025 | In today's podcast we have Keith from The Wealthy Accountant on the show to discuss tax optimization for individuals and small businesses with plenty of tax tips for your FI tool chest.

In Today’s Podcast we cover: Keith from the Wealthy Accountant presents his tax optimization strategies for individuals and small business owners Keith is the most knowledgeable accountant we have ever met.

We met him in Florida at Camp Mustache and his exuberance for tax optimization was infectious Keith became the official accountant of Mr. Money Mustache after a presentation at Camp Mustache in Seattle A discussion of how to save FICA taxes by being taxed as an S-Corporation instead of as a pass through entity such as an LLC Keith’s discussion of potential tax law change based on the President’s proposal

For people starting a business, where would Keith start? Business structure, getting kids and spouses involved, etc. Keith believes when you have business income over $50,000 that you should be an LLC taxed as an S-Corp Is there value for someone over the FICA cap in their ‘day job’ for their business to be treated as an S-Corp? Home office deductions vs. renting part of your home to your business entity and how to make it official with a formal contract

What Keith recommends for retirement savings and the rules you need to understand whether you are an employee or if you own a business Keith’s recommendation to speak with your HR department to max out your 401k if they only seemingly offer a certain percentage of your income

Tax optimization strategies for real estate investors including the tangible property rules and how to benefit from expensing items that would have otherwise needed to be depreciated Cost segregation studies and how that can save you money on depreciations Healthcare for small business owners and the lack of options

Discussion of Keith’s writing at The Wealthy Accountant. The goal was for people to “think like an accountant” and to live your life ‘right.’ He believes in saving half your income and investing in broad-based index funds. If you do those 2 things you’ll be successful

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025 | The Wealthy Accountant