MILLIONAIRE CPA Explains How To WIN As A Tax Pro In 2024

CPA attorneys, everybody in this industry trying to help Americans save taxes and build wealth. We can be their tax pro. We can be their tax advisor. I've been in the business for 20 plus years. I'm a CPA attorney. I've been doing tax advisory for 15 years when I started to figure it out, and I've gotten really good at it the last five years. We help clients nationwide. I've got an incredible team and we have cracked the code. And I started a program about year, year and a half ago called the Main Street Tax Pro certification. We now have over 500 in our community around the country that meet twice a week. I don't think it's too intense. I know it's the middle of tax season and I want to say thank you for being here and I know how stressful this time of year is. But in our program, we're a tribe, we're a community. We're making more money, working less, having less stress, getting leads. People, it's an amazing program. Now, I'll tell you about it a little later, but I want to give you real, actual items today. And I've got almost 10 here, and I've made every mistake in the book and I figured it out. So I want to start sharing those with you right now. And at the end of this, I've got a keyword that'll save you some money, too. So don't go anywhere if any of this sounds exciting. So if I hit a vein and you're like, oh, my gosh, this market, he kind of knows me. And I'm trying to tell you I do. You're my tribe. There's a special at the end here you'll want to hear. All right, so I'm getting into it. Your first tip. I'm going to number these. Amanda, we're going to put it in the description that way. All right? Okay. So number one, you need to think like an advisor. Now, I know many of you. I was buried in transactions for years. Now, transactions are not a bad thing. Doing the tax returns, the payroll, the bookkeeping, the transactional work, which eats us alive if we don't add the advisory to it. And I know it's the holy grail for 10 years ago, I was going to conferences on how to be an advisor. And what do they do? Increase your prices, make more appointments. But they didn't teach me what to say on the call. They didn't teach me strategies and tips that actually move the needle with clients. And they certainly didn't tell me the Procedure of onboarding, how much to charge and all that I, oh, I figured out. But the first point is we, we have to believe in it. We can do it. We can be an advisor. And for those of you out there that are accountants, enrolled agents, and you're like, oh, only the CPAs and lawyers can do that. I know some great CPAs and lawyers. I also know some crappy ones. And I know some great bookkeepers and enrolled agents that are trying to learn every cutting edge strategy and I know some that don't know their tail from the you know what. So that's okay. We can all get better and come together on this. But we have to think like an advisor. We want to add the advice piece with the transactional piece and bring it together for our clients. And they're starving for this. They are absolutely starving for it. Okay, number two, no more giving away your services. No more free advice. No more free consoles just to get a client. And when a client calls up and wants something, you have a procedure to go, okay, we'll make an appointment. Here's how much I charge for it. Would you just give it to me for free? No, I don't work that way. I want respect. And you deserve respect. And you're going to charge for your services at a reasonable rate and then you're going to go wow them and then put it in packages and you're going to make more money and have better clients and be happier. Number three, you've got to be holistic. You can't just say, well, I'm just your accountant. I only teach you how to save taxes. No, I want you talking about financial planning. Yeah, financial planning, not investment advice. You're not telling what to buy and sell. You're saying, get out of debt, save money, quit spending so much, you idiot. That's financial advice and you can give that all day long. And clients need someone to tell them that. Being in financial advice, talking about asset protection, privacy, estate planning, partnerships, self directing IRAs, I have 12 modules in my Tax pro program that make you a holistic advice. You're the quarterback. You've got to start thinking like a quarterback. You don't need to be the tight end and the wide receiver. You don't need to be the defensive end in the safety. You, you just need to know how the game's played and tell them here's what you need and where and why and how and they will pay you for that. They need that. But you've got to be willing to be bold and be brave to Bring it all together. All right, so that's number one. Think like an advisor in those three ways. Now number two, during this tax season, it is a perfect time. And I want to again, thank you for those of you that are taking valuable time to just watch this. And I know you're multitasking, knocking out a 1040, 1065 or 1120. Yes, yes, I know my numbers. So listen, you can identify clients during tax season that are the fit. The one clients you want, they have a rental property, they have a small business, they have a side hustle, they have some investment income. Maybe they just want advice and they treat you with respect. Already they're waiting for you to bring it to them. So during this tax season, I want you to start thinking, ooh, that's a client I would love on advisory, but there's more. The next tip, start making appointments now to meet with those clients after tax season. And you're not going to call them after tax season. Stop. When you give them the return, you hold it like this or you don't email it, you don't hit send, you don't electronically file until you tell them we need to schedule an appointment right after tax season. And you start booking up your calls in May and June. Now you have a couple options there, what I teach in my program, you may sell them on a comprehensive consult and say, hey, I'm going to save you taxes and I want you to pay for a consultation after tax season. 500 bucks, thousand bucks, 1500 bucks. And you tell them if I don't save you more in taxes with that consult, I'll give you your money back. That's an option. Or you just say, I want to have a discovery call with you for a half an hour and talk about how we can better work together. Because you know what, Tom? You know what, Judy? I know I can save you more, but it's a two way street. I need you to meet with me, I need you to come to me. I need, we need to talk more than just once a freaking year. And by the way, I'm going to show up, I'm going to return my emails, I'm going to return my calls, I'm getting more efficient. I'm part of a program now where I'm learning how to do this. And Tom, Judy, Bill, Mary, whoever, I can do this and I can help you. But I want to schedule an appointment right now for a half hour. This is bare minimum. Every client you identify you like you're going to say, we're going to Schedule a half hour right now in May, June, July. Now, I know you're going to extend probably 50% of your returns. I love extending. Reduces chances of an audit. Gives you more time with the client. But identify these clients that are the winners that you know, want it and need it. Now, you may not know how to pitch them yet on the full deal, so just go with the discovery call. Not a free consult. No, those words should never, ever, ever come out of your mouth. Free consultation. Spit on it. You're going to say discovery call. You're going to say, hey, we're going to have a discovery call. Half hour. We're going to do a half hour in May, June, or July. Let's book it. Now. You don't let them have their fricking return until they book it. Now, if you got the cajones to say, yeah, I want to do a comprehensive consultation with you for $500 or $1,000 after tax season. Here's the hour we're going to meet. I'm going to go through everything with you, and I'm going to give you a plan. I'm going to give you a picture, a trifecta, a checklist that's going to save you 10 times whatever you pay me. Well, why don't you do that now? Because guess what? My time's worth money, people. You got to respect yourself and say, yeah, I'm not giving it away. I'm doing your tax return now. I want to give you advisory. Well, I want both.

