, but it is commonly missed due to the requirements and limitations of the deduction. It’s important for business owners to familiarize themselves with the rules and requirements for claiming this deduction, in order to maximize their tax savings.
R. Kenner French, is a small business contributor at Forbes.com, author of three books, an executive at both VastSolutionsGroup.com and VastHoldingsGroup.com, a keynote speaker, and a Dave Matthews Band fan!
Kenner and Lily introduce themselves as co-hosts of the podcast 'The Vast Voice: Telling Business Secrets to Entrepreneurs.' They discuss the benefits of podcasting for entrepreneurs and the importance of choosing a co-host who can connect with the audience. They also talk about the logistics of podcasting, including the technology and platforms they use. Kenner shares his experience of how podcasting has helped strengthen relationships with clients and increase brand visibility. They encourage entrepreneurs to start their own podcasts and embrace the vulnerability and excitement that comes with it.
You may choose any recordkeeping system suited to your business that clearly shows your income and expenses but, yes, YOU NEED TO KEEP RECORDS, per the IRS. The business you are in affects the type of records you need to keep for federal tax purposes. Your recordkeeping system should include a summary of your business transactions. This summary is ordinarily made in your business books (for example, accounting journals and ledgers). Your books must show your gross income, as well as your deductions and credits. For most small businesses, the business checking account is the main source for entries in the business books.
This conversation is an introduction to captive insurance, a strategy that can help business owners lower their tax liability and mitigate risk. R. Kenner French, explains that a captive insurance company is a privately owned property and casualty insurance company that allows business owners to customize their own coverage. By setting up a captive, business owners can write a check to their own insurance company, lower their tax liability, and keep the assets within their control. The conversation also covers the benefits of captive insurance, such as risk reduction, wealth accumulation, and asset protection. The speaker emphasizes the importance of compliance with regulations and the need for a feasibility study before setting up a captive.
In this episode of the Vast Voice, we sit down with Matthew Coates, an industry leader, to explore three key areas for thriving in today's world. We delve into the rise of Artificial Intelligence (AI) and its impact on the field of architecture, design and investing. Matthew offers insights on how architects and real estate investors can leverage this technology to enhance their work.
Next, he unpacks the secrets to success for aspiring and established architects alike. From navigating the industry to honing your skills, Matthew provides valuable advice for achieving your architectural goals.
Finally, the conversation shifts to the ever-evolving creative landscape. Matthew equips listeners with strategies to spark innovation and stay ahead of the curve in today's competitive marketplace.
Whether you're an architect, a design enthusiast, or simply someone who enjoys thought-provoking discussions, this episode is packed with valuable takeaways. Tune in!
Kenner, discusses who controls the Artificial Intelligence (AI) market. He claims that Microsoft and Google are the dominant forces, with everyone else being minor players. Microsoft's investment in OpenAI and Google's TensorFlow are given as examples.
Kenner then dives into who might control AI in the future. While open source AI offers possibilities, its lack of regulation is concerning. Since Google and Microsoft are the ones influencing current regulations, they are likely to remain in control. This raises concerns about how much power these two corporations will hold over AI's future.
The takeaway is that Microsoft and Google are the current and likely future leaders in AI, with significant influence over its development and regulation.
People think April 15th is Tax Time but actually if you get things organized at that time it is too late. Get ready now! Tax laws can be confusing, leaving many unsure of what they may deduct and how they should file. However, according to the Internal Revenue Service (IRS), the process can be simpler than you may think if you attack it the right way.
Here is 2024 Top 10 Tax Tips the IRS designed to make your filing easier:
1. Organize. Take time throughout the year (summer!) to store and organize your records, canceled checks, and receipts in one place. Remember to include the income, deduction, or tax credit items that you reported the previous year. Organizing and maintaining a filing system will keep everything conveniently together, and make filling out forms that much simpler.
2. Report all income. Gather all of your W-2 Forms, Wage and Tax Statements, and 1099 income statements to report your income when you file your taxes. Keep them with your other records to make sure you can easily find them when you need them.
3. Visit the IRS website. At www.irs.gov, you will discover many sources of information. You can download and print tax forms, access tax law information and changes, find a list of answers to frequently asked questions, and access numerous online tools and filing tips.
4. Use Free File. Everyone has at least one option available to prepare and e-file a tax return free of charge. IRS Free File uses brand-name tax software or online forms and is available at www.irs.gov. You qualify to use free tax software if your income is a certain amount; if your income was higher, you can use Free File Fillable Forms, the e-version of IRS paper forms. Go to IRS.gov/freefile to see your options.
5. Understand your filing options. There are several options for filing your tax return. For example, you may choose to file your taxes yourself or go to a tax preparer for help. In addition, you may be eligible for free help at a volunteer location. Decide which filing option works best for you. Consult with a tax professional if need be to get the ball rolling. You will be glad you did.
6. Try E-file. E-filing presents an easy and convenient method of filing your taxes. Errors are reduced and refunds are returned faster than mailed documents. Last year, more than 80 percent of taxpayers used IRS e-file, and many tax preparers are now required to use it.
7. Get answers to your questions. Visit the Interactive Tax Assistant tool on the IRS website to get answers to your questions pertaining to tax deductions and credits. Again, consult with a tax advisor if you can afford it. Having a tax professional by your side now can save you money now and later.
8. Use direct deposit. If you are to receive a refund, the direct deposit option will allow for a faster return, and it may decrease chances of theft. When you enter information for this option, take the time to double-check your bank account number to avoid errors.
9. Check out Publication 17. Publication 17, Your Federal Income Tax, on www.irs.gov is a complete tax resource that includes important information, such as whether you need to file or how to choose your filing status. Few people review this. It WILL help you.
10. Double-check your return. When you have finished with your forms, take a couple of extra minutes to double-check your information, especially your Social Security number. Also check your spelling and math. If your forms are hand-written, make sure they are legible.
These easy-to-follow steps may help to prevent any unnecessary tax apprehension, and they can help to make the filing process that much smoother. Starting early and organizing throughout the year can greatly reduce chances of error and stress.
This episode features an interview with Nancy Steidl, an international business consultant and intellectual property law specialist based in the UK. Nancy shares her wealth of experience and expertise on starting and operating a successful business.
She emphasizes the critical importance of having a solid business plan before launching, understanding the legal structures and regulations in your area, and protecting your intellectual property through trademarks, patents, and copyrights. Nancy provides insightful analogies, like comparing a new business to having a child that needs nurturing and a proper foundation to grow.
The conversation covers a wide range of topics including choosing the right business entity, drafting airtight contracts, navigating employment laws, understanding cultural differences when operating globally, and the emerging challenges around AI and IP rights. Nancy stresses being overly cautious rather than underprepared when it comes to legal protections.
Her soon-to-be released book "The Art of Analogies in Business" is also discussed, which aims to provide an easy-to-understand guide on starting a business using relatable examples. Overall, this podcast offers invaluable advice from an accomplished expert for entrepreneurs at any stage of the business journey.
Learn more and connect with Nancy at https://linktr.ee/thebusinessmission.com
E-mail Info@VastSolutionsGroup.com and reserve a free copy of her book (while supplies last).
6 Easy Tips for Getting a Small Business Loan
Getting a small business loan used to be relatively easy, but this is no longer the case. With the current weak state of the economy, loans of all types are now more challenging to acquire.
If you want one of these coveted loans, you need to be well informed and then use that information wisely to improve your odds. If you’re willing to do things in the most advantageous way, your odds of success will go up dramatically.
Use these 6 tips to your best advantage:
Keep your day job. Lenders today want to see a secondary source of income, ideally one that is capable of repaying the loan. If your only source of income is going to be the business for which you are seeking the loan, it’s going to be a tough sell right now. Keep your job, at least until after you’ve gotten the loan.
Have some collateral. Be prepared to have liens placed against any significant assets you may have. It’s more difficult to get a loan if you have few assets.
If you don’t have a lot of assets, it simply means the other parts of the process will have a greater significance. If you have a good idea and the expertise to make it work, you’ll find someone willing to help.
Maintain excellent records. The single-page application is rarely found in today’s economy. You’ll need a lot of qualifying information just to apply. You may as well have hard copies of everything ready to go. This includes income tax information, pay stubs from your current job, verification of assets, and more.
Have a business plan ready. Having a solid business plan helps to put the lender’s mind at ease. Include all the information related to how the business will operate, the people involved in the running of the business, their experience, and reasonable income projections.
Remember, lenders see business plans every day; if you’re projections are unreasonable, they’ll know it, and your credibility will be shot.
Appear respectable. Your prospective lender will certainly crunch a lot of numbers during the decision-making process. However, there is also subjective evaluation going on as well. Your lender will be questioning whether or not they believe you’re the type of person likely to repay your loan.
They will also try to figure out if you’re the type of person capable of turning a loan into a stream of income. Your education, experience, and references will all be considered.
Ensure your credit is solid. Your credit history is a very important part of the loan application process. Be aware of everything in your credit report, both the good and the bad. If there are any mistakes to your detriment, have them corrected before filling out the loan application. In addition, do everything you can to repair negative information, too.
As with many things, the devil is in the details. Following the above tips is not a guarantee that your application will be approved, but it will greatly increase your odds of success. Take the time to put the odds in your favor. Getting a small business loan might not be easy, but it can be done!
R. Kenner French is an executive at VastSolutionsGroup.com and Vast Holdings Group, LLC. He has written two books and has another on the way. He also lives on an island — Bainbridge Island, WA.
Ever dreamt of owning a towering skyscraper or a sprawling shopping mall, but the price tag left you speechless? In this episode of Vast Voice, we bring you a titan of the industry, Mr. Irwin Boris, a renowned New York City commercial property financier.
Get ready to unlock the secrets to securing funding for those colossal commercial real estate deals.
