Link: https://www.skool.com/taxes/classroom/ec6893ee?md=8a49ed2a22c64cd5811775404ffa0e68 Here's a summary of the key takeaways from this session: Hold vs. Sell - Flips are taxed at ordinary income rates (up to 37%) and forfeit long-term appreciation — holding is almost always the better long-term play - The BRRRR method lets you pull capital out while keeping the asset - Sometimes selling a primary residence before converting it to a rental is smarter — the $250K/$500K Section 121 exclusion disappears once rental use kicks in - 1031 exchanges are a tool to defer gains and upgrade into a better-performing property STR Depreciation Strategy - A cost segregation study in year one can fully expense 5-year property (furniture, fixtures, flooring, lighting, appliances) and 15-year property (land improvements) via bonus depreciation - The remaining structure (39-year commercial / 27.5-year residential) continues depreciating annually — you'll still have $10K–$20K+ in depreciation each year going forward - If you sell early, depreciation recapture tax applies at ~25% - The 100-hour material participation test for the STR loophole applies per property — adding a second STR means tracking 100+ hours for that property separately W-2 Withholding - Divide federal tax withheld YTD by total gross wages YTD to find your effective withholding rate - Compare that to last year's return: line 24 (total tax) ÷ taxable income = your average tax rate - If those percentages are misaligned, submit a corrected W-4 to HR - Large commission or bonus checks must be coded by payroll as bonuses — if coded as regular wages, the system annualizes the amount and massively over-withholds - You can add a flat extra dollar amount per paycheck on the W-4 to fine-tune withholding W-2 Employees & Vehicle/Mileage - W-2 employees cannot deduct unreimbursed mileage under current law — the employer must reimburse through an accountable plan - The 2026 IRS standard mileage rate is 72.5¢/mile — 30,000 miles = ~$21,750 the employer should be reimbursing - If the employer won't set up a proper accountable plan, explore reclassification to 1099/independent contractor — especially if the worker sets their own schedule and is paid per job - In the meantime, see if the vehicle can be legitimately tied to another business entity you own

Link: https://www.skool.com/taxes/classroom/ec6893ee?md=2a58cbc995d945a9843012e6daea7a3c Here's a summary of the key takeaways from this session: Home office deduction - Max deduction is 300 sq ft regardless of actual room size - Use the simplified method: home office sq ft ÷ total home sq ft - Furniture and equipment (e.g. a standing desk) are deductible under supplies/furnishings on your Schedule E or C - W-2 employees can't do this — owning a rental or business is what unlocks it - Over-claiming (e.g. running a full business from your home) triggers depreciation recapture when you sell Bonus depreciation & recapture - If you did a cost seg and took 100% bonus depreciation, those short-life assets (5, 7, 15-yr) are already fully written off - When you sell, you owe recapture no matter how long you've held — the clock doesn't reset it - Bonus depreciation recapture is taxed at ordinary income rates (up to 37%) - Standard 39-yr depreciation recapture is capped at 25% - The larger your bonus-depreciated asset base, the bigger the recapture bill at sale 1031 exchange vs. lazy 1031 - A proper 1031 defers all recapture and capital gains — the better option if you can execute it - You have 45 days from closing to identify up to 3 replacement properties, and 180 days to close on one - Start identifying replacement properties early if you're planning to sell - A single-member LLC can receive the replacement property — no issue for 1031 eligibility - Adding a spouse to the LLC makes it a multi-member entity and could disqualify you - The lazy 1031 (buy new property + cost seg to offset gains) works as a backup but wastes depreciation on the old sale rather than against W-2 or other income S-Corp: salary vs. distributions - The entire point of an S-Corp is to reduce self-employment tax (15.3%) - As an LLC, you pay SE tax on 100% of profits; as an S-Corp, only your salary is subject to it - The savings grow significantly as your profit grows — the higher the income, the more the S-Corp structure pays off - Salary must be "reasonable comp" — what you'd pay someone to do your job (RC Reports or Gusto's calculator can help) - The general threshold to consider an S-Corp election: net profit consistently over $75K - Payroll can be started any time during the year and still be compliant - Quarterly tax payments can be handled through W-2 withholding instead of manual IRS estimates

Link: https://www.skool.com/taxes/classroom/ec6893ee?md=48791c9846fb450a8930a161b8f01d24 Here's a summary of the key takeaways from this session: Rental Property Strategy - Three pillars of a good rental: appreciation, tax deductions/depreciation, and cash flow. - Cash flow over $200/month is considered a success. - Tighten tenant management: move to automated payments (ACH/Zelle), enforce due dates and late fees, and revisit lease terms periodically. - Long-term rentals can offset high AGI (>$150k) if paired with business expenses/write-offs that bring taxable income down. Short-Term Rental Partnerships (Material Participation) - Material participation (100-hour rule or 500-hour portfolio rule) must be tracked individually by each partner — not transferable. - Partnership tax treatment flows through K-1s based on whatever ownership/profit split is defined in the operating agreement. - Recommended resources for STR partnership agreements: STR Law Guys (legal) and Brister Tax Law (tax). Brokerage Accounts - Underrated tool: more liquid than retirement accounts, no early-withdrawal penalties. - Capital gains tax (e.g., 15%) can be effectively offset by lowering overall taxable income via business expenses (Schedule C losses, etc.). - Useful for big purchases (cars, down payments, education) without disrupting retirement savings. Salary Negotiation - Anchor high (e.g., asking for 36% raise) — expect to land somewhere in the middle through negotiation. - Don't worry that a big raise this year limits future raises — focus on continuing to demonstrate value. - Build in performance-based/incentive metrics as a fallback and as a foundation for future increases. Tax Planning Ahead of Income Changes - A raise that pushes income over Roth IRA limits may require opening a Traditional IRA and recharacterizing contributions — plan ahead with your broker (e.g., Vanguard).

Link: https://www.skool.com/taxes/classroom/ec6893ee?md=3cf66e6fb0944a4fb3e1ce86a30c5dfd Here's a summary of the key takeaways from this session: Real estate & retirement planning - Paid-off rental properties offer powerful retirement income — via HELOCs, reverse mortgages, or cash flow. Loan proceeds are not taxable income. - The "buy, borrow, die" strategy lets you tap equity tax-free while alive and pass property to heirs with a step-up in basis, eliminating capital gains. - Real estate syndications can compound toward retirement — reinvesting proceeds from each deal cycle accelerates the nest egg beyond stock-only projections. - Holding rentals until death is the most powerful way to avoid capital gains taxes entirely. Retirement accounts & investment allocation - Watch for target date funds — their expense ratios (~0.5%) and early bond allocation can quietly cost thousands per year and drag on growth. - Younger investors should be 100% equities (U.S. index funds + ~20–30% international). Bonds become relevant only as retirement nears. - Order of withdrawals in retirement: cash first → taxable brokerage → traditional 401k/IRA → Roth accounts last (let Roth grow tax-exempt as long as possible). - Roth vs. traditional: high earners (37% bracket) benefit most from pre-tax traditional contributions; lower earners should lean toward Roth for tax-free future growth. - Backdoor Roth IRA ($7,500–$8,500/year) is a smart move for high earners who can't deduct traditional IRA contributions. Solar panels on rental property - The residential clean energy credit (Section 25D) ended Dec 31, 2025 — but rental properties qualify for the Business Energy Credit (IRC §48/48E), still at 30%. - State rebates reduce your eligible cost basis. Example: $36K solar cost minus $18K Illinois rebate = $18K eligible basis → ~$5,400 federal credit (30%). - 100% bonus depreciation can also be applied to the solar asset cost, stacking additional savings on top of the federal credit. - If the property is passive, bonus depreciation can only offset passive income down to zero — it cannot create a loss that flows to other income. - Grouping elections across properties can help hit the 500-hour material participation threshold and unlock full deduction benefits.

Link: https://www.skool.com/taxes/classroom/ec6893ee?md=31639d92bb634747a5e90dfd88230bd3 Here's a summary of the key takeaways from this session: Tax & Investing Basics - Crypto is taxed like any other capital asset: short-term gains (under one year) are taxed as ordinary income; long-term gains (over one year) are taxed at 0%, 15%, or 20%. No tax is owed until you sell. - If you're not earning dividends, there's no tax liability on most investments until you sell. Real Estate Strategy - The long-term playbook: buy, depreciate, exchange via 1031 into the next property, and ideally hold until death so heirs receive a stepped-up basis, eliminating capital gains. - Cost segregation and partial asset disposition work together: cost seg accelerates depreciation on what you added; partial asset disposition writes off the remaining value of what you removed. - Consider involving your cost seg firm before and after renovations. For simple needs, Real Estate Cost Seg works well. For complex cases involving partial asset disposition, CSSI is the preferred option. Cash & Emergency Funds - Three to six months of expenses (not income) is the target range for an emergency fund. Three months is often enough if your income is stable. - Anything beyond that sitting in a high-yield savings account is an opportunity cost. Put excess cash to work in markets, real estate, or retirement accounts. Debt vs. Investing - If you're carrying debt above roughly 7% interest, paying it down likely beats investing — it's a guaranteed return equal to the interest rate. Retirement Planning - Self-employed individuals can open a Solo 401(k) as long as they have no full-time non-family employees. Contributions are tax-deductible. - Automate contributions so investing is consistent and doesn't rely on memory or willpower. Mindset & Financial Literacy - We aren't taught about money in school. Most people are left to figure out taxes, investing, and wealth-building on their own, which makes them vulnerable to bad advice or inaction. - Earning more money isn't enough on its own. The real game is learning how to protect it from taxes, grow it, and put it to work. - Cash feels safe but loses value over time. In an inflationary environment, money sitting still is money going backwards. - We're in a "K-shaped economy" where wages are losing ground but assets like real estate and stocks keep appreciating. Owning assets is what separates those moving forward from those falling behind. - The biggest financial mistake people make is inaction, waiting for the perfect time, or letting fear keep them on the sidelines. Time in the market consistently beats trying to time the market. - Treat investing like a bill you pay yourself. If it's not automated and budgeted for, it's too easy to skip.