Great.

So do I. Make an appointment. Pay me. See, we got to stand up for ourselves and the clients that don't want it. Bye. The clients that want it, you say, please, come here. I'll give you a hug. Let's get to work together. That's a comprehensive console. And you say, it's 500 bucks or a thousand or whatever, and that's cool. That's great. And you book it and you take their money now, they don't pay it later, they pay it now for that appointment. And you say, hey, if you pay now, I'll give you a little discount. If not, it's going to cost you more later. But again, bare minimum, you're going to say, discovery call. I want to. We're going to book that discovery call, people. This is going to move the needle in the middle of the year. Because if you call me up in June or July, go, Mark. Oh, my gosh. I'm ready to join your program. I'm ready now to join your program after you already met with 500 clients during tax season. People don't miss the boat. Some people. Well, after tax season, Mark, I'll look into your program. You need the techniques now so that you're ready to close the deals. When you have those appointments, you don't want to go start begging them to come see you. You've got them in your grasp right now with that tax return. Hold it hostage until they make that appointment. Now, if these are clients you don't want, you're like, here's your return. Bye. See ya. Guess what, it's gonna cost more next year. All right, the last tip, you have to get trained. Now, I know you may think that's a self serving comment of mine because I want to train you, but you have to because I know what it's like to get on a zoom call, an in person meeting, a phone call with a client and have nothing to give them. Scary. You're like, mark, that's great. I'm going to make these appointments. What the hell am I going to say on that call? I'll tell you. I have 12 modules, 72 topics, 800 quiz questions, weekly trainings. I will wow you. And I have, I have accountants join my program that have been CPAs for 20 years and go, Mark, in your program, I learned more than I did in the last 10 years. Boring, worthless CE. Oh, by the way, my courses are CE qualified. I get it. But how many of us go to CE programs and we can't get anything out of it? We want to fall asleep and shoot ourselves in the head. That's not what I'm doing. We're talking real actionable, legit strategies and we got to learn those. So, okay, in your training, there's three things. Do I go whiteboard? Dylan, can I throw a whiteboard down? All right. I kind of call this like this triangle of success or whatever. And I want to take this and go. I. A real advisor, a real tax advisor has three pieces to their equation. They have a sales and onboarding procedure second to none. You've got to have that. Procedure number two, you're going to have systems and procedures to deliver. And a lot of accountants struggle with this. They're just used to tax return in, tax return out. And finally you're going to have the strategies. What are you going to talk about on that call? Now, I know some of you think you know it all. Really? Let's turn down. Okay, so you have a total, reasonable comp matrix to work with your clients on s corporations. Do you know how to pay kids under age 18, 18 and older and grandchildren. Do you have a strategy for that? Do you know how to self direct an IRA, a Roth or a 401k and buy real estate and avoid UBIT? You don't even know what UBIT is. Oh, UDFI, you don't know what that is? How about the 1202 stock credit trap that's out there and people selling the C corporations or small business owners that don't need it. Oh, you know, daft, you know, RLT's, Revocable Living Trusts. You could do a CRT and explain it right now to a group of 15 people. Oh, and oh, you know, privacy. Right. All the six states that allow me to hide you with an LLC. Oh, you know how the by and the FinCEN works. Oh, you've got the auto deduction strategies, the capital gain strategies, all dialed in ten 31s opportunity zones, people. The list goes on and on. Our training that we held just today with over 120 CPAs and enrolled agents in the middle of tax season, we talked about S Corp basis. That's like talking about rocks on the moon, right? S Corp basis, one of the most biggest enigmas in trying to plan for clients with their S Corp when they're taking distributions over basis, we broke it down. I'd have nine examples. Everybody's like bam. And I had 130 people there in chat, helping each other out, learning from one another. I have CPAs from around the country. Go Mark. Here's how we approach it, here's how we do it. I'm learning every week. If you think you know it all and you've got a place where you're learning it, call me. I'll join it. I'll join it with you right now. But there's nothing freaking out there but Main Street Tax Pros. It's affordable, it works. Oh, and by the way, I have a network page where I send every YouTube follower of my, every blog visitor of mine, every podcast listener of mine this. Tomorrow I'll hit 400,000 subscribers on my YouTube. Guess where I tell them to go find their CPAs. I don't have an accounting business. I don't. I gave, I gave my accounting from away a year ago and I said I'm going to build this network. So everywhere I go I say, oh, you need an accountant that talks like me, speaks like me. You wanted a real advisor? Go to the Mark J. Kohler Tax Pro Network. They're getting referrals. I have testimony after testimonial of new accountants in My program, accountants, enrolled agents, CPAs, all the above, that have tripled and quadrupled their business just in six months. And they're like, mark, I can breathe again. I