Mr. Boris will pull back the curtain and share his expertise on navigating the world of commercial financing. We'll delve into:
- Financing Strategies for Big Deals: Discover the various funding options available for large commercial properties, from traditional lenders to alternative financing solutions.
- Building Your Case: Learn how to craft a compelling proposal that attracts investors and lenders, showcasing the potential of your commercial property project.
- De-risking Your Investment: Explore strategies to mitigate risk and make your project more attractive to financiers, boosting your chances of securing funding.
This episode is a goldmine for anyone with ambitious plans in the commercial real estate arena. Whether you're a seasoned investor or a budding entrepreneur, Mr. Boris' insights will equip you with the knowledge and strategies to turn your vision into a reality.
Tune in to Vast Voice and unlock the secrets to financing your next big commercial property deal!
Yes, it is true, you can lower tax liability with artificial intelligence. Few people realize that there are applications and services out there that utilize sophisticated technology to lower tax liability, while also increasing retirement savings for individuals and entrepreneurs alike.
Maximizing Business Deductions: The Key to Financial Efficiency
For any business owner, navigating the labyrinth of tax laws and deductions is not just a matter of compliance but a strategic necessity. By ensuring you take advantage of all available deductions, you can significantly reduce your taxable income, thereby minimizing your tax liability. This approach is not about evasion but about smart financial management.
1. Understanding Deductible Expenses:Firstly, it's vital to comprehend what constitutes a deductible business expense. Generally, these are the ordinary and necessary expenses for the operation of your business. This includes costs like rent, utilities, employee salaries, and supplies. Keeping abreast of tax law changes is crucial as it can affect what deductions are currently available.
2. Cash Flow Optimization:Lower tax liabilities directly impact cash flow – a vital component of business health. More money retained in the business can mean more resources for expansion, hiring, research and development, or as a buffer during lean times.
3. Accurate Record-Keeping:Meticulous record-keeping is the cornerstone of maximizing deductions. This means keeping detailed records of all business-related expenses, no matter how small. Modern accounting software can be invaluable in tracking these expenses and ensuring they are categorized correctly for tax purposes.
4. Leveraging Professional Advice:Tax laws can be complex and ever-changing. Working with a qualified tax professional or accountant can help you navigate these complexities and ensure you're not missing out on any deductions. These professionals can provide tailored advice based on your unique business circumstances.
5. Avoiding Costly Mistakes:Failing to take all the deductions you're entitled to can result in paying more tax than necessary. Conversely, overstepping the bounds of what's allowable can lead to penalties and audits. Understanding the balance is key to effective tax management.
6. Strategic Planning:Beyond just annual tax preparation, understanding deductions plays a role in broader business planning. It can affect decisions on significant purchases, hiring, and investments. Tax planning should be an integral part of your business strategy.
7. Enhancing Business Credibility:Efficient tax management, including the effective use of deductions, reflects well on your business’s operational proficiency. It demonstrates a well-run, financially savvy operation, which can be beneficial in attracting investors, partners, and even in competitive bidding situations.
In this conversation, Kenner and Lily discuss the pros and cons of working with your spouse in a business. Kenner shares that working with his wife has been awesome and they have a good work-life balance. Lily, on the other hand, advises against it but acknowledges that there are some pros. They suggest starting with small projects to test the waters and setting strict boundaries to separate work and personal life. Kenner also mentions the importance of having free days (as defined by Strategic Coach and Dan Sullivan) to spend time with loved ones. Overall, they conclude that working with a spouse can work if done right.
Is bookkeeping important for the IRS? Ask the auditor when he or she knocks on your door. Yes.
Why should I keep records?
Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns.
What kinds of records should I keep?
You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.
How long should I keep records?
The length of time you should keep a document depends on the action, expense, or event the document records. You must keep your records as long as needed to prove the income or deductions on a tax return.
How should I record my business transactions?
Purchases, sales, payroll, and other transactions you have in your business generate supporting documents. These documents contain information you need to record in your books.
What is the burden of proof?
The responsibility to substantiate entries, deductions, and statements made on your tax returns is known as the burden of proof. You must be able to prove certain elements of expenses to deduct them.
How long should I keep employment tax records?
Keep all records of employment taxes for at least four years.
Are you an entrepreneur and ever had a dream of starting your own podcast but felt overwhelmed by where to begin? Look no further! In this episode of Vast Voice, we welcome Renae Lipsmeyer, a podcasting powerhouse who built a massive following from scratch. If you are a real estate investor with coaching clients, tax professional, or in other industry and even thinking about hosting a podcast you should at least give this episode a shot.
Renae will share her inspiring journey and equip you with the tools you need to turn your podcasting dream into a reality. Whether you're passionate about a specific niche or simply have captivating stories to tell, this episode is your roadmap to success.
We'll delve into the nitty-gritty of launching a podcast, from crafting a compelling concept to recording high-quality audio and navigating the world of podcast hosting. Renae will also offer invaluable insights on building an audience, creating engaging content, and leveraging the power of social media to promote your show.
So, grab your headphones and get ready to be fired up! This episode is packed with actionable advice and insider tips to help you launch your podcast and take the world by storm. Join us and learn how to turn your voice into a thriving podcast with Renae Lipsmeyer!
The worlds of finance and technology are on a collision course, and in this episode of the Vast Voice, we buckle up for the ride! We explore the fascinating intersection of Artificial Intelligence (AI), cryptocurrency, and taxation, and how these forces will revolutionize the way we manage money.
Imagine AI-powered tax software that anticipates your filing needs, automatically optimizes deductions, and even flags potential cryptocurrency tax pitfalls. We'll discuss the possibilities of AI streamlining the tax filing process for individuals and businesses alike.
But what about crypto itself? We'll delve into the complexities of taxing cryptocurrency transactions and how AI can help navigate this ever-evolving landscape. Can AI algorithms identify tax evasion attempts in the decentralized world of crypto? We'll explore the potential benefits and challenges.
This episode isn't just about the future; it's about equipping you for it. We'll provide actionable insights on how to stay informed and prepared as these technologies continue to develop.
Join us as we untangle the complex web of AI, crypto, and taxation. Whether you're a crypto enthusiast, a tax professional, or simply curious about the future of finance, this episode is a must-listen!
While tax laws are intricate and vary based on individual circumstances, there are relatively simple strategies entrepreneurs should use to reduce tax liability. This episode should help a ton.
In this conversation, Kenner and Lily discuss the topic of employing virtual assistants and overseas employees. They explore the benefits and potential moral obligations of hiring overseas, as well as the challenges and risks involved. They also emphasize the importance of knowing the job of the virtual assistant and having processes in place to minimize downtime. Overall, they believe that hiring overseas can be a win-win situation for entrepreneurs.
Hiring your spouse to work as an employee in your business can save you big on taxes. The savings can be particularly great if you are a sole proprietor or have a single-member LLC taxed as a sole proprietorship or as a partnership (as long as your spouse is not a partner).
But this arrangement can backfire if you don’t do it the right way. Here are five key things to know about employing your spouse.
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Pay Your Spouse Tax-Free Employee Benefits, Not Taxable Wages
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Establish a Medical Reimbursement Arrangement
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Take Advantage of Certain Other Fringe Benefits
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Beware of Certain Tax-Free Benefits
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Make Sure Your Spouse Is Your Bona Fide Employee
Takeaways Hiring your spouse can result in substantial tax savings, but only if you pay your spouse solely, or mainly, with tax-free employee fringe benefits instead of taxable wages. The IRS doesn’t require you to pay your spouse any W-2 wages.
The most valuable fringe benefit you can provide your spouse-employee is reimbursement for health insurance and uninsured medical expenses. You can accomplish this through a 105-HRA plan if your spouse is your sole employee, or through an ICHRA if you have multiple employees.
Tax-free employee fringe benefits are not limited to health benefits — for example, you can provide certain education, life insurance, and working condition fringe benefits.
For your spouse-employee deductions to withstand attack by the IRS, you must be able to show that your spouse is a bona fide employee. To do so, your spouse should
use a time sheet to keep track of the work performed and submit that time sheet to you on a regular basis;
be regularly paid a reasonable amount;
work under your direction and control; and
not be a co-owner of your business.
Few people realize that employing a spouse can save a ton of tax dough — but it can. Doing so is complicated, as you can see, but in most instances it can be quite beneficial to an entrepreneur. A few resources can be found at VastSolutionsGroup.com or at the IRS website. Either way, good luck and have fun saving some money as a result of this article.
Roth IRAs are an excellent investment vehicle for most folks. The contributions are not tax-deductible, but your capital gains are tax-free. You can also withdraw your contributions at any point, without penalty, since you’ve already paid the taxes on that money. Those are two great advantages of Roth IRAs.
Here a few more interesting tidbits you might not know about:
1.You can use a Roth IRA to buy a house. You can take up to $10,000 of your earnings from your Roth IRA to put toward your home. The only catch is that you have to be a first-time homebuyer.
Be aware of how much it might cost you in the long-term to take money out of your Roth IRA. At 10.5% interest, that $10,000 is worth over $155k in 25 years. It might be best to find another source of funds, if possible. Consider your retirement.
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Not everyone can get a Roth IRA. There are income limits and some people simply don’t qualify. The numbers can change from year to year, but for 2012, if you’re single and make more than $125,000, you cannot contribute to a Roth IRA. Likewise, if you’re married and filing jointly, the income limit is $183,000.
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Dividends are free from taxes. Dividends on investments in your Roth IRA are not taxed. That might not seem like a big deal, but if you own a lot of dividend-paying stock, the amount can really add up over the decades.
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You can contribute this year and claim it was contributed last year. Any time before tax day (usually April 15th), you can make a contribution and claim it for last year. That means if you were a little short on funds last year, you can still make your contribution and have the option of making another contribution for this year.
