Day one at my new lake house, two neighbors walk over
First question: "You're not planning to do Airbnb here, are you?"
I'd been told nightly rentals were totally fine
Turns out they were trying to get them banned
Switched it to 30-night minimums
Welcome to the neighborhood lol
One of your jobs as a business owner is to pay as little tax as possible
Not because you want to break the law or don't love your country, but your competitors are doing it
What this really means is, like anything in business, they're maximizing on another efficiency that leads to them having an advantage
Being able to hire more people, spend more on advertising, coaching, consulting. Paid for by savings and deductions instead of finding new clients
My mentality used to always be: I'm just gonna make more. I don't care really about the expenses (silly)
Of course there's no cap on income the way there is a cap on what you can save, but it truly is fascinating to see how many businesses have bloat that don't even know it, and tax efficiency is included in that
Examples. Let's say your business makes $250k
Here’s how you could save about $70k in taxes, legally:
- Switch to an S-corp: save about $9k
- Put $50k in a Solo 401k: save about $18k
- Take the 20% business owner deduction: save about $8k
- Have your business pay you back for your home office, phone and miles: save about $3k
- Rent your house to your business for 14 days: save about $5k
- Write off your health insurance: save about $6k
- Pay your state tax through the business: save about $4k
- Hire your kids: save about $3k
- Buy a big SUV or work truck for the business: save about $24k
- Building software or AI tools? Claim the R&D credit: save about $9k
- Buy a short-term rental and do a cost seg: save about $46k
No matter what business you’re in, owning real estate will benefit
I realize that the longer I do non real estate businesses
What I do is take cashflow from non real estate businesses to buy 1 rental a year.
It does a few things.
1. Amazing tax benefits
2. It’s fairly ai proof
3. You can make decisions from a 5 year horizon instead of 5 day horizon because you don’t need to be profitable immediately
Epic day with @NotGoKGreen
Go check her out
This is what it’s all about
Make a post in the morning, make a new friend that afternoon
And @millenrastogi is a killer. Super humble. Has a team of 150 buying and operating healthcare businesses
More to come
this is why X is special
connected with @jonjfarb yesterday, met for coffee today and chopped it up
The worst is when you meet someone from X in real life and realized you were vibing with their ghost writer content the whole time and now you have to meet the real life version and talk to that person who has no personality
Twitter catfishing hits hard lol
Happy Monday @X family
Maybe I’m a weirdo but I’ve never romanticized what we do for work?
We provide a service that is - needed and helps people.
I think we do it well, and I take pride in that but I’m always fascinated by what people say about their business.
“We’re making a dent in the universe”
Brotha you sell a course to people who need Klarna financing and never even get through the first module
Great to catch up with @NotGoKGreen and learn about what she’s doing with @hi_samslist and other projects.
Her company and community have grown insanely fast and after meeting her it’s obvious why. She’s a beast.
It’s so cliche, but maybe NYC is actually the center of the universe?
This week I’ve met more founders / creators IRL than I have in years.
But than again, I’ve been here 5 minutes so time will tell..
**Also - if you’re a founder in NYC and want to connect. I’m going to be throwing some dinners / masterminds starting next week.
If you want in, shoot me a dm or comment ⬇️
My CPA cost me $24k
Back in 2021 i hired a popular online CPA. I was hyped, paid, did an onboard, got setup
2 weeks later….I can’t reach the actual person, or anyone on their team
Replies took forever
And to do calls it was $250 per (ps if your bk or cpa ever does pay per call fire them immediately)
My return got filed with basically no review. Missed a ton of expenses from setting up my properties
Never thought about it again
Years later a new CPA calls me. Asks me about missing expenses. I didn’t know what that meant.
Took 3 years of refiling and digging up receipts to get the money back
Thats the reason I started a bookkeeping company
I needed a solution for my own problem and the bar was just so dam low
Anyone else have an experience like this?













