Trust This with Joseph Seagle

Join Joe Seagle and Assad Ahmad from Fitbiz CPAs as they delve into essential tax strategies and tactics for small business owners and real estate investors. Based in sunny Florida, Fitbiz CPAs specializes in tax services for investors.

Assad breaks down key tax deductions for real estate investors, emphasizing the benefits of the real estate professional status election and the short-term rental loophole. By leveraging strategies like bonus depreciation, investors can drastically reduce their tax burden and potentially receive significant refunds.

They also explore common tax mistakes, such as using the wrong entity structure for real estate investments. Assad shares a cautionary tale of a flipper who unknowingly incurred hefty taxes due to improper structuring, highlighting the importance of consulting with specialized CPAs.

As the conversation unfolds, Assad provides valuable insights into entity structures for investors at different levels, emphasizing the importance of aligning structures with investment goals and portfolio size. He also reveals lesser-known tax strategies, like putting children on payroll to fund tax-advantaged accounts. Throughout the discussion, Assad and Joe debunk common misconceptions, address potential red flags for IRS audits, and stress the importance of strategic tax planning tailored to individual circumstances.

Whether you're a novice investor or seasoned entrepreneur, this episode offers indispensable advice for optimizing your tax strategy and maximizing returns. Join the conversation and empower yourself to navigate the complex world of real estate taxation with confidence.

—Follow Asad—
@asadahmadcpa
For help with your tax planning and strategy, visit https://www.FitbizCPA.org

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@mylandtrustee @aspirelegalsolutions
https://linktr.ee/mylandtrustee

In this episode of Ask Joe, Attorney Joe Seagle discusses how to navigate lawsuits against a dissolved land trust. Joe explains that if a land trust has been dissolved and someone sues the trust, there is usually no need to hire an attorney or defend the action because the land trust no longer exists and has no assets.

However, if the plaintiff tries to go after the beneficiaries, there is no clear answer in Florida law. In the past, attempts to go after beneficiaries after the trust has been terminated have been unsuccessful. It is recommended to use another LLC or corporation as the beneficiary of a land trust for added asset protection. If the plaintiff manages to sue the land trust and reach the beneficiary, having an LLC or corporation as the beneficiary ensures that the judgment is worthless as they have no assets. It is advised to have an LLC or corporation as the beneficiary for any property other than a homestead property.

Have a question you want answered on our next Ask Joe episode? Leave a comment below!

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Unlock the power of land trusts to protect your assets and enhance your privacy with Land Trusts in Florida, 11th Edition by experts Mark Warda and Joe Seagle—get your copy now! https://mylandtrustee.com/book/

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Protect what matters most—reach out today to explore our asset protection services including estate planning, trust creation, and business structuring. Visit us at https://aspirelegal.com

Tom Lehmann jumped into real estate after leaving the health food industry. He has quickly moved from renovating and wholesaling to manufactured home construction and development. He shares how resilience and not letting 'perfect' become the enemy of good enough has helped him to start scaling his business in ways he’d never dreamed.

Get ready for an electrifying journey into the dynamic world of entrepreneurship and leadership! Our Master Series is not just a show; it's an immersive experience designed to fuel your passion, spark creativity, and inspire the entrepreneur within.

Connect with Thomas Lehmann on social media
[https://www.linkedin.com/in/thomas-lehmann-b4061b132]
[https://www.instagram.com/thepropertysolutionsteam/reels/]

To follow us social media and more, click here https://linktr.ee/mylandtrustee

Please like, share and comment below if you found this insightful

Alex Quezada is a real estate entrepreneur social media star. His background in timeshare sales taught him how to take “no” for an answer but never give up. He’s now one of the most successful players in the personal storage real estate game, and he shares how he’s learned that focusing on who, rather than how, has helped him relinquish control, focus on the big picture, and scale his business as he shoots for $100 million in assets. He discusses the challenges he faced, the lessons he learned, and the importance of personal growth and mentorship.

Takeaways

Maintain a growth mindset and continuously invest in education and coaching.

Balance work and family by prioritizing quality time and setting clear goals.

Build high-quality relationships through masterminds and networking.

Let go of control and hire the right team members to scale your business. Starting a real estate business requires perseverance and a strong work ethic.

Challenges are inevitable, but they provide valuable lessons and opportunities for growth.

Having mentors and a support system is essential for personal and professional development.

Implementing a structured system like EOS can help streamline operations and drive business growth.

Resources Mentioned

Rich Dad Poor Dad - The # 1 Personal Finance Book of All Time https://www.richdad.com/
Central Florida Real Estate Investor Association (CFRI) | https://www.cfri.net
Entrepreneurial Operating System for Business (EOS) https://www.eosworldwide.com/
Follow Alex Quezada on social media here http://linktr.ee/alex.theinvestor.quezada
To follow us social media and more, click here https://linktr.ee/mylandtrustee

Have a question you want answered on our next Ask Joe episode? Leave a comment below!

Subscribe: Don’t miss out on future episodes of our Trust This podcast —subscribe now! https://www.youtube.com/@MyLandTrustee?sub_confirmation=1

Unlock the power of land trusts to protect your assets and enhance your privacy with Land Trusts in Florida, 11th Edition by experts Mark Warda and Joe Seagle—get your copy now! https://mylandtrustee.com/book/

Next Trust This Newsletter Alert: Stay tuned for more valuable tips and updates! https://trustthis.beehiiv.com/subscribe

Protect what matters most—reach out today to explore our asset protection services including estate planning, trust creation, and business structuring. Visit us at https://aspirelegal.com

In this episode we hear from New Beginnings Title Company founder and CEO, Katie McGinnis as she unravels her rules of success, one innovative step at a time!

Join Joe Seagle and Katie McGinnis on a journey back to 2020, where Katie embarked on her entrepreneurial adventure armed with nothing but determination and a shoestring budget. Despite the pandemic's challenges, Katie and her team didn't just survive – they thrived! They discuss the challenges of keeping up with changes in the industry, the increasing prevalence of fraud in real estate transactions, and the importance of training and security measures. They also touch on the expenses and insurance required in the title industry, as well as the trends they are seeing in closings, such as wraparound mortgages and creative financing.

Resources & Terms Mentioned

New Beginnings Title Company | https://nbtfl.com/

E-Closing: Online Settlement Transactions | https://e-closing.com/

Zero Balance Account | https://www.investopedia.com/terms/z/zba.asp

Errors & Omissions Insurance | https://www.thehartford.com/professional-liability-insurance/errors-omissions-insurance/coverage

Wrap-around Mortgages | https://www.rocketmortgage.com/learn/wrap-around-mortgage

Subject To Transactions | https://www.fortunebuilders.com/subject-to-real-estate

Have a question you want answered on our next Ask Joe episode? Leave a comment below!

Subscribe: Don’t miss out on future episodes of our Trust This podcast —subscribe now! https://www.youtube.com/@MyLandTrustee?sub_confirmation=1

Unlock the power of land trusts to protect your assets and enhance your privacy with Land Trusts in Florida, 11th Edition by experts Mark Warda and Joe Seagle—get your copy now! https://mylandtrustee.com/book/

Next Trust This Newsletter Alert: Stay tuned for more valuable tips and updates! https://trustthis.beehiiv.com/subscribe

Protect what matters most—reach out today to explore our asset protection services including estate planning, trust creation, and business structuring. Visit us at https://aspirelegal.com