Mastering Taxes and Entity Structures with Preston Anderson | Jake and Gino Show

Jake & Gino: Real Estate Investing & Multifamily

Jake & Gino

Smartinvesting, Buyingrealestate, Investing, Multifamilyrealestateinvesting, Business, Investingsmart, Apartmentinvesting, Management, Makingmoney, Realestateinvesting, Cashflow, Jakeandgino, Realestateinvestment, Commercialrealestateinvesting, Buyingapartmentbuildings, Entrepreneurship

4.9 • 842 Ratings

🗓️ 8 April 2024

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome to another episode of the Jake & Gino Podcast, where real estate investment meets real-life strategies. Join your hosts, Jake Stenziano and Gino Barbaro, as they dive deep into the world of taxes, entity structures, and strategies to fuel business growth and protect assetsF. In this episode, we're thrilled to have Preston Anderson from Anderson Tax, a seasoned CPA who brings a wealth of knowledge and insights on how entrepreneurs and business owners can significantly cut their tax bills. Preston shares his journey from a math-savvy high schooler to becoming a passionate tax professional, determined to help people save money and make informed decisions about their finances. In This Episode: Preston's Background: Discover how Preston's love for accounting and helping people save money shaped his career. Entity Structures: Learn about the critical role of entity structuring in saving taxes and mitigating risks, with real-life examples from Preston's experiences. Tax Saving Strategies: Preston shares some eye-opening strategies and mistakes to avoid, aiming to enlighten business owners on optimizing their tax situation. Real Estate Insights: Dive into the benefits of being a real estate professional, the impact of cost segregation, and the power of leveraging debt in real estate investments. Family and Taxes: Preston discusses how involving family in your business can lead to substantial tax savings, highlighting the importance of proper documentation and legal compliance. The Future of Taxation: Reflect on the philosophical and practical aspects of taxation, government policies, and how understanding the tax code can lead to wealth accumulation. Takeaway: Preston Anderson reminds us that the foundation of our country was built on a disdain for unfair taxation. His insights not only provide practical advice for today's investors and business owners but also inspire a deeper understanding of our financial system and how to navigate it successfully. Whether you're a seasoned entrepreneur, a real estate mogul, or someone just starting out, this episode is packed with valuable advice that could potentially save you thousands and help you make more informed decisions about your financial future. Connect with Preston Anderson: Visit Anderson Tax Website Email: preston@anderson.tax Remember, it's not just about making money; it's about making smart decisions that lead to a legacy of wealth and wisdom. Join Jake and Gino as they explore these strategies and more, always with a touch of humor and a focus on real-world applications. #JakeAndGinoPodcast #TaxStrategies #RealEstateInvesting #WealthBuilding #FinancialWisdom Chapters 00:00 Introduction and Background 01:14 Passion for Saving Money 04:34 Importance of Entity Structure 07:20 Considerations for Entity Structure 10:29 Creating New Entities 13:44 Entity Structure for Real Estate 15:44 Estate Planning Mistakes 17:11 Tax Savings for Business Owners 19:11 Red Flags for the IRS 23:26 Corporate Transparency Act 25:47 Real Estate Professional Designation 32:03 Cost Segregation and Real Estate Professional 39:29 Real Estate Professional Status and Income Deductions 40:48 Utilizing a Real Estate Professional Spouse 41:17 Leveraging Debt in Real Estate 42:21 The Benefits of Debt in Real Estate 44:16 The Formula for Wealth: Debt, Real Estate Professional Designation, and Cost Segregation 47:28 The Long-Term Growth of Real Estate 49:03 Contacting Preston Anderson 50:28 The Boston Tea Party and Tax Avoidance 51:06 Closing Remarks

Transcript

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0:00.0	Hello, this Jake Sends on our host, Jake and Gino podcast here with my co-host, the multi-family mentor, the coach of Chef, Father Six, the best-in-line author, The G-Dady.
0:08.1	Gino Barbo, Gene, how's it going?
0:09.4	Jake, I'm doing great, brother.
0:10.7	How are you this morning?
0:12.1	Always making it happen, big man.
0:14.6	It's tax season.
0:15.7	And today, we got a CPA here with Anderson tax. They help successful business owners and entrepreneurs cut their tax bills to fuel growth.
0:24.5	So without further ado, Preston Anderson, welcome to show.
0:27.9	Yeah, thanks for having you guys.
0:28.9	This is awesome.
0:29.9	It is awesome.
0:30.9	You're in a good spot right now.
0:32.1	And before the show, we were talking a little bit about 08 and people getting cut in half during the recession. So why don't you share with this a little bit about 08 and you know people getting cut in half during the recession so why don't
0:39.2	you share with a little bit about your background and and how you got into the business yeah so i've been
0:44.6	i started doing taxes in 2004 uh i was one of those kids in high school incredibly socially awkward
0:52.4	um and doing the the crazy math classes as a high
0:56.8	schooler. I was doing like senior level college classes very, very, very quickly. And so I always knew
1:05.2	I was going to do something with math. And I started taking accounting classes and realized I loved,
1:09.8	I loved accounting. I loved helping people save money. And so I started taking accounting classes and realized I loved, I loved accounting.
1:11.0	I loved helping people save money.
1:13.5	And so I started my first tax season was like 04 and I just realized this is what I want to do.
1:17.9	I love seeing people save money.
	...

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