“I’m not saying everyone has to become a real estate tycoon like Donald Trump.”
Everyone thinks that their biggest expense each year is their house or their car, but the reality is that for almost everyone, taxes are the biggest expense each year.
I recently had the pleasure of speaking with Mark Kohler, the author of Lawyers are Liars: The Truth About Protecting Our Assets and What Your CPA Isn’t Telling You to talk about how to think about taxes and legal tax avoidance.
In this interview, you’ll find out:
- 2:30 – What are some of the common tax mistakes that the average investor makes?
- 6:15 – What are the myths about self-directed IRAs?
- 11:35 – What are the tax differences between investing in mutual funds and individual stocks?
- 13:21 – When should I use a CPA to do my taxes as opposed to using software like TaxCut or TurboTax that I can just buy?
- 17:50 – Most small businesses don’t succeed. What are the tax implications if your startup doesn’t make it?
- 20:23 – Can you use your small business to help write off travel?
- 22:22 – Why does Mark think that you should buy one rental property per year?
- Bonus: How did Mitt Romney get so much money in his IRA? (you’ll have to watch the whole video to find out)
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What did you think about this video? Have taxes eaten you up before? Should the tax tail wag the investment or small busines dog? Tell us what you think in the comments below!
This post appeared in the Control Your Cash’s brilliantly written Carnival of Wealth. They love their CPAs (and their CPAs’ swimsuits). If you want to read another finance blog written by highly intelligent and entertaining writers, I cannot recommend them highly enough. It also appeared in the Tax Carnival.
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