The Rich Somers Report Top Tax Strategies Used by the "1%" | E216 Karlton Dennis
Re-sharing one of our top episodes with Karlton Dennis. Original airdate was on November 16, 2023.
Rich sits down with Karlton Dennis - a Licensed Enrolled Agent, Tax Strategist, Forbes council member, Consultant and YouTuber. Karlton has helped over 10,000 clients and 3200 real estate investors and entrepreneurs save millions of dollars in taxes in real estate and business. Karlton also hosts the podcast “Tax Free Living.”
Rich and Karlton start off by discussing the LA Lakers and Clippers, how Karlton became a tax professional, the benefits of setting up holding LLCs in Wyoming and Delaware, the benefits of having a living trust, the differences between a revocable trust and irrevocable trust, and the STR loophole for high earning w2 taxpayers.
They also reflect on the intricacies of depreciation recapture, the 1031 exchange, cost segregation studies, Tenancy in Common, reverse 1031 exchanges, the definition of like kind exchanges, the child payroll strategy, S Corps and C Corps, the intricacies of Roth IRAs and backdoor IRAs, whether high income earners should put their money into Roth IRAs or 401ks, and self directed 401ks.
Lastly, Rich and Karlton talk about setting up Simplified Employee Pension Plan (SEP), stepping up and taking action during the COVID-19 lockdown, tax strategies for high income earners of $10 million or more, and the tax benefits of purchasing jets, yachts, and luxury cars.
Connect with Karlton on Instagram: @karltondennis
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