Trust This. Stoicism in Entrepreneurship ft. Asad Ahmad

04/12/24 • 35 min

Asad Ahmad, founder of FitBiz CPAs, shares his journey of building a specialized CPA firm for real estate investors. He started his career at big four accounting firms but became interested in real estate investing and saw a need for CPAs in the industry. Ahmad quit his job, started FitBiz CPAs, and focused on networking and building relationships with real estate investor associations. He emphasizes the importance of discipline, stoicism, and meditation in managing the ups and downs of entrepreneurship. Ahmad also discusses the challenges of scaling a business, dealing with doubters, and the importance of surrounding yourself with the right team.

Takeaways
*Building relationships and networking are key for business growth.
*Discipline and stoicism are important in managing the challenges of entrepreneurship.
*Meditation can help with focus and managing stress.
*Thinking outside the box and breaking traditional rules can lead to success.
*Surrounding yourself with the right team is crucial for scaling a business.
*Discipline and Stoicism in Entrepreneurship

—Follow Asad—
@asadahmadcpa
For help with tax services, visit https://www.FitbizCPA.org

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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

—Follow Asad—
@asadahmadcpa
For help with tax services, visit https://www.FitbizCPA.org

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

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

Previous Episode

NAR Settlement Roundtable: Reshaping Real Estate Practices

Don’t miss our roundtable discussion on the NAR Settlement and its implications on the real estate profession hosted by our very own, Joe Seagle! Our experts panelists discuss the role of buyer's agents and the value they bring to the transaction. The conversation highlights the importance of education and professionalism in the industry. Overall, the participants believe that while there may be some changes, the real estate market will continue to thrive. The conversation explores the potential impact of changes in buyer's agent commissions in the real estate industry. The panelists discuss how different market segments may be affected, with lower-end buyers and sellers being more cost-conscious and higher-end buyers valuing representation. They also touch on the ease of obtaining a real estate license and the potential for amateur agents to leave the industry. The conversation highlights the need for agents to demonstrate their value and professionalism to clients. The conversation concludes with a focus on the need for experience, education, and a strong value proposition to succeed in the changing real estate landscape. Contact our expert panelists: Andres Hebra - Brokerage Owner, La Rosa Realty Premier
Richard Terrell - Mortgage Broker, Appli Home Loans
Joseph Seagle - Real Estate Attorney, Aspire Legal Solutions
Jessica Narazio - Owner, Your Title Connections
Thomas McNamara - Real Estate Agent, EXP Realty
Joseph Dionne - Mortgage Broker, Appli Home Loans

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

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

Next Episode

Tactics & Strategies: Unveiling Tax Advantages for Real Estate Investors - ft. Asad Ahmad

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

—Follow Us—
@mylandtrustee @aspirelegalsolutions
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