Wealth Game

In this episode, I explain the concept of gifting equity, particularly in real estate scenarios, and the associated gift tax implications. I walk through a scenario where parents sell a house to their children at a lower price, discussing the need for a gift letter and the $17,000 annual gift tax exemption. No action requested, just valuable insights on gifting equity and tax considerations. Thank...

In this video, I introduce the POND method to determine if expenses are deductible for your business or rental property. The acronym POND stands for Purpose, Ordinary, Necessary, and Documentation. I explain how each factor plays a crucial role in identifying deductible expenses. No action requested from viewers.   Thank you for listening to another episode of the Wealth Game Podcast. &n...

In this video, I discuss how you can write off travel expenses and maximize your tax savings. I explain the importance of having a valid reason for your trip, such as meeting clients, attending conferences, or visiting properties. I also provide examples of deductible expenses, including flights, hotel stays, and food. Watch this video to learn how to take advantage of travel expense deductions an...

Alright, we have just passed the April 15th deadline for the 2023 tax returns. In this video, I will break down the reasons why we need extensions, when it makes sense to file them, and the potential issues that can arise. I will discuss the benefits of extensions, such as more time to file without penalties and the opportunity to implement tax strategies. However, there are also drawbacks, includ...

Last-Minute Tax Tips: A Quick Guide to April 15th, 2024 As the tax deadline looms closer, it's time for some eleventh-hour tax-saving strategies. Join us as we dive into a rapid-fire rundown of five essential tips to consider before April 15th hits. From crucial reminders about extensions to savvy retirement contributions, we cover it all in just a few minutes. Host Brent Bement, a seasoned tax ex...

In this video, I am excited to share the details of the Beemint blueprint. It consists of three entity structures that can help you build wealth, grow your business, and protect your assets. The structures include an operating company (S corporation), an investment holding company (LLC), and a private foundation for charitable goals. I highly recommend these structures for maximizing tax benefits...

In this episode, I discuss potential tax updates outlined in the Tax Relief for American Families and Workers Act of 2024. These updates include changes to tax credits, business limitations, bonus depreciation, and more. I provide important information and recommendations for business owners, as well as insights into how these updates may impact individuals. Watch the video to stay informed and ta...

In this video, I explain how you can get a tax deduction for state taxes that you're already paying. I discuss the problem of the cap on state and local tax deductions, and then present a solution called the pass-through entity tax payment. I provide an example and explain how prepaying state taxes through your business can lower your taxable income and save you money on taxes. I also offer import...

In this video, I discuss how to reduce the tax impact of capital gains. I explain what capital gains are and provide examples. I then share four strategies to minimize the tax burden: investing in opportunity zones, buying real estate and utilizing depreciation, harvesting capital losses, and accelerating deductions. These strategies can help reduce the tax impact and provide options for viewers t...

In this video, I discuss the importance of protecting yourself from identity theft, specifically during tax season. I explain how individuals can file fraudulent tax returns using your personal information and how the IRS may hold you responsible for the refund. I also highlight the significance of obtaining an Identity Protection PIN (IP PIN) from the IRS to prevent such incidents. I provide step...

In this video, I discuss six key tax strategies that can help you maximize deductions and reduce your taxable income. I cover topics such as deductions, deferring income, understanding tax brackets, utilizing tax credits, choosing the right entity structure, and investing in opportunities that provide tax breaks. By implementing these strategies, you can potentially save a significant amount on yo...

In this video, I discuss the exemptions to the Beneficial Ownership Information (BOI) form. I go through the 23 exemptions that may apply to many people collectively, but not necessarily to the viewers of this video. I provide a brief overview of each exemption, highlighting who does not need to file the BOI form. This information is crucial for understanding whether or not you are exempt from fil...

In this video, I will be discussing the Beneficial Ownership Information Reporting Form, which is a government form that will be required starting in 2024 for corporations and LLCs. I will cover the Who, What, Where, When, and Why of this form, including exemptions and important details. It is crucial to understand this form and its requirements to avoid penalties. Please watch the video to learn...

In this video, I discuss three important tax credits that many people overlook. The first one is the dependent care benefit, which allows you to claim a credit for paying someone to take care of your kids while you work. The second is the energy-efficient home credit, which provides a tax break for making your home more energy efficient. Lastly, I explain the R&D tax credit, which can be a sig...

In this video, I will discuss how to write off expenses for your home, whether you are an individual homeowner or a business owner/investor. For individual homeowners, the main deductions are mortgage interest and property taxes. Additionally, if you sell your home after living there for at least two years, you can exclude a significant portion of the capital gain. However, for business owners and...

101 - Understanding Capital Gains Tax Do you want access to the videos, drawings, templates, tools, and be able to get your questions answered on the live calls or in the community?  We'd love to have you join the Wealth Game Alliance today!   Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners a...

100 - Wealth Game Alliance announcement Visit www.wealthgame.io Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions,...

2nd chances - Redo your tax return for a refund Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cov...

Marriage and Taxes - 3 Tax Strategies for Couples Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to c...

Audit-Proof Your Tax Returns - Keeping Smart Tax Records Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questio...

R_D Tax Credit Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests ple...

Tax Lien Investing Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests...

Investing in Gold & Silver Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaborat...

Investing in Art Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests p...

Guns - Investment and my history with them Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, o...