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It can outlast you. If you or your spouse happens to die, the two accounts can be combined without any penalty. Whoever ever said the government never did anything nice for you didn’t know everything there was to know about IRAs.
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It’s inheritable. Your IRA can be passed to your heirs without any penalty. With some planning, it’s a great way to pass money along after your death. Roth IRAs are very probate friendly, but see your attorney for more details.
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Even if your spouse doesn’t work, they can still have a Roth IRA. Many people believe that you have to be working to contribute to a Roth IRA, but that simply isn’t true. Contribute to your spouse’s retirement, as well as your own. It’s beneficial to you both.
Here is some info that will help increase retirement savings and also decrease your tax liability!
SEP IRA vs Solo 401(k): Which Makes You Rich? The answer is…it depends!
One nice thing, the government does help you in both types of plans. Uncle Sam, with both the SEP IRA and the solo 401(k) retirement plans, allows your investment in your tax-favored retirement:
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to be deductible when you invest the money in the plan,
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grows tax-deferred inside the plan, and
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suffers taxes only when you take the money from the plan.
Example. You invest $1,000 a month in your retirement. You are in the 40 percent tax bracket (combined federal and state), and you earn 10 percent on your investments. At the end of 30 years, you have $1.58 million in after-tax spendable cash, which comes from (in round numbers):
- $1.2 million in after-tax cash from the retirement plan ($2 million gross less 40 percent in taxes — we’re taking the entire amount out of the plan in this example)
- $380,000 in the side fund (created by investing the $400 of monthly tax savings — $1,000 deduction x 40 percent)
If you had no government help on the taxes and invested $1,000 a month in an investment that earned 10 percent (6 percent after taxes), you would have a little more than $950,000.
Winner. The retirement plan wins by $630,000 — after taxes ($1.58 million vs $950,000).
Okay, that’s the big picture. It tells you that tax-advantaged investing multiplies profits. So, do it.
Which Plan Is Best for You? When it comes to picking a retirement plan, you have many choices. If you have no employees in your business, none of the choices are bad. Let’s start there and say you have no employees.
And let’s say further that you are going to choose between the
SEP IRA and the solo 401(k).
Planning point. As a one-person business, you can operate as a C or S corporation, single member-LLC, or proprietorship and have either the SEP IRA or the solo 401(k).
Roth IRAs are an excellent investment vehicle for most folks. The contributions are not tax-deductible, but your capital gains are tax-free. You can also withdraw your contributions at any point, without penalty, since you’ve already paid the taxes on that money. Those are two great advantages of Roth IRAs. Here a few more interesting tidbits you might not know about:
1.You can use a Roth IRA to buy a house. You can take up to $10,000 of your earnings from your Roth IRA to put toward your home. The only catch is that you have to be a first-time homebuyer.
Be aware of how much it might cost you in the long-term to take money out of your Roth IRA. At 10.5% interest, that $10,000 is worth over $155k in 25 years. It might be best to find another source of funds, if possible. Consider your retirement.
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Not everyone can get a Roth IRA. There are income limits and some people simply don’t qualify. The numbers can change from year to year, but for 2012, if you’re single and make more than $125,000, you cannot contribute to a Roth IRA. Likewise, if you’re married and filing jointly, the income limit is $183,000.
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Dividends are free from taxes. Dividends on investments in your Roth IRA are not taxed. That might not seem like a big deal, but if you own a lot of dividend-paying stock, the amount can really add up over the decades.
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You can contribute this year and claim it was contributed last year. Any time before tax day (usually April 15th), you can make a contribution and claim it for last year. That means if you were a little short on funds last year, you can still make your contribution and have the option of making another contribution for this year.
Accounting fees
Advertising
Amortization
Auto expenses
Banking fees
Board meetings
Building repairs and maintenance
Business travel
Business association membership dues
Charitable deductions made for a business purpose
Children on payroll (Models?)
Cleaning/janitorial services
Cameras (Yes, people have them still)
Collection expenses
Commissions to affiliates
Computers and tech supplies
Consulting fees
Continuing education (conventions and trade shows also)
Costs of goods sold
Credit card convenience fees
Depreciation
Dining and office food
Drones
Education and training for employees
Equipment
Exhibits for publicity
Franchise fees
Freight or shipping costs
Furniture or fixtures
Gifts for customers ($25 deduction limit for each)
Group insurance (if qualifying)
Health insurance
Equipment repairs
Health Reimbursement Arrangement (HRA)
Health Savings Account (HSA)
Home office (280a)
Interest
Internet hosting and services
Investment advice and fees
Legal fees
Leased vehicle or equipment
License fees
Losses due to theft
Materials
Maintenance and janitorial
Mortgage interest on business property
Moving
Newspapers and magazines
Office supplies and expenses
Outside services
Payroll taxes for employees (Social Security, Medicare taxes and unemployment taxes)
Parking and tolls
Pass-Through 199A Deduction
Pension plans
Postage
Prizes for contests
Real estate-related expenses (rent included)
Rebates on sales
Research and development
Rental (Investment) property
Retirement plans
Royalties
Safe-deposit box
Safe
Spouse on payroll (oh, employees also)
Social media advertising
Software and online services
Storage rental (rental lockers)
Subcontractors
Taxes (personal and real property)
Telephone
Travel that is business oriented
Utilities
Website design/consulting
Workers’ compensation insurance
Want to do a smart thing? Max out your retirement account. Yep. It’s smart and very beneficial to strive to put the maximum amount into your retirement account(s) every year. When you do so, you can greatly reduce your taxable income and tax burden as well as boost your retirement income. Even if you find yourself behind schedule late into the calendar year, all is not lost; there are still things you can do.
Take advantage of these strategies to make the most of your retirement accounts:
1.“Catch Up” contributions. If you’re age 50 or older, you can make additional contributions to your IRA or other qualified plan. You can contribute an additional $6,500 on top of the current maximum of $20,500 to qualifying plans. For IRAs, you can contribute an additional $1,000.
2. Roth conversion. In many situations, it can benefit you to convert a portion of your traditional IRA or other plan to a Roth IRA before December 31st.
- With a Roth IRA, you pay regular income tax on the funds before you put them in, but once they’re in a Roth IRA, they grow income-tax fee and you pay no income tax when you withdraw them in your retirement (provided you’ve had the account at least 5 years).
- Plus, unlike your traditional IRA, you’re not required to ever withdraw the money if you don’t want to, so they can continue to grow tax free as long as you like. You can even pass them down tax-free to your heirs. So the potential value of funds in a Roth IRA is greater than the potential value of the same amount of IRA funds.
- If your current taxable income has some room for growth because your tax deductions and credits wipe out your taxes, then the additional taxes for rolling over the traditional IRA might be a non-issue for you.
- Also, if you expect to be in a higher tax bracket when you retire, you’ll pay fewer taxes on the rollover now than you would if you kept the old IRA and had to pay taxes on your distributions in retirement.
3. Start a Self-Employed Retirement Plan. If you’re self-employed and currently are not utilizing a retirement plan, you potentially can contribute almost $61,000 towards your retirement each year (in what is called a defined contribution plan). Not only are you planning for your retirement, but also you’re reducing your taxable income by a considerable amount.
- There are a lot of options available for self-employed retirement plans. Investigate your options and choose the best one for your situation. Seek out professional advice if you need it.
4. Play the calendar game. If you find yourself nearing the end of the year and can see that you’re not going to reach the contribution limits for your 401(k), do what you can to increase your payroll deductions, even if it’s just for a few months. The same goes for any IRA contributions; do what you can to reach the limits.
You can sum up the appeal of a Roth IRA in three words: federal tax benefit. Add on top of that the new potential of huge earnings in cryptocurrency and you have a powerful combination. Earnings in a Roth IRA grow tax free as long as the owner abides by the Internal Revenue Service (I.R.S.) rules, and withdrawals are federally tax free once you reach age 59½ and have held the Roth IRA for at least five years.1
Unfortunately, some people make too much money to contribute to one. In 2021, joint filers with modified adjusted gross incomes (MAGI) of $206,000 or more and single filers with MAGI of $139,000 are not eligible for a ROTH IRA.
There is a way for high earners to bypass these limits, however: the “backdoor” Roth IRA strategy.2
High-income taxpayers may create Roth IRAs indirectly. This involves a little maneuvering, but may be of interest to certain investors — and also can also be invested in crypto nowadays.
The “backdoor” IRA strategy typically starts with the creation of a traditional IRA. Thecontributions to this newIRA are usually non-deductible, because of the IRA owner’s high modified adjusted gross income. This new traditional IRA is fully or partly funded, and with a financial professional’s help, it is quickly converted to a Roth IRA, and any tax liability is paid.3 Sometimes finding an investment professional who has knowledge in cryptocurrency is a challenge but they are out there. Backdoor Roth IRAs are great potential environments for crypto.
If you email Deb@VastSolutionsGroup.com and are the first to do so, you will get $100 with no strings attached. Put "Anchor Offer" in the subject line of the email. We want to do some research on the reach of Anchor.fm. Good luck.
It is time to strategize ways to lower tax liability and one good way is to look at the top 5 tax tips!
Years ago when I started investing in cryptocurrency I had seemingly millions of questions about it. Back then, there was nobody to turn to. It was the wild, wild west. People thought I was crazy for investing in virtual money that probably was going to go away like a ridiculous fad. Well, here we are years later and the same people who ridiculed me back then are asking me questions as they start to invest in crypto, NFTs, and the blockchain. Funny how things change. Anyway, I have compiled this list of questions and answers to make it easier to get started in such investments (by the way, no guarantees but I bet you will be happy if you invest in crypto, etc). Here goes… What is the “Blockchain?” Blockchain is a relatively new technology that has the potential to change the way we do business. It’s taking over in some areas, like finance and government services, but what is it? Blockchain can be defined as an online ledger of transactions that are secured by cryptography. It’s essentially a decentralized database with records organized into “blocks” which cannot be altered without changing all subsequent blocks. If you do a transaction, it is recorded forever and can not be redone.