love accounting again. People, the industry is on fire. So I'm going to summarize here. Think like an advisor. Know that transactional and advice have to go together. Don't try to get rid of both one or do one or the other. Bring it together. Number two, be their quarterback. Your holistic approach, you can talk about anything and you're going to help them and they're going to pay you for it. Number three, never, ever, ever do a free consultation and give away your time and money. It's valuable and I'm going to teach you to close it. Number two, identify those clients during this tax season. Number three, start making appointments with them in a couple different ways. Prepaid or at least a discovery call. And finally, people, humble yourself enough to learn some strategies, learn some procedures and how to onboard a client. From discovery call to onboarding, to engagement letter, to pricing. I give you engagement letters. I give you pricing, models, price, whatever, charge, whatever you want. Oh, and by the way, you're thinking, oh, Mark, you're going to make money on all your referrals you give me. Nope, I do not. I make money. When you come into my training program and join the community in the tribe that's going to change your fricking life. I give you referrals, they're yours. I don't take a residual. I don't take a piece at all. There are millions of Americans dying, literally starving for tax advisors. And you can be that one. You can uplevel yourself as a bookkeeper, an accountant, an enrolled agent. You CPAs out there, it's time to try a new game. You can do it. I've been there. You don't learn this in the CPA exam. You don't learn it in ce. I went to law school. I worked at the tax court. I worked at kpmg. I've done it all. And the only way you learn this crap is on the streets, networking and getting into the mud and getting the weeds. And you're learning and you're networking. You're working it. Oh, you've got a group like that? Sign me up. I'll join it. I already have one pushing now, 600 advisors around the country networking together in a forum on Facebook. Facebook groups and training. And you know what? It's more affordable than you realize. So here's the deal. I want to answer some questions here for you, any of you that are like, mark, you're full of crap. Here's my problem. Or here's what you do. Bring it. Bring it. I'm ready for it. But I'll tell you this. If you can click down below for it's. It's a webinar that you can watch right now, just for the next few days on what my program's all about. It's free. Watch the webinar. I give three significant tips in there on how to start building your practice and how what the program's about. It'll blow your mind. There's no obligation. Just watch it. Holy crap. If you're stressed out and thinking, oh, what do I do? This is what you do. You're like, I need a lifeline. I prayed this morning. Guess what? God brought you a present. Mark Kohler's live today. All right, so go watch it. Click down below, watch the webinar and see what it's all about Again, if you got something better, send me the link now. A sleep year. You hear that? It's the 29th and I literally went to my team. I'm not lying. I'm transparent. I was walking down the hall a half hour ago, I said, hey, asleep year. I want to give away 500 bucks. If people type the word leap in at checkout now, it doesn't work for payment plans. You're like, I'm in. I'll throw it in my business, credit, my credit card, whatever. I'm going to buy in $500 off. And if you're not doing a payment plan, you already saved 500. That's a thousand dollar value, people. This is under 10 grand. The whole program of training and that, the support that goes through that process, it is unbelievable. And I have a three by three guarantee. If I don't bring you three times what you pay me in revenue within three months after your platforms up on my network, I'll give your money back. I haven't done it yet. And I have people call go. I'm not getting enough leads. Really, your website sucks. I talked about it. Because in my program, I have a business builder. I teach you how to build a better website. I teach you how to onboard. I give you the engagement letter. I go through the whole onboarding process. I teach you how to start a podcast if you want, how to write a book, how to do a CRM, how to do a newsletter, how to speak in front of a group. That's all part of the program, people. I want you to succeed. Click down below Watch the freaking webinar and see if it's a solution you've been yearning for. I swear it is. I will not waste your time. And in make sure you use the word leap. Say 500 bucks, which will ultimately be again a thousand because you're not going to do the payment plan. You're freaking getting going. And we're doing a little tax support group every Sunday night. Little like prep up pep talk on Sunday nights for a half hour. Starts this Sunday for the next six weeks. I know the pain. I've been there. I've collapsed on my couch in my office on April 15th. It's tough. Stop the insanity. I'm here for you. It'll freaking change your life. So get involved. Click down below and quit screwing around. I will double your income by the end of the year. Now that part I can't stand by, but I mean, because I never know, you may be really terrible at what you do, but I'm going to freaking give you the opportunity to double your income. Damn straight. So get in here. Get in here. Freaking A. All right, Dylan, we have any good questions? Give me a good one. Definitely not the NBA. The NFL's over. It's that dry period where NFL's over and you're just like, what do I do? You know, it's, it's a miserable time.

