MI285: The Art of Tax Optimization w/ Mitchell Baldridge

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Education, Investing, Business

4.6 • 592 Ratings

🗓️ 14 August 2023

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

Patrick Donley (@JPatrickDonley) sits down with Mitchell Baldridge to chat about his thesis of buying a business, buying real estate, employing tax strategies, enjoying the cash flow, and paying little to nothing in taxes. You’ll also learn in more detail about the tax benefits of owning a small business, why a cost segregation study makes sense, what it has been like launching several new companies, and how Twitter has accelerated his career by decades. Mitchell Baldridge is a Certified Public Accountant and Certified Financial Planner with vast experience in corporate accounting, business advisory, and financial planning. His passion is building lifelong relationships with business owners to help them thrive. He founded Baldridge Financial in 2014 to realize his dream of helping business owners achieve their financial goals. He’s also involved in several other businesses including Better Bookkeeping, RE Cost Seg, and Tax Credit Hunter. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 02:40 - What Mitchell’s thesis is for wealth and tax optimization. 04:48 - What a Real Estate Professional is. 06:39 - What the tax benefits of owning a small business are. 09:50 - What the different retirement plans are that solopreneurs can take advantage of. 12:40 - What is qualified business income? 14:55 - Why it is important to stay current on the tax codes. 15:36 - What are the benefits of cost segregation? 29:30 - How Mitchell teamed up with Nick Huber and what their competitive advantages are. 32:06 - How Mitchell got Better Bookkeeping started. 44:02 - Why the distribution Twitter provides has been so critical to his success. 49:42 - What lessons he learned from Sam Zell. 51:41 - What are the two questions he asks before pursuing an opportunity? 59:01 - How he would spend $1000 if he was starting a new business. *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. The Everything Guide to House Hacking by Robert Leonard. Smart Friends podcast. Related Episode: Listen to REI173: The Power of Cost Segregation w/ Yonah Weiss or watch the video here. The Goal by Eliyahu Goldratt. The Power Broker by Robert Caro. Kevin Kelly’s 1000 True Fans. The General Ledger newsletter. The Almanack of Naval Ravikant by Eric Jorgenson. Unreasonable Hospitality by Will Guidara. Shoe Dog by Phil Knight. Scaling Up Compensation by Verne Harnish. Who Is Michael Ovitz? by Michael Ovitz. Confessions of an Advertising Man by David Ogilvy. Better Bookkeeping. Cost Segregation - https://recostseg.com. NEW TO THE SHOW? Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle’s favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI Connect with Patrick: Twitter Connect with Mitchell: Twitter | Website Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.1	When I started tweeting in October 2020, I've gotten a lot of this from a lot of people.
0:08.5	I started breaking down these strategies.
0:10.7	My first tweet was all cash, no tax, run bonus appreciation, run cost seg as a real estate pro.
0:17.5	And people started out of the woodwork going, what is this?
0:20.2	And had been operating in
0:21.9	real estate for 15 years, having never run cost segs, never run bonus. It got really sweet in
0:28.3	2017. If you're not taking it, you said you feel like you're missing the boat. It's kind of true.
0:36.5	Hey, everybody. In this week's episode of millennial investing, I got to sit down with Mitchell
0:41.2	Baldridge to talk about his thesis of buying a business, buying real estate, employing tax
0:46.5	strategies, enjoying the cash flow, and then paying little to nothing in taxes. You also learn
0:52.3	in more detail about the tax benefits of owning a small business,
0:56.2	why a cost segregation study makes sense to do, what it's been like launching several new
1:00.5	companies, and how Twitter has accelerated his career by decades. Mitchell is a certified public
1:05.9	accountant and certified financial planner with a huge amount of experience in corporate accounting,
1:10.9	business advisory, and financial planning. He founded Baldridge Financial in 2014,
1:16.4	and he's also involved in several other businesses, including Better Bookkeeping,
1:20.3	R.E. Cost Seg and Tax Credit Hunter. I really loved this episode with Mitchell, and I learned
1:25.2	a ton from him on the different ways to take advantage of the tax code using some of the strategies that we discuss. I really loved this episode with Mitchell, and I learned a ton from him on the different ways to take advantage of the tax code using some of the strategies that we discuss.
1:31.2	I really liked hearing about the two questions that he asks himself before starting a new venture and how he would get started in a new business today if he only had $1,000.
1:40.2	And so, without further delay, let's get into this week's episode with Mitchell Baldridge.
1:46.0	You're listening to Millennial Investing by the Investors Podcast Network,
	...

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