Is blockchain technology growing? Blockchain technology is growing at an exponential rate. It’s projected that blockchain will be worth $60 billion by 2024. That’s a huge jump from about $1 billion in 2017! If you’re not familiar with blockchain, it can be daunting to try and wrap your head around what blockchain is — let alone why it matters for the future of our society. Don’t worry, in the not too distant future, your everyday life will be somewhat based upon the blockchain. You will see. Are blockchain and cryptocurrency the same thing? Blockchain is a type of database that can store digital data in a way that makes it difficult for people to tamper with it. Cryptocurrency is money created by encryption techniques as opposed to being printed or minted like regular currency. For example, Bitcoin was the first blockchain-based cryptocurrency ever made. Crypto uses the blockchain as a foundation. Without the blockchain, there is no cryptocurrency, generally speaking. Can I get rich by investing in blockchain domains? Just like getting into real estate can get you rich, buying blockchain domains are a great way to get rich Blockchain domains are the newest form of asset available on the blockchain. Not only do blockchain domains potentially provide high financial returns, but they also provide high utility returns for blockchain application developers, blockchain service providers and blockchain project owners. The number of blockchain projects is expected to grow dramatically in 2022 with an expected increase of more than $9 trillion market capitalization in 2022. Blockchain domain investors will benefit from this massive growth in blockchain services because it creates demand for blockchain domain names much the same way that internet domains were all the rage in the 1990s. The result was that some investors made tremendous amounts of money. It is not too late to be before the crowd.
In today’s world it is tougher and tougher to find money to start businesses. One way you could do so in 2022 is to use your retirement assets. Yes, you can fund a business with your IRA dough.
While most people are aware of the option of using their 401(k) to purchase a home, most are not aware that the option exists to use their 401(k) to fund a business. Let’s look at how you can do that.
Here is the process to set it up:
- Set-up a C Corporation. You can do this yourself or hire an attorney. There is no shortage of information available online to guide you. Your C Corporation will need to create — but not issue — stock.
- Have the corporation adopt a 401(k) retirement plan. This retirement plan should be a profit-sharing plan that permits all of the plan assets to be invested in company stock.
- Rollover your 401(k) or IRA to the new 401(k) in your C Corporation. Keep in mind that you can have multiple sources and even multiple people involved. That includes your spouse or anyone else that’s interested.
- Issue stock and transfer it to the profit sharing plan. This is in exchange for the cash that was in the plan.
You can then use this cash to go out and invest the money in your business. The process is simpler than it appears. You can do it with a little help. Some companies will set everything up for you for about $5,000. They will also administer the retirement plan for ~$800 / year.
If you’re not already familiar with this process, it’s important to get professional help; the government dishes out penalties when errors are made with regards to retirement plans. So contact a professional that knows the details.
What are the Potential Pitfalls?
- Lack of diversification. If you’re putting all of your retirement funds into one investment, you only need one investment to fail to potentially lose all of it. Ensure you know what you’re doing before you dedicate all of your funds to your business. It might be prudent to have other investments as well.
- Tax issues. The IRS expects you to operate the business on a daily basis. Absentee owners aren’t looked upon favorably from a tax standpoint. There are exemptions for investing in an operating company. It cannot be a hobby and you must be attempting to sell a product or service.
- Proper valuation of the investment. If you purchase a business and pay too much, you could be penalized if the business turns out to be worthless. For this reason, franchises tend to be popular because they’re easier to place a value upon.
- Your salary. There are two things to consider. The IRS expects you to pay a dividend of some sort. Also, you’re taking some risk if you pay yourself from the retirement money. If you’re paying yourself well and not paying a dividend, the IRS is going to look at you closely. Your salary should come from the income generated by your business.
Now you have the nuts and bolts to at least get started. Your 401(k) can effectively be used to fund a business if you take the time to do it the right way.
People are just becoming acquainted with the idea of digital money in the form of cryptocurrencies like bitcoin, where transactions are recorded on a secure distributed database called a blockchain. And now along comes a new concept: the blockchain-based token, which I’ve been following as a blockchain researcher and teacher of courses about cryptocurrency and blockchain tokens. In the last 18 months, digital developers have raised more than US$20 billion through a funding process called “initial coin offering” – many of which use tokens. There are two common categories of them: “utility” tokens and “security” tokens. Utility tokens Utility tokens are essentially cryptocurrencies that are used for a specific purpose, like buying a particular good or service. For example, if you want to store information online, the most common way today is to become a customer of a hosting service like Google Drive, Dropbox or Amazon Web Services. You reserve a certain amount of storage space on those companies’ servers and pay for it with dollars, euros, yen or other national currencies.
Security tokens A security token, sometimes called a “tokenized security” or a “crypto-security,” is more than a currency – it often represents ownership in an underlying real-world asset. Like traditional stocks or bonds, they’re regulated by the U.S. Securities and Exchange Commission. Regular securities are tracked either on paper or – more likely these days – in a centralized database. Security tokens use a blockchain system – a decentralized database – to do the tracking of who owns which assets.
To answer:
Question #1: Bitcoin or Cryptos?
The first question you should ask yourself is whether you want to invest in bitcoin directly or cryptos as an asset class? Did you know that there are over 2,000 cryptocurrencies besides bitcoin?
Question #2: What About Inflation?
When you invest in bitcoin or any other currency or commodity – including gold, oil or pork bellies – you are investing on the prospects of price appreciation alone. More specifically, you are investing on the prospects of the price of bitcoin rising relative to the U.S. dollar. And while the recent price surge makes inflation look silly, you should evaluate currencies and commodities with respect to inflation.
Question #3: Can you Tolerate Extreme Volatility?
The price appreciation of bitcoin in 2020 underscores the extreme ups and downs. Consider this:
Bitcoin went from $7,300 to $29,000 in 2020. But it also dipped to about $5,000 in mid-March during the beginning of the pandemic.
Bitcoin rocketed to a new all-time high of almost $42,000 on January 8th. But then it plunged to about $31,000 on January 11th.
Question #4: Do You Really Understand It?
This one requires you to be completely honest. Do you understand how cryptos work or even why bitcoin’s price has skyrocketed? Do you understand bitcoin mining and how it works? Can you explain it beyond the headlines or the 5-second stories?
If you don’t really understand an investment, should you make it? And if you can’t explain an investment to a 5th grader, should it be one of your investments?
Could bitcoin or cryptos make sense as an investment for you? Sure, it could. But you should strongly consider limiting your investment to an amount you can afford to lose and prepare yourself for a long and choppy ride.
Liquidity of Crypto Think about it - the Bitcoin system is capped at 21 million coins. Currently, there are roughly 18 million or so Bitcoin in circulation. What does that all mean? Lots. There is a lot of speculation about what will happen to the value when the 21 million-Bitcoin limit is reached, however this won’t happen until around the year 2140. In general, the US stock market is very liquid. You can quickly sell most stocks, bonds, or mutual fund shares at the going rate without concern. There’s always someone willing to buy from you or sell to you, provided the price is right. Selling crypto online:
There are websites that offer direct trades. A few examples include Coinbase, Binance, and BitBargain. Most direct trade sites require you to register as a seller. This means you have to reveal your identity. The website will post your wish to sell your cryptos and buyers can accept your offer. Exchange trades are another way to sell your cryptos online. You’ll still have to identify yourself, but exchange trades require less work on your part. You list the number of cryptos you wish to sell and your desired price. When someone else places a purchase order that matches your requirements, the exchange will complete the transaction.
How You Can Get Started Now that you know how to purchase and sell cryptos, you may wonder how to get started. There’s little to be done once you have the software on your electronic device. The software is referred to as a wallet. Get started with crypto in just a few minutes:
Create a crypto wallet. There is a variety of wallets available for different platforms: mobile, web, and desktop. Different wallets have different features. Be certain to understand the features and choose your wallet wisely. Secure your wallet. It’s important to back up your wallet regularly. Remember, if the file is lost, your cryptos are lost forever, too.
Encrypt your wallet. Encryption ensures that no one can use your wallet without knowing the password, including you. Use a password that you can remember.
Out of the Country? Pay Tax! Income Tax Requirements When Living Out of the Country
Living in a foreign country holds a lot of appeal. It gives an exotic impression and seems like a never-ending vacation. But it doesn’t matter where you go, because the US government still expects you to file a tax return and pay taxes. This is true even if you become a citizen of the other country and live there full time.
The United States might be the only country in the world that does this.
If you were a citizen of Italy but living and working in Argentina, Italy wouldn’t expect you to pay any taxes! You would have to pay them in Argentina, though. The US would expect you to pay both.
For your peace of mind and to keep you out of jail, become familiar with the income tax rules that apply to you as a citizen of the United States living outside the country.
Income tax rules for US citizens living abroad:
- No matter where you live, you must file a tax return. It’s entirely possible that you won’t owe any taxes, but you must file an income tax return each year.
- You’re still subjected to all US tax laws. This includes income tax rates and the same credits and deductions.
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There are 2 primary ways to reduce your taxes owed in the United States. The United States has a reputation for double taxation, but in practice that only applies above certain income limits.
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Foreign tax credit: This credit is intended to protect American citizens from paying taxes twice on the same income. In essence, you can deduct any income taxes you’ve paid in the foreign country from your taxes owed in the US. There is a limit, however.
- If you paid $12,000 in foreign taxes, you could reduce your US tax bill by $12,000. Simple enough.
- Income exclusions: This is the other option. You can’t claim both. The income exclusion allows you to reduce your gross income by up to $97,600. You can also subtract housing costs up to a maximum amount.
- As an example, if you earned $100,000 in a foreign country, your taxable income would be only $2,400. It would be even less after the housing cost credit.
