On The Market

165: Year-End Tax Updates, New IRS Interest Rates, and URGENT News for LLCs

Dec 4, 2023

30:25

LLC owners and anyone who owns real estate: TUNE INTO THIS EPISODE! Today, we’re talking to Brandon Hall, CPA, about an urgent change affecting EVERY LLC in America. Not knowing about this change could cost you up to $10,000 in fines, but don’t worry; Brandon will tell you precisely what you have to do to avoid the fine entirely!

Even if you don’t have an LLC, we’ve still got some 2024 tax tips to help you pay WAY less to the IRS this coming tax season. Brandon will review the new interest rate updates from the IRS and explain why you could owe much more than your taxes when you file. We’ll discuss the gradual decline of bonus depreciation and whether performing a cost segregation study in 2024 makes sense.

Lastly, we’ll touch on opportunity zones and what to do if you have a large gain you DON’T want to pay taxes on. Plus, an instant red flag when looking for a CPA!

In This Episode We Cover:

The one thing EVERY LLC owner must do to avoid a $10,000 fine

Bonus depreciation’s decline and how much you can write off in 2024

Cost segregation explained and whether or not this HUGE tax benefit is worth the effort anymore

Opportunity zone investing and turning a significant profit into tax-free investing

The IRS’s new interest rates and penalties that could cost you thousands

Where to find a CPA and one big red flag when searching for one

And So Much More!

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