A humorous quote claims that a person doesn't know how much he has to be thankful for until he has to pay taxes. We incur taxes to enjoy the benefits of living in a civilized society. Hence, it has been a significant cause of worry for many of us....
A humorous quote claims that a person doesn't know how much he has to be thankful for until he has to pay taxes. We incur taxes to enjoy the benefits of living in a civilized society. Hence, it has been a significant cause of worry for many of us. Some believe that taxes rob industrious taxpayers of their hard-earned money since it requires them to part with their own money.
However, we can look at it from a more positive perspective since there are many ways to reduce tax liability legally. Many taxpayers miss out on potential tax advantages and overpay due to inadequate knowledge. We must therefore gain a deeper awareness of these issues because we will undoubtedly be dealing with them for the rest of our lives. Moreover, a thorough financial plan is believed to include tax planning as a critical component to assist people in paying the least amount of taxes necessary in the years leading up to and after retirement.
Amanda Han is a Certified Public Accountant, tax strategist, author, and managing director of Keystone CPA. She specializes in creating tax-saving strategies for real estate investors. As a CPA, she has helped countless national investors to supercharge their wealth building through proactive tax saving. Some of the tools she uses are her top-selling Amazon books and teachings on prominent publications such as Money Magazine, Google Talks, and CNBC. As a real estate investor of more than ten years, she combines her passion for investing with her tax expertise to help others supercharge their wealth and keep more of what they make.
Matthew MacFarland is a Certified Public Accountant, author, managing director of Keystone CPA, and tax strategist with over 20 years of experience handling individuals, families, real estate investors, and closely held businesses. Matt received his accounting degree from UCLA and a Master's in Taxation degree from USC. As a CPA, Matt brings over two decades of tax planning expertise working specifically with real estate investors and high net-worth individuals. He has experience in both Big 4 Public Accounting and private client advisory. Matt is an avid speaker and educator on real estate tax strategies who authored The Book on Advanced Tax Strategies for Real Estate Investors. Matt has a passion for animals and founded the Animals for Armed Forces Foundation.
In this special episode with Amanda Han and Matthew MacFarland, we'll learn about the inspiring passion of a married couple who educate people in strategies to save on taxes, decrease tax burden and help entrepreneurs to take advantage of the opportunities around them concerning tax and financial planning.
"Tax advisors are there to help you explain things and set you up to get you in the right position to take advantage of all the opportunities out there." – Matthew MacFarland
(00:00:00) Introduction + Episode Snippet
(00:00:19) Introducing our special guests, Amanda Han and Matthew MacFarland
(00:00:32) Advertisement: Obtain financial freedom with passive income! TimeOut with the SportsDr. teams up with Dr. Ronnie Shalev of Shalwin Properties to discuss things finance! Join Dr. Shalev's webinar or set up a 1-on-1 call; go to https://www.drderrickthesportsdr.com/sponsors.
(00:02:38) Podcast about taxes: Why is it the must-listen podcast of the year?
(00:04:10) The Certified Public Accountant Couple: What led them to become CPAs?
(00:06:00) Take advantage of the same loophole others are benefiting from.
(00:07:30) The Birth of Keystone
(00:08:22) Tax planning firm: Save on taxes legitimately
(00:09:55) A Businessperson's goal: Not to become a CPA but to understand all the tax law
(00:12:32) How do business owners benefit tax-wise from having kids?
(00:13:07) Make your children involved in your business.
(00:15:53) What is the significant role of a Limited Liability Company?
(00:17:42) Legal entity ambiguity and common misconceptions
(00:19:13) Understanding Cost vs. Benefit
(00:20:00) Lawyer or Accountant: Where to go first for decision-making advice?
(00:22:22) Advertisement: Sabre Bats, the training bat that will take you to your next swing. Go to https://www.sabrebats.net to know more.
(00:23:21) How do we take advantage of tech strategies for business travel?
(00:24:45) Diversification versus specification: The Retirement planning
(00:27:34) How does self-directed 401k investment works?