- The housing credit is equal to the cost of housing minus $15,216. The maximum is 30% of $97,600. If your housing costs were $25,000, you could claim an additional deduction of $9,784 from your gross income.
- Self-employed folks are not eligible for this housing exclusion.
Common (Totally Wrong) Myths About Cryptocurrencies! As with any other fringe product or service, there are many myths surrounding cryptocurrencies. Cryptocurrencies aren’t just for computer geeks and drug dealers trying to avoid the government. Relieving yourself of these myths will permit the formulation of a more accurate opinion. It’s easier to make informed decisions when your knowledge is sound. Myths regarding cryptocurrencies abound: Cryptocurrency is illegal. It depends on the country. It’s legal in the United States, but there are other countries, such as Russia, that have deemed it illegal. It’s unlikely the legal status will change anytime soon in the United States. It’s possible that it will become regulated, however. Bitcoin is the only relevant cryptocurrency. There are several other cryptocurrencies. All have their strengths and weaknesses. Bitcoin, released in 2009, is the oldest and most well-known of them. Most of the other cryptocurrencies are less than three years old:
Auroracoin Blackcoin Dash Dogecoin DigitalNote Ethereum Litecoin Mastercoin There are several others.
Only criminals have a use for cryptocurrencies. While cryptocurrencies continue to be used for illegal activity, cash is still king for illegal transactions. There are reputable retailers that accept cryptocurrencies, including Microsoft and Dell. I can get rich with cryptocurrency. The potential for profits does exist. People have gotten wealthy through increases in the value of cryptocurrencies. However, just as many people have lost a tremendous amount of money, too. It might happen, but you’re unlikely to retire on your cryptocurrency purchases. Cryptocurrencies are fiat currencies. Most of them are. That’s true. But so are the Euro and the US Dollar. All major world currencies have abandoned a gold standard. The US decoupled the value of gold and the US Dollar in 1933. The value of all fiat currency is based on the willingness of the public to agree that it possesses value. The government can shutdown cryptocurrencies. The government could make cryptocurrencies illegal, but shutting down the system would be next to impossible. There’s no central server or location that houses a cryptocurrency system. The information is stored on the computers of every user.
Unless the government can find a way to shut down the internet, it would be challenging to put an end to cryptocurrencies.
It’s easy to mine cryptocurrencies and make money. Entire companies have been built for the sole purpose of mining cryptocurrencies. It requires a tremendous amount of computer hardware and electricity to be successful. Unless you have several hundreds of thousands of dollars, you can’t even begin to compete. Cryptocurrencies are subject to hacking. Bitcoin merchants and wallets have been subject to hacking activities. However, Bitcoin itself has never been hacked. Other cryptocurrencies have similar security profiles. Insufficient security is always a potential problem with cryptocurrencies and cash. Protect your wallet and you should be fine. It’s impossible to trace cryptocurrency transactions. It’s not easy, but it can be done. Regarding Bitcoin, the blockchain ledger lists all the transactions that have ever occurred with Bitcoins. The challenging part is linking the wallet address with the owner.
Keys and blocks Cryptography is the technique used to protect privacy of a message by transforming it into a form that can be understood only by the intended recipients. Everyone else will see it as only an unintelligible sequence of random characters. This message manipulation is enabled by a pair of keys, public and private keys: You share your public key with your friend, who uses it to transform his message to you into an unintelligible sequence of random characters. You then use your private key to put it back into its original form. The special mathematical properties of these two crypto keys are widely used to provide secrecy and integrity. Two crypto keys play the role of digital signatures and are commonly used in blockchain to enable both authentication and anonymity for transactions. Blockchain is a crucial technology for creating NFTs. It uses cryptography to chain blocks into a growing list of records. Each block is locked by a cryptographic hash, or string of characters that uniquely identifies a set of data, to the previous block. The transaction records of a chain of blocks are stored in a data structure called a Merkle tree. This allows for fast retrieval of past records. To be a party in blockchain-based transactions, each user needs to create a pair of keys: a public key and a private key. This design makes it very difficult to alter transaction data stored in blockchain.
The IRS’ take on Cryptocurrency, or as the Service calls it, "Virtual Currency" is becoming more and more essential to investing and holding the assets. Why? Virtual currency transactions are taxable by law just like transactions in any other property. Taxpayers transacting in virtual currency may have to report those transactions on their tax returns. WHAT IS VIRTUAL CURRENCY? Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments, it operates like “real” currency (i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance), but it does not have legal tender status in the U.S. Cryptocurrency is a type of virtual currency that utilizes cryptography to validate and secure transactions that are digitally recorded on a distributed ledger, such as a blockchain. Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as “convertible” virtual currency. Bitcoin is one example of a convertible virtual currency. Bitcoin can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, Euros, and other assets.
Crypto is a unique currency. It’s completely virtual. Crypto is unsupported by any central bank or other authority. It’s not the official currency of any country. Yet all of these are both advantages and disadvantages. Whether or not crypto is an advantage for you is dependent on your situation. Crypto have several advantages over conventional currency: 1. Crypto can’t be physically stolen, generally. There is nothing physical to steal. In theory, however, someone could force you at gunpoint to send your cryptos to someone else. 2. It’s possible to avoid taxes. The onus is on the taxpayer to be honest about crypto transactions. There are many disagreements regarding the government’s ability to track cryptos through the system. Most of the investigative activity regarding cryptos is centered on major crimes, such as drug trafficking. 3. Crypto is extremely flexible. You can pay anyone in the world at any time. Holidays, exchange rates, borders, and
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A Quick, EZ Guide to UNDERSTANDING Crypto the time of day are irrelevant. Crypto hasfar greater flexibility than any other type of currency system. 4. There are no transactional costs. As there is no central authority, transactional costs are unnecessary. All of the computers on the system, including your own, are doing the heavy lifting. There’s no one else to pay. You could send your child a million dollars’ worth of cryptos without it costing a single penny. Try doing that with yourlocal bank or PayPal. • However, providing a small transactional fee will guarantee that payments are processed more quickly and most trusted exchanges charge fees fortheir services. 5. Privacy is maintained. Your personal information isn’t required as part of the transaction. There’s no risk of identity theft. The entire process is encrypted. Keep in mind that it’s not entirely anonymous. All transactions are recorded and posted for anyone to view. However, your name isn’t publicly associated with yourtransactions. 6. Transactions cannot be reversed. This is good news for merchants, but may be a disadvantage for consumers or anyone that sends crypto to the wrong wallet.
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A Quick, EZ Guide to UNDERSTANDING Crypto
- The crypto code is open source. There are no secrets, otherthan the identities of the parties involved in the transactions. It’s easy to see why cryptos are useful in certain situations. You have a greater degree of privacy and a lack of transactional costs. Crypto can be used at any time and on any day. You can still make or accept a payment
Cryptocurrency (now termed “Crypto”) is a digital monetary system. Instead of “dollars,” the unit of currency is referred
to as a “Bitcoin.” Like traditional money, cryptos can be used to store and transfer value among other crypto users within
the crypto community. Bitcoin is considered a cryptocurrency. The currency utilizes blockchain technology
and cryptography for management and creation of the currency. There is a crypto protocol, which resides primarily on the
internet. It’s possible to utilize the protocol on your smartphone, computer, tablet, and other computing devices.
It’s easily accessible to anyone with common available technology. Essentially, anything that can be done with conventional
currencies can be done with cryptos. It’s possible to buy and sell goods and services, give money to other individuals or
organizations, or even provide credit to others. Crypto can be bought, sold, and exchanged for other currencies.
A nonqualified deferred compensation (NQDC) plan is an elective or non-elective plan, agreement, method, or arrangement between an employer and an employee (or service recipient and service provider) to pay the employee or independent contractor compensation in the future. In comparison with qualified plans, NQDC plans do not provide employers and employees with the tax benefits associated with qualified plans because NQDC plans do not satisfy all of the requirements of IRC § 401(a).
Under a nonqualified plan, employers generally only deduct expenses when income is recognized by the employee or service provider. In contrast, under a qualified plan, employers are entitled to deduct expenses in the year contributions are made even though employees will not recognize income until the later years upon receipt of distributions.
Despite their many names, NQDC plans typically fall into four categories.
- Salary Reduction Arrangements simply defer the receipt of otherwise currently includible compensation by allowing the participant to defer receipt of a portion of his or her salary.
- Bonus Deferral Plans resemble salary reduction arrangements, except they enable participants to defer receipt of bonuses.
- Top-Hat Plans (aka Supplemental Executive Retirement Plans or SERPs) are NQDC plans maintained primarily for a select group of management or highly compensated employees.
- Excess Benefit Plans are NQDC plans that provide benefits solely to employees whose benefits under the employer’s qualified plan are limited by IRC § 415.
Despite their name, phantom stock plans are NQDC arrangements, not stock arrangements.
The end of the year provides an ideal opportunity to reflect on the status of your personal finances and review your evolving goals and objectives for the year ahead. Below are seven things you MUST do to be prepared for a fun New Year’s Eve:
- Get Organized. Pull together all of your important papers, including any wills, trusts, life insurance policies, homeowners insurance, and other pertinent financial records.
- Prepare a Tax Strategy. Begin to gather tax information and arrange a time to meet with your accountant, if necessary. It is important to file income taxes on time. Paying late can be costly.
- Schedule Legal Consultations. Consider scheduling a meeting with your attorney to discuss, and possibly update, your estate plan. You may need to establish or amend wills or trusts as necessary to adjust for changing goals or circumstances.
- Review Insurance Coverage. Get together with your insurance professional to review your life insurance policies to ensure you have the appropriate amount of coverage, as well as the proper beneficiary arrangements.
