Tax planning for a recession
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 2 November 2022
⏱️ 28 minutes
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Summary
To learn more about Eric and his firm. visit their website at: https://beachfleischman.com/about/leadership-team/eric-freeman
Visit Ken's Bookstore: https://kenmcelroy.com/books/
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC’s of Property Management, and has an upcoming book: "ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years." Ken is a Rich Dad Advisor. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This channel is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive. Ken's company: https://mccompanies.com/
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast, where we host in-depth conversations on everything |
| 0:07.8 | real estate with the industry's biggest movers and shakers. I'm your host, Ken McElroy. Let's get right |
| 0:13.9 | into this episode. Hey, everybody, it's Ken, and I'm excited today to have Eric Freeman here. So today |
| 0:19.0 | we're going to talk about tax strategies that you could do for a recession. Welcome, Eric. |
| 0:23.6 | Yeah, thanks for having me again. I'm really excited to talk about this topic. So I'll tell you what, like, you know, I think everybody's kind of over, you know, is this a recession? It's kind of like, you know, inflation isn't transitory. I think definitely it's here. I think everybody believes it's |
| 0:37.9 | here. So thanks for coming in and talking about this specific thing. This is something that people |
| 0:43.5 | can do today. So let's just get right into it. What are some things that people can do right now? |
| 0:49.3 | Because you handle thousands of tax returns for people. What are some things that you're seeing right now that |
| 0:54.9 | people can do actions that they can take to reduce their income as we head into these tough |
| 1:01.0 | times? Yeah, absolutely. So I mean, like everything else, tax planning, you have to take into |
| 1:07.4 | account what's happening in the economy. So right now for the past, you know, |
| 1:12.1 | decade and especially the last few years, we've had a lot of high income years for a lot of folks. |
| 1:17.1 | And so as we go into the next year in 2023, potentially 2024, if you have lower income years, |
| 1:24.7 | there's strategies you can do to take advantage of that. So one strategy that comes to top of mind is if you've heard of Roth conversion. |
| 1:33.6 | Yep. |
| 1:34.1 | So if you've got a retirement account, typically when, if it's a traditional IRA, it's taxable when you would draw those funds. |
| 1:42.6 | So the benefit of a Roth conversion is that you |
| 1:46.6 | convert it from a traditional IRA to a Roth IRA. And what that does is that means because now |
| 1:54.1 | it's a Roth, it's essentially the opposite of a traditional IRA. So once you withdraw those funds, |
| 2:00.5 | it's tax-free. So what you do in a Roth |
| 2:03.1 | conversion is you wait until you have a lower-income year and you convert the traditional IRA to a |
| 2:09.0 | Roth IRA. And when you do that, it's typically taxed at whatever your tax rate is for that year. And then |
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