MI344: Growing Your Wealth, Shrinking Your Taxes w/ Grant Dougherty

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Investing, Education, Business

4.6 • 592 Ratings

🗓️ 15 April 2024

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this today’s episode, Patrick Donley (@JPatrickDonley) sits down with Grant Dougherty, a Houston-based tax professional who specializes in real estate and small business tax strategies. You’ll hear about the lessons Grant learned playing college baseball, how he got his accounting practice started, what some of his favorite tax saving strategies are, what are some important financial moves real estate investors and small business owners should make, what the biggest mistakes he sees people make with their taxes, and much more! Grant is a real estate and small business tax professional who runs Dougherty Tax Solutions. He has built his practice largely through content creation on Twitter and Instagram and lives in Houston with his wife and 3 small children. IN THIS EPISODE, YOU’LL LEARN: 00:00 Intro 02:25 - What lessons Grant learn from playing college baseball. 09:36 - What steps did he take to get his accounting practice started. 12:47 - How he has grown his business and Twitter following. 20:50 - What the tax advantages are of a high-earning W2 spouse married to a Real Estate professional. 24:23 - What is cost segregation and bonus depreciation and why it’s important. 28:35 - What are some of his favorite tax-saving strategies. 33:22 - What are some financial moves that small business owners should make. 35:50 - How Grant manages his portfolio. 44:09 - What are the biggest mistakes that he sees people make with their taxes. *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. Recommended book: Grit by Angela Duckworth. Recommended book: The Intelligent Investor by Benjamin Graham. Check out MI285: The Art of Tax Optimization w/ Mitchell Baldridge | YouTube video. Check out MI334: Confessions of an Entrepreneurial Addict w/ Chris Koerner | YouTube video. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. 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 Grant: Website | Twitter 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 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.
0:02.0	So if you're a high W2 earner, and like hands down, like one tax strategy, you just never goes out of style.
0:08.0	You have, you know, one spouse is a high W2 earner, and the other spouse can manage rental property, right?
0:14.0	So the idea is that you're one of qualifies a real estate professional.
0:17.0	The idea is that you can take the high W2, the one spouse can manage the rental
0:22.9	properties, qualified real estate professional status, that would then unlock any loss lease that are
0:28.9	generated from the property. So now you can do things like cost of education and bonus appreciation
0:34.1	to really draw up that loss and can use that to offset the W-2 income.
0:42.4	Hey guys, in today's episode, I had the pleasure of sitting down and talking with Grant
0:46.5	Doherty, a Houston-based tax professional who specializes in real estate and small business
0:51.4	tax strategies. You'll hear about the lessons Grant learned playing
0:54.6	college baseball and how he's applied that to his professional life, how he got his accounting
0:59.1	practice started, what some of his favorite tax strategies are, what are some important
1:04.0	financial moves real estate investors and small business owners should make, what the biggest
1:08.4	mistakes he sees people making on their taxes and a whole lot more.
1:12.6	This episode will be released on April 15th Tax Day, so hopefully you'll learn some important
1:17.7	tax strategies that you can employ to help save you money and compound your wealth.
1:21.8	Without further delay, let's dive into today's episode with Grant Doherty.
1:37.3	Celebrating 10 years, you are listening to Millennial Investing by the Investors Podcast Network. Since 2014, we interviewed successful entrepreneurs, business leaders and investors
1:43.3	to help educate and inspire the millennial generation.
1:47.0	Now for your host, Patrick Donnelly.
1:57.3	Hey, everybody, welcome to the millennial investing podcast.
	...

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