- Remember Your Reimbursement Account. If you maintain a flexible health care or dependent care account to achieve pre-tax savings, make sure you have submitted all related expenses in order to receive reimbursement. Remember that unused funds are lost if not spent in the current benefits period. If any funds still remain in the account, try to accelerate some expenses that normally would come due after the New Year in order to use up this year’s funds. If your account was either insufficiently funded or overfunded, adjust your commitment to the account for the year ahead to better match expected needs.
- Don’t Forget About Retirement. Sit with your financial professional and make sure all is set before going out for a fun night on the town. There may be some last minute things that can be accomplished that could better your financial situation.
- Write It All Down. After meeting with your advisors as outlined above, write down the goals that you can realistically attain. Make the commitment now to plan your finances to help assure yourself a comfortable, secure future.
R. Kenner French is an executive at VastSolutionsGroup.com and a CIO at Vast Holdings Group. He has authored two books — with another on the way, written numerous articles, and speaks all over the country on topics of interest to entrepreneurs.
You can sum up the appeal of a Roth IRA in three words: federal tax benefit. Add on top of that the new potential of huge earnings in cryptocurrency and you have a powerful combination. Earnings in a Roth IRA grow tax free as long as the owner abides by the Internal Revenue Service (I.R.S.) rules, and withdrawals are federally tax free once you reach age 59½ and have held the Roth IRA for at least five years.1
Unfortunately, some people make too much money to contribute to one. In 2021, joint filers with modified adjusted gross incomes (MAGI) of $206,000 or more and single filers with MAGI of $139,000 are not eligible for a ROTH IRA.
There is a way for high earners to bypass these limits, however: the “backdoor” Roth IRA strategy.2
High-income taxpayers may create Roth IRAs indirectly. This involves a little maneuvering, but may be of interest to certain investors — and also can also be invested in crypto nowadays.
The “backdoor” IRA strategy typically starts with the creation of a traditional IRA. Thecontributions to this newIRA are usually non-deductible, because of the IRA owner’s high modified adjusted gross income. This new traditional IRA is fully or partly funded, and with a financial professional’s help, it is quickly converted to a Roth IRA, and any tax liability is paid.3 Sometimes finding an investment professional who has knowledge in cryptocurrency is a challenge but they are out there. Backdoor Roth IRAs are great potential environments for crypto.
Because cryptocurrencies are classified as “property” rather than as securities, the wash-sale rule does not apply if you sell a cryptocurrency holding for a loss and acquire the same cryptocurrency before or after the loss sale.
You just have a garden-variety short-term or long-term capital loss depending on your holding period. No wash-sale rule worries.
This favorable federal income tax treatment is consistent with the long-standing treatment of foreign currency losses.
That’s a good thing, because folks who actively trade cryptocurrencies know that prices are volatile. And this volatility gives you two opportunities:
- profits on the upswings
- loss harvesting on the downswings
Have you procrastinated about setting up a tax-advantaged retirement plan for your small business? If the answer is yes, you are not alone. Many self employed small business owners are rushing to do the same. With the fact that 401(k) assets can now be invested in cryptocurrency they are hot right now. For owners of profitable one-person business operations, a relatively new retirement plan alternative is the solo 401(k). They provide the potential for retirement growth and tax mitigation. The main solo 401(k) advantage is potentially much larger annual deductible contributions to the owner’s account — that is, your account. Good! New to the fold now is that under the right circumstances you can invest your 401(k) assets into cryptocurrencies like Bitcoin, etc!
Everyone has heard of Bitcoin, even if they don’t fully understand it. There are numerous other cryptocurrencies besides Bitcoin. There are seemingly hundreds of cryptocurrencies, and most of these were released in the last couple of years. Coinmarketcap.com lists 100 cryptocurrencies. Many experts believe the numbers will continue to climb. In fact, with creator coins now available the space could increase by the thousands soon.
Bitcoin has a considerable head start on the other offerings. Several cryptocurrencies are slight variations on the Bitcoin platform and may be more attractive to conventional financial institutions.
People think April 15th is Tax Time but actually if you get things organized at that time it is too late. Get ready now — June, July, August. Tax laws can be confusing, leaving many unsure of what they may deduct and how they should file. However, according to the Internal Revenue Service (IRS), the process can be simpler than you may think if you attack it the right way.
On today's episode, we are joined by Kenner French, CIO of VastHoldingsGroup.com and executive at VastSolutionsGroup.com.
Join us, as Kenner explains IRA's plus the advantages of having them.
The known definition of IRA's are individual retirement accounts (IRA) which are tax-advantaged accounts that individuals use to save and invest for retirement.
Are you maximizing your retirement potential? As always, one of Kenner's top recommendations are for entrepreneurs to schedule consultations with their tax and financial advisors quarterly in order to maximize their tax savings. This includes looking at their qualified plans.
If you have any questions on this podcast or just questions in general. Please reach us at:
VastSolutionsGroup.com
Phone: (888) 808-8278 Extension: 701
Email: admin@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
On today's episode, we are joined by Kenner French, CIO of VastHoldingsGroup.com and executive at VastSolutionsGroup.com. Join us, as Kenner delves into some unique tax strategies that can be utilized to lower tax liability for entrepreneurs. Whether you are an established entrepreneur or starting a side hustle to supplement your income. As always, one of Kenner's top recommendations are for entrepreneurs to schedule consultations with their tax and financial advisors quarterly in order to maximize their tax savings. If you have any questions on this podcast or just questions in general. Please reach us at: VastSolutionsGroup.com Phone: (888) 808-8278 Extension: 701 Email: admin@vastsolutionsgroup.com Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
On today's episode, we are joined by Kenner French, CIO of VastHoldingsGroup.com and executive at VastSolutionsGroup.com. Join us, as Kenner outlines Five Easy Essential Tax Tips for Entrepreneurs. 1) Tax Harvesting 2) Using Long Term Capital Gains vs short term capital gains 3) IRA contributions 4) Using backdoor Roth IRAs 5) Qualified plans One of Kenner's top recommendations are for entrepreneurs to schedule consultations with their tax and financial advisors quarterly in order to maximize their tax savings. If you have any questions on this podcast or just questions in general. Please reach us at: VastSolutionsGroup.com Phone: (888) 808-8278 Extension: 701 Email: admin@vastsolutionsgroup.com Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
On today's episode, we are joined by Kenner French, CIO of VastHoldingsGroup.com and executive at VastSolutionsGroup.com.
Join us on this podcast, as Kenner outlines the top tax tips that has helped VastSolutionsGroup.com save their clients a wealth of taxes for their businesses.
We will touch upon:
5) Qualified retirement plans - 401(k)s
4) 831(b)
3) Roth IRA Conversions
2) 453(a)
1) R&D Tax Credits
If you have any questions or would like a complimentary one hour tax review you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278 Extension: 701
Email: admin@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
On today's episode, we are joined by Kenner French, CIO of VastHoldingsGroup.com and executive at VastSolutionsGroup.comand Asset protection attorney Robert “Bob” Bluhm of the Asset Defense Team.
Join us as Attorney Bob Bluhm explains how to use legal entities to reduce liability and lower the risk of being sued, with a brief introduction to entities and their meanings.
If you have any questions on this podcast or just questions in general. Please reach us at:
VastSolutionsGroup.com
Phone: (888) 808-8278 Extension: 701
Email: admin@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
So much confusion about cryptocurrency and how the IRS judges it. This podcast outlines some of the specifics surrounding the cryptocurrency world which is becoming so popular and appears to be mainstream with the IRS will help investors tremendously. This was the first podcast of its kind on the green room platform to be live and include tax issues.
The IRS has given little guidance about the “right” amount of S corp salary. This episode provides some guidance.
Everyone with property or children should have a will. It is especially important if you have children, since a will can provide instruction of your wishes regarding who will take care of your children.
A will must meet several requirements in order to be considered legally valid:
- There must be testamentary intent. This is fancy way of saying that the will was created with the intention of acting as a will and this fact is understood by the testator.
- The testator is required to have testamentary capacity at the time of signing the will. That means the extent and nature of the property in the will must be understood. The distribution of the property must also be understood.
- The will must be executed freely. This means the testator cannot be under undue influence, duress, or fraud.
- It must be signed. Depending on the state, this may include a notary or witnesses.
Just as with estate planning in general, wills also have their own terminology that the average person isn’t exposed to on a regular basis. Understanding these terms will greatly increase you understanding of wills in general.
7 Steps to Organizing Your Finances
You might not consider yourself to be an organized person, but your finances are the last place you want to be disorganized. Having too little cash at the end of the month is a challenge, but overdraft fees and late fees every month are an even bigger concern. By getting organized you dramatically cut down on the likelihood of these things happening.
Follow these steps and you'll be more organized that you ever thought you could be:
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Look at your budget every month. Ensure that your budget is accurate. No two months are ever the same, so be sure your budget reflects reality for the upcoming month. For example, electricity bills can be much higher in the summer if you use air conditioning or in the winter if you have the heat turned up.
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If you don’t have a budget, make one now! There are an unlimited number of resources available to make the job a lot easier. Budgets are critical. Your budget is your key to having your money work for you!
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Utilize financial software. Some of the software available now can really help you to get organized, track your spending and bills, and help with budgeting. Many programs are free.
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You might actually find working with your money to be enjoyable when you can use a computer and specialized software. It’s a whole different experience than laboring over your hand-written figures on paper.
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Keep all your bills in one place. Avoid leaving some of them on the kitchen counter, some in the junk drawer, and some on the desk. Having one specific location for all your bills will ensure that nothing gets lost, and it’ll also give you the best chance to ensure that everything gets paid on time.
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Store your bills close to where you normally sit and pay them. Keep them out in the open where you can see them regularly.
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When you're done paying them, retain any records you need and shred everything else to protect yourself from identity theft.
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Pay your bills weekly. Each week, pay any bills that are due in the next couple of weeks. Choose a day and make a habit of paying your bills on that same day each week. Developing good habits is a big part of staying organized.
