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Main Street Business
#489 Accountant Q&A: Watch this to BEAT the IRS (legally)
Apr 2, 2024
Tax experts dive into key topics, such as balancing personal and business expenses for tax write-offs, estate planning strategies, investment tips, and the complexities of solo 401(k) ownership. They also discuss maximizing tax savings through informed financial decisions, real estate professional status, tax implications of investment losses, asset protection for farm owners, and strategic planning for agricultural businesses.
51:26
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Quick takeaways
- Effective estate planning is essential for managing taxes and property transition after inheriting substantial assets.
- Consider the implications of using a Professional Employment Organization for HR services in small businesses, weighing benefits against potential costs and tax impacts.
Deep dives
Navigating an Inheritance with Property and Assets
When receiving a substantial inheritance and property, it's crucial to consider tax implications and estate planning. Planning ahead is key to managing property taxes, setting up trusts, and preserving assets. Seeking legal advice and structuring assets properly can ensure a smooth transition and tax-efficient management.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode