A humorous quote claims that a person doesn't know how much he has to be thankful for until he has to pay taxes. We incur taxes to enjoy the benefits of living in a civilized society. Hence, it has been a significant cause of worry for many of us. Some believe that taxes rob industrious taxpayers of their hard-earned money since it requires us to part our own money.
Amanda Han is a Certified Public Accountant, tax strategist, author, and managing director of Keystone CPA who specializes in creating tax-saving strategies for real estate investors.
Matthew MacFarland is a Certified Public Accountant, author, managing director of Keystone CPA, and tax strategist with over 20 years of experience for individuals, families, real estate investors, and closely held businesses.
In this special episode with Amanda Han and Matthew MacFarland, we'll learn about the inspiring passion of a married couple about educating people on how to save on taxes, decrease tax burden and help entrepreneurs to take advantage of the opportunities around them concerning tax and having their finances in order.
"Tax advisors are there to help you explain things and set you up to get you in the right position to take advantage of all the opportunities out there." – Matthew MacFarland
Topics Covered:
(00:00:00) Introduction + Episode Snippet
(00:00:19) Introducing our special guests, Amanda Han and Matthew MacFarland
(00:00:32) Advertisement: Obtain financial freedom with passive income! TimeOut with the SportsDr. teams up with Dr. Ronnie Shalev of Shalwin Properties to discuss things finance! Join Dr. Shalev's webinar or set up a 1-on-1 call; go to https://www.drderrickthesportsdr.com/sponsors.
(00:02:38) Podcast about taxes: Why is it the must-listen podcast of the year?
(00:04:10) The Certified Public Accountant Couple: What led them to become CPAs?
(00:07:30) The Birth of Keystone
(00:08:22) Tax planning firm: Save on taxes legitimately
(00:09:55) A Businessperson's goal: Not to become a CPA but to understand all the tax law
(00:12:32) How do business owners benefit tax-wise from having kids?
(00:13:07) Make your children involved in your business.
(00:15:53) What is the significant role of a Limited Liability Company?
(00:17:42) Legal entity ambiguity and common misconceptions
(00:19:13) Understanding Cost vs. Benefit
(00:20:00) Lawyer or Accountant: Where to go first for decision-making advice?
(00:22:22) Advertisement: Sabre Bats, the training bat that will take you to your next swing. Go to https://www.sabrebats.net to know more.
(00:23:21) How do we take advantage of tech strategies for business travel?
(00:24:45) Diversification versus specification: The Retirement planning
(00:27:34) How does self-directed 401k investment works?
(00:30:41) How can you gain access to a genuine self-directed 401k?
(00:32:01) The Tax deferred exchange: How does a 1031 exchange operate?
(00:33:09) Inheritance vs. Gifting: What tax differences exist between them?
(00:37:02) Final TimeOut with Amanda Han and Matthew MacFarland: How do we take advantage of some of our tax benefits and get our finances in order?
(00:38:22) The higher your income is, the more crucial tax planning is.
(00:39:44) It's not how you start but how you finish.
(00:41:14) Connect with Amanda Han and Matthew MacFarland.
Key Takeaways:
"If you're doing things correctly, there's ways where you can make a lot of money but pay little to no taxes using real estate as one of the strategies." – Amanda Han
"You can either sit back and complain about taxes or you can learn how you can take advantage of the same loopholes or tax benefits that some of the wealthy can take advantage of because we too can take advantage of many of those if they educate us." – Dr. Derrick Burgess
"It's a great way to continue to leverage and continue to grow your portfolio into better performing assets without having that tax drag that's slowing you down." – Matthew MacFarland
Connect with Amanda Han:
Email: media@keystonecpa.com
Website: https://www.keystonecpa.com/
Facebook: https://www.facebook.com/keystonecpainc/
LinkedIn: https://www.linkedin.com/in/amandayhan/
Instagram: https://www.instagram.com/amanda_han_cpa/
YouTube: https://www.youtube.com/channel/UCvL8-Sq9NtVbh_SO6oDmmAg/
Connect with Matthew MacFarland:
Email: media@keystonecpa.com
Website: https://www.keystonecpa.com/; animalsforarmedforces.org
Facebook: https://www.facebook.com/keystonecpainc/
YouTube: https://www.youtube.com/channel/UCvL8-Sq9NtVbh_SO6oDmmAg/
Instagram: https://www.instagram.com/keystone.cpa/
LinkedIn: https://www.linkedin.com/in/mattmacfarland/
Connect with Dr. Derrick Burgess:
Website: https://www.drderrickthesportsdr.com/
Instagram: https://www.instagram.com/drderrickthesportsdr/
Facebook: https://www.facebook.com/TimeOut.SportsDr
LinkedIn: https://www.linkedin.com/in/derrick-burgess-72047b246/
YouTube: https://www.youtube.com/channel/UCHGDu1zT4K_X6PnYELu8weg
Email: thesportsdoctr@gmail.com