- Make a checklist of your bills. This should include all your recurring bills. Then, when the bill arrives, you can note the day it arrived, the amount due, the date it's due, and the day you actually paid it. Any non-recurring bills can be added to the checklist when they arrive.
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Communicate regularly with anyone who shares your account(s). Whoever pays the bills needs to know what the other person is doing with the account. Develop a system to ensure that the bill payer is kept in the loop at all times.
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Financial matters can be a source of stress in relationships, so work out an effective system before it becomes a challenge.
Have two accounts. Mishaps are a lot less likely to happen if you have one account that is only used to pay bills. Use a separate account for everything else.
In today’s ever changing environment, it’s important for any successful business to develop a competitive advantage in the marketplace and mitigate the risks that come along with day-to-day operations. Customers are looking for added benefits when choosing a product and, with the amount of competition in the marketplace, customer retention is becoming increasingly difficult. Custom warranty programs were created with these things in mind. They are warranty programs modeled after those used in other industries and applied to any specific product a business offers.
There are several warranty programs currently being utilized by businesses today, however, these programs tend be costly and time consuming for a small to mid-sized business to implement effectively. Retailers such as Best Buy allow you to purchase an additional warranty that covers damage to an electronic device excluded by the manufacturer’s warranty, such as accidental damage. In the auto industry dealerships offer extended drivetrain warranties and tire companies offer warranties for every new tire purchased.
The programs allow any size business that manufactures, distributes, or sells a tangible product to build a warranty program. Not only is it a strong marketing tool, but it also allows the business to generate an additional source of revenue. Because of the simple application requirements and a transparent claims process, customers have an increased value of the services offered, leading to greater customer retention. This gives the businesses a strong competitive advantage within the marketplace. Implementing the custom warranty program also highlights the business’s inefficiencies, allowing the owners to understand what products have the highest warranty claims.
When traveling for business related purposes, the majority of your expenses are deductible. Costs ranging from your plane ticket, a portion of your meals, lodging and even entertainment are tax deductible.
In addition to receiving a tax deduction for the portion of your home expenses that applies to your home office, these expenses for your home office are also tax deductible:
1. Phone. In order to write off your phone expenses, you'll need to separate your home line from your business line. If you're seeking a landline phone, you can score a deal for about $30 per month. However, you can also get a second line for your cell phone in order to offer you more flexibility as to when and where you take business calls.
• An affordable alternative to a landline phone would be MagicJack. It costs $40 for the initial purchase of the device. And the recurring costs are $19.95 per year thereafter. MagicJack operates under VOIP (Voice over Internet Protocol); therefore you need to plug it into a computer in order to turn on the reception for your phone.
• If you need more mobility, most cell phone companies allow you to add an additional line to your account for as little as $10 per month and you can share the minutes given on your primary line.
2. Internet. Whether you work strictly from home or work on your business from home during your spare time, it's highly unlikely that 100% of your internet use is strictly for work related purposes. Therefore, you won't be able to deduct your internet bill in its entirety.
• Deduct your internet charges according to the percentage of its usage that is dedicated to your business use.
3. Home office furniture and equipment. You can also take deductions for your home office furniture and equipment designated for business use:
• Desks, chairs, and other furniture
• Filing cabinets
• Computers and monitors
• Laptops
• Printers
• Fax machines
• Software you need for your business
4. Maintenance and repairs. Any maintenance and repairs strictly for your home office, such as new carpet or paint in the office space, is 100% tax deductible for your business.
5. Your child's allowance. Pay your children for keeping the home office tidy. Even a small child can dust the desk and computer! It encourages responsibility in your children and you get a tax deduction for what you pay them.
• Let older children help you keep your files, papers, and receipts organized. They can even enter your daily income and expenses into your bookkeeping software.
• If your child is under age 17, you can employ them without paying social security on their wages.
Don’t be the Entrepreneur who makes these mistakes that seemingly everyone makes. Listen to this podcast to learn how to not make the same mistakes that so many entrepreneurs make in there entrepreneurial journey.
Estate planning is the thing that people have heard of but really do not know what it is. Is it law, legal, finance, etc? Well, it is all those things and more. This podcast will provide the basics and essentials of estate planning so you have a foundational knowledge of the very important topic.
Entrepreneurs have it good and have it bad. People in many ways do not realize that the good far outweighs the bad - by a long shot. Listen to this podcast to learn more.
With the consistent year over year growth of data breaches, it’s becoming more important for successful businesses to develop a comprehensive Enterprise Risk Management (ERM) program that provides the capital and tools needed to mitigate the enormous cost of a breach. An effective ERM program can mitigate your data breach risk, address gaps in cyber insurance policies, and create a rainy day fund of tax-advantaged dollars to use in the event of a breach.
Do you want to get your tax questions answered by some leading tax experts for free, that’s free? Again, free? One extremely innovative way to do that is by joining the app Clubhouse that everyone is talking about. Join Clubhouse for free and have your tax questions answered for free. Not bad, huh? Clubhouse is a San Francisco-based social media app that was founded by Paul Davison and Rohan Seth in March 2020. As a matter of fact, one of my friends is an early investor. The app is voice-based where people can create or join voice chat rooms. These chat rooms appear based on who users follow. And users, once in a voice chat room, can listen to a conversation or they can be invited to speak through a "raise hand" feature. The room's creator can also "tap" a person to allow them to more actively participate. As of today, Clubhouse has gained a lot of interest while remaining in beta and requiring an invite to join. Part of the interest has grown out of the guests which have held conversations through Clubhouse, including Mark Cuban, Jack Dorsey, Eric Siu, MC Hammer, Marc Andreessen, Matt Andrews, Grant Cordone, and Kevin Hart. Some conversations with individuals have been curated, such as MC Hammer's discussion of the effect of Coronavirus on prison populations. Part of the interest in Clubhouse, besides these conversations, has come from these individual's tweeting for people to join their conversations.
Many investors believe that all commercial real estate is too complicated for them. Another common belief is that you need a million dollars to get started. Neither is true. It’s possible to invest in commercial real estate with zero investing experience and an average salary. Commercial real estate can be a safer and easier investment than single family homes.
Commercial real estate encompasses a wider range of properties than many beginning investors realize.
Really, commercial real estate is not as daunting as people think. People really can make real money as an investor in commercial real estate.
With the consistent year over year growth of data breaches, it’s becoming more important for successful businesses to develop a comprehensive Enterprise Risk Management (ERM) program that provides the capital and tools needed to mitigate the enormous cost of a breach. An effective ERM program can mitigate your data breach risk, address gaps in cyber insurance policies, and create a rainy day fund of tax-advantaged dollars to use in the event of a breach.
As you consider the wide range of life insurance coverage available, you may wonder what type really fits your needs now, and what will suit your needs in the future. A good, first step is to ask yourself why you are buying insurance, and how it will fill your personal and family financial security requirements. Do you want insurance to cover a new home or mortgage? A college education? A business investment? Your retirement? Your final expenses? Once you have the answers, you can look at the basic types of coverage, whole life, universal life, and term.
Many of us may perceive trusts as a complex subject better left to wealthy people. However, a trust is simply a contract initiated by a grantor who agrees to transfer assets to a beneficiary, who then receives the assets as stipulated in the trust contract. A trustee, who may also be the grantor, manages the trust assets and ensures the stipulated terms of the trust are faithfully executed.
You new to the 401(k) world? You need to brush up on your qualified plan terms? You simply interested in learning a bit about all the terms involved with 401(k)s and other qualified plans? If so, this article is for you. Otherwise, move on. It could put you to sleep :).
Being a small-business owner isn’t easy. After all, balancing payroll, managing employees, drawing up marketing plans, and handling the bookkeeping can be stressful! Luckily, the Internal Revenue Service (I.R.S.) allows small-business owners to take some surprising deductions, which may help come tax time. Read on to learn more.
Even with the best intentions, filing taxes often becomes an event that is put off until the very last minute. Tax laws can be confusing, leaving many unsure of what they may deduct and how they should file. However, according to the Internal Revenue Service (IRS), the process can be simpler than you may think.
If I am going to San Francisco to Los Angeles without a plan I may end up in Las Vegas. What happens if I need to be in LA for an important meeting? To see my son? Maybe to go to Disneyland with my family? I would miss out. Without a plan there could be issues. Same with retirement. If I do not plan I may just miss out. By missing out in retirement I may mean having to go back to work.
Small businesses owners should conduct an annual assessment of their personal finances. Owners of small businesses have much the same concerns as everyone else, except they are personally responsible for the fortunes of their enterprise. In a sense, a small business is like a family. And these are important families in American economic life. After all, small business is vital to the U.S. economy, employing half of private-sector workers and creating two-thirds of net new jobs, according to federal data.
Marketing is a challenge when the amount of money your business can afford to spend on advertising and public relations is limited. But with a bit of creativity you may find you do not need a big marketing budget to build your company’s reputation and spread the word about your products and services.
If an entrepreneur is not at least thinking about implementing artificial intelligence (AI) they will soon be looking to leave the entrepreneurial ranks soon. Implementing AI is almost as important as a business buying computers — it will be absolutely essential to a company’s success going forward. No doubt.
Here’s an overview of the four basic legal forms of ownership for small businesses: sole proprietorships, partnerships, corporations, and limited liability companies (LLCs).
Sole Proprietorships The vast majority of small businesses start out as sole proprietorships. These firms are owned by one person, usually the individual who has day-to-day responsibility for running the business. Sole proprietors own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts. In the eyes of the law and the public, the owner is the business.
Partnerships In a partnership, two or more people share ownership of a single business. Like proprietorships, the law does not distinguish between the business and its owners. The partners should have a legal agreement that sets forth how decisions will be made, profits will be shared, disputes will be resolved, how future partners will be admitted to the partnership, how partners can be bought out, or what steps will be taken to dissolve the partnership when needed. Yes, it’s hard to think about a “break-up” when the business is just getting started, but many partnerships split up at times of crisis, and unless there is a defined process, there will be even greater problems. They also must decide up-front how much time and capital each will contribute, etc.
