"I've done my best. to educate the masses about this, but it's my theory is that it has something to do with taxes," he says. "The vast majority of accountants either don't know about this or don't know enough about it to recommend it to their clients." The IRS guidelines say cost creation audit techniques must be done by someone who has experience in construction and engineering. But 99% of accounting firms cannot do this in house because it does require an engineering component to it.
Yonah Weiss does a deep dive on cost segregation. As business director at Madison SPECS, a national cost segregation leader, he’s assisted clients in saving hundreds of millions of dollars on taxes through cost segregation.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
08:02 - What his early career was like as an educator.
09:32 - How he transitioned in his 30’s to real estate after his teaching career.
23:42 - Why fix and flips weren’t for him.
24:09 - Why he feels your network is your net worth.
37:49 - How he became an expert in cost segregation.
37:49 - What cost segregation is and the tax savings it can generate.
54:31 - How bonus depreciation works and how the IRS will treat it in the coming years.
56:40 - How he continues to give back and teach through social platforms and his podcast.
01:03:11 - What the most impactful book has been for him.
01:03:22 - How he views success.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
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