(00:28:43) Self-directed investments do not incentivize traditional financial advisors.
(00:30:41) How can you gain access to a genuine self-directed 401k?
(00:32:01) The Tax deferred exchange: How does a 1031 exchange operate?
(00:33:09) Inheritance vs. Gifting: What tax differences exist between them?
(00:37:02) Final TimeOut with Amanda Han and Matthew MacFarland: How do we take advantage of some of our tax benefits and get our finances in order?
(00:38:22) The higher your income is, the more crucial tax planning is.
(00:39:44) It's not how you start but how you finish.
(00:41:14) Connect with Amanda Han and Matthew MacFarland.
"Research has shown that the average American, we're losing more money to taxes than we do on food, clothing, and housing combined." – Amanda Han
"If you're doing things correctly, there's ways where you can make a lot of money but pay little to no taxes using real estate as one of the strategies." – Amanda Han
"You can either sit back and complain about taxes or you can learn how you can take advantage of the same loopholes or tax benefits that some of the wealthy can take advantage of because we too can take advantage of many of those if they educate us." – Dr. Derrick Burgess
"In sports, if you play by the rules and you'll be able to win the game while in a tax standpoint, if you have the right facts, then you can pay little taxes." – Amanda Han
"Tax planning is when you're meeting with your advisors throughout the year to know if you're doing the right things and are having the right facts so you can save on taxes legitimately." – Amanda Han
"I think for investors and business owners, your goal is not to become a CPA and understand all the tax law but to know enough so that you know what questions to ask and when to ask them." – Amanda Han
"If you decided to start your business or real estate tomorrow, whether you do that in your name or an LLC, you get the same write-offs in both scenarios." – Amanda Han
"The whole concept of being specific in investing to something where you have unique knowledge, insight, and experience." – Amanda Han
"The reason why a lot of traditional financial advisors don't talk about self-directed 401k or don't want to talk about it is because when you ask them those types of questions, you're sort of taking money away from them." – Amanda Han
"And it does not incentivize traditional financial advisors to advise you on how you can control your own money outside of their platform. That's why we're so passionate about educating people on how they can control their retirement money." – Amanda Han
"True self-directed custodian does not have any portfolio of assets to offer you. The vast majority limit themselves because they won't give you investment advice since they don't know whether you should buy property in one place or another. It has nothing to do with them. They're just holding your money for you, and you are the one making the investment decision." – Amanda Han
"It's a great way to continue to leverage and continue to grow your portfolio into better performing assets without having that tax drag that's slowing you down." – Matthew MacFarland
"When you're spending money before you do it on any significant items, whether it's a trip, car or a vacation, ask yourself how I can make this a tax-deductible expense." – Amanda Han
Connect with Amanda Han:
Connect with Matthew MacFarland:
Website: https://www.keystonecpa.com/; animalsforarmedforces.org
Connect with Dr. Derrick Burgess:
This episode of TimeOut with the SportsDr. is produced by Podcast VAs Philippines - the team that helps podcasters effectively launch and manage their podcasts, so we don't have to. Record, share, and repeat! Podcast VAs PH gives me back my time so that I can focus on the core functions of my business. Need expert help with your podcast? Go to www.podcastvasph.com.
Real estate investing is one of the best ways the super wealthy use to reduce taxes. Believe it or not, the same tax benefits can be available to the everyday investor as well. All it takes is knowing how to take advantage of them. Amanda Han & Matt MacFarland are CPAs and tax strategists who specialize in helping people use real estate to save massive amounts in taxes and keep their hard earned money. They help educate investors on how to maximize tax write-offs, legal entity strategies, tax-efficient ways to access profit, how to use 401K money for real estate, and much more.
They are authors of the highly rated book Tax Strategies for the Savvy Real Estate Investor and they have been featured in prominent publications including the Forbes Finance Council, Money Magazine, Talks at Google, CNBC’s Smart Money Talk Radio as well as the BiggerPockets podcasts.
Today, Amanda & Matt have helped thousands of investors nationwide to save on taxes with proactive tax planning.
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