Corporations A corporation—chartered by the state in which it is headquartered—is considered by law to be a unique entity, separate and apart from those who own it. A corporation can be taxed; it can be sued; it can enter into contractual agreements. The owners of a corporation are its shareholders. The shareholders elect a board of directors to oversee the major policies and decisions. The corporation has a life of its own and does not dissolve when ownership changes.
Subchapter S Corporations AKA S Corps
A tax election only, this form of ownership enables the shareholder to treat the earnings and profits as distributions, and have them pass through directly to their personal tax return. The catch here is that the shareholder, if working for the company, must pay herself wages if there is a profit, and those wages must meet standards of “reasonable compensation.” This can vary by geographical region, as well as occupation, but the basic rule is to pay yourself what you would have to pay someone to do your job, as long as there is enough profit. If you do not do this, the IRS can reclassify all of the earnings and profit as wages, and you will be liable for all of the payroll taxes on the total amount.
Limited Liability Companies (LLCs)
The LLC is a relatively new type of hybrid business structure that is now permissible in most states. It is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. Formation is more complex and formal than that of a general partnership.
A Brief Entrepreneurial Roadmap to Success
Being an entrepreneur rules…but there are rules!
Whether you’re planning to start a new business, trying to grow a fledgling business, or working to keep an already established enterprise competitive, your business plan is your “roadmap” toward success. And, since running a business is a little like embarking on a journey without a final destination, it may be necessary to consult, or even reconfigure, your map from time to time.
Get a Hobby, It Can Make You Rich …and save you taxes!
Many people dream of turning their passionate pursuit into a money-making venture. Creating a successful and profitable business is seldom easy, but the Federal government offers tax incentives to business owners that could make converting an avocation into a business start-up an effective part of your overall tax planning strategy. If you are thinking about turning your hobby into a business, you would need to realistically appraise your chances of building a profitable enterprise before you declare yourself a business owner.
If I am going to San Francisco to Los Angeles without a plan I may end up in Las Vegas. What happens if I need to be in LA for an important meeting? To see my son? Maybe to go to Disneyland with my family? I would miss out. Without a plan there could be issues. Same with retirement. If I do not plan I may just miss out. By missing out in retirement I may mean having to go back to work.
Planning personal finances used to be the worry of the wealthy and their worry—usually preservation of wealth—was attended to by teams of trust officers and lawyers. Many of today’s middle class families have different concerns: funding retirement; educating children; protecting assets; and coping with unexpected changes in health, employment, and marital situations. But, whether your goal is to build or protect assets, the sooner you start, the better.
Small business owners seeking to purchase or renovate commercial real estate may want to consider the U.S. Small Business Administration’s (SBA) 504 Loan Program. This program provides long-term, fixed-rate financing for small businesses to acquire fixed assets, such as real estate or equipment, for expansion or modernization.
You will learn in twenty years if you are needed any longer. It is expected in year 2040 that a computer’s action will be indistinguishable from that of a human. Think about that. You could be emailing in the year 2040 and truly not know who or what is on the other end. Scary.
Since you never know when a disaster may strike causing severe damage and disruption to your business operations, it is important to expect the unexpected and manage your risks accordingly. For that reason, business insurance should be factored into your regular cost of doing business. Generally, the best way to protect yourself and your business against the unforeseen is to prepare before an incident occurs by taking steps to reduce risks and by purchasing the appropriate insurance.
Life Stages and Investment Management
Investment management is determined by age!
On the way to developing and maintaining your financial well-being, the ability to successfully manage your personal finances will play an important role. A solid financial strategy can help you build a more financially secure future for your family.
To start, it is important to have an emergency fund in a separate savings account. Once you have accumulated up to six months’ worth of income to cover housing, food, utilities, transportation costs, etc., you can work toward defining your short- and long-term financial goals, and then constructing a plan to help ensure you meet your objectives.
Here is just a little sampling...
1. People often have twice the credit they actually need. Avoid temptation by never charging more than 50% of your total credit limit. 2. Join your company’s retirement plan and try to contribute as much as you can, especially when the contribution is made from before-tax earnings. 3. Can you imagine your heirs receiving only half of your hard-earned assets? That’s what could happen if you don’t take estate planning seriously enough.
Whether you realize it or not, artificial intelligence is already part of your everyday life. AI predicts your web searches, personalizes your social media feeds and optimizes your online purchases – just to name a few examples. In the future, it will also play a major role in your long-term financial planning as an entrepreneur.
There is no doubt that 2020 has been a challenging year for small businesses. With the COVID-19 pandemic, racial equality protests and a looming economic recession, the business landscape has been transformed, and new trends are cropping up as a result.
If an entrepreneur is not at least thinking about implementing artificial intelligence they will soon be looking to leave the entrepreneurial ranks soon. Implementing AI is almost as important as buying computers nowadays. It will absolutely be essential to a company’s success going forward. No doubt!
An in-kind distribution from a traditional IRA is fully taxable, just as a cash distribution from a traditional IRA becomes taxable income. Just how is the cash value of the in-kind withdrawal determined? The fair market value of the asset is reported to the IRS as a step in the distribution
Think you can outsmart a computer? Probably not. If we are not as smart as a fifth grader why would you think that you could outsmart a computer that could do billions of calculations per second? That said, why would you want to leave your retirement in the hands of a financial advisor who is not using advanced technologies to help you?
Pension plans come in all shapes and all sizes. Long favored by employers for a variety of reasons, the defined benefit plan allows an employer to make contributions to a plan that guarantees to pay employees a defined benefit in the future. These plans can equate to large retirement and tax savings savings. If an entrepreneur has no employees, the retirement and tax savings are even bigger.
Are you an entrepreneur and it seems like retirement is years and years away? While it may appear this way, you owe it to yourself to look ahead and begin giving thought to a time in your life that may account for 20 or more years of not working.
A solo 401(k) is simply one that has no other participants except for the business owner themselves, generally speaking. These can be great ways to amass wealth in today’s competitive environment. It helps with increasing retirement assets and also potentially lowering tax liability - two good things.
You as a business owner should know the top 15 metrics you should measure to gauge client satisfaction. This podcast count down was chosen from the editors of Forbes.com from submissions of its esteemed Forbes Business Council.
So few people know that you, indeed, can put real estate assets in an IRA or 401(k) plan. Sometimes you could potentially have a rate of return as high as 20% per year or even more. It just may be the ticket to you becoming wealthy.
If you are an owner of a small business employing your spouse and children can potentially help reduce your family’s effective tax rate. What does that mean? That means you can save some dough. Sometimes you can save a lot of money in taxes!
Do you need a roadmap for your retirement plan? Going without a plan is like driving from New York to Los Angeles without a road map. Do you want to get to your destination don’t you? Same thing for your retirement plan.
Too many times does an entrepreneur say they are too busy to talk about their personal finances. These tips are must-dos which will help an entrepreneur with their personal finances.
Every entrepreneur should be thinking about easy solid tax strategies and we have them here...
Solopreneurs (entrepreneurs with no employees) feel like they are alone. They are not. We have 7 surefire ways for them to prepare for retirement and get tax deductions.
A good retirement/tax mitigation strategy for an entrepreneur with no employees is called a Uni-K Plan. It’s similar to a 401(k) but no employees are eligible thus making the entrepreneur rich.
Do you want to get rich? You could try and do so the old fashion way, and walk there or you could get in a Ferrari and get there quicker. AI is a means to lowering taxes and increasing rates of return. By listen to this audio you will understand the possibilities that are around us for machine learning.
You want to leave a headache to your family when they need them least? Plan youe business succession planning NOW!
As a result of this crazy COVID-19 issue it is of vital importance for many entrepreneurs to get their workforce back up and running so the company can move forward. This podcast gives a few helpful tips in getting workers back to work.
Surely, you wouldn’t be one of the people who are overlooking business deductions even though there are so many entrepreneurs who are doing just that. In this podcast we will discuss a few different business deductions that so many entrepreneurs overlook
Don’t fall prey to the major retirement planning mistakes that so many entrepreneurs make. This audio should help you in staying away from some of the all too frequent mistakes.
Very briefly here we go into some specifics of solo 401(k)s. Sometimes these can be very flexible and help a small business owner to prepare for retirement while also lowering taxes
The time to save your parents from financial fraud begins now. Don’t wait until it’s too late and they’ve lost $100, $1,000, $100,000, or more.
In very quick form after we just started doing the podcast we have received a number of questions as to what is tax and financial engineering and what is it that Vast Solutions Group is about. In this quick podcast we outline just a little bit about those two items.
There are some real issues to think about when retiring single and this audio will indeed help.
In the short audio we go over the specifics of preparing for someone to sell their pride and joy, their business.
In this podcast we go through a few of the issues confronting those with considerable family wealth. Listening to this podcast might make you take a look at, and better your own, situation.
This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app
There are many special considerations after a second marriage as these do provide complexities beyond typical estate planning.
Two recent court rulings may want you as an entrepreneur to double check your company‘s 401(k) plan to make sure that it is doing exactly what it should be doing
Do bad money habits constrain your financial progress? Many people fall into the same financial behavior patterns year after year. Listening to this podcast will help you to identify if you’re doing any of these bad money habits.
We outline a number of things that many people may be currently doing illegal but not realize.
If you are between 40 and 60, beware of the so common financial blunders and assumptions outlined in this podcast.
For many people, retirement income may come from a variety of sources but before that many people may need familiarizing as to where they are.
This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app
Of the 330 million people in the US a small fraction get audited. If entrepreneurs aren’t doing anything so why are they so worried?