Well, we have some easy questions on Instagram and I thought I'd combine them, give you a nice little softball here. Do you have to be an accountant to be a tax advisor? And what are the prerequisites to join the program?

Great question. Let's start with the first one. I think the account. The word an accountant is a pretty generic term. Many people define it differently. I want to rephrase. Do you have to have licensure? Do you have to have a four year degree at a college? Being an accountant, do you have to have that enrolled agent or CPA status or law degree? No. No. Now I am going to recommend as you get going through my program. And we have a partnership with Universal Accounting to get you finished with your EA exam. At the least there's no rush. You don't have to do it right out of the gate, right away or anytime. I do like that. I think you really add some credibility with you and your client. It puts you, it allows you to negotiate and call the IRS on behalf of clients. That's a really nice feature. But you don't have to be licensed. I have accountants that started my program a year ago that have tripled their business. Ultimately Got their EA status later in the year after getting certified and it's been a huge success for them. So. And I've got 20 year olds, 20 years of experience, CPAs and lawyers down to the one year old bookkeeper. It's like I want to change my dynamic so you do not have to have prerequisites to join and anybody can join. And I'm going to help you level up. We're going to help you scale your practice, scale your career. You can do it. Yeah, don't worry about it.

Next, Joan Elba has a fantastic question on YouTube and she asks Mark, is the training tax deductible for my small business if I take to implement it in my own business?

Ooh, I like the way Elvis said the second part of that question. She said, is your program tax deductible if I implemented in my business. See any just education. You go buy out there. Oh, I'm gonna go to Tony Robbins. I'm gonna go do this weekend seminar or whatever. I'm gonna go learn how to, you know, yoga or something. That's not a write off unless it's part of your business. So Elva, mine is gonna qualify as continuing education on your tax return as a tax professional. As you get engaged and involved, you're gonna as you, as you build your business. See, that's the key. You can't just go to training and say, oh, it's a write off. You got to make sure that training is implemented in your business and you have revenue that makes it work. Right? So no, it's absolutely a freaking write off. I've written off every CE I've ever done trainings for my business and my law firm and accounting firms and trust company and no, you're good. Tax write off. Is that a pin drop worthy tax write off? Girl math. See, here's the thing. You guys are losing money if you don't join Girl math. You guys watch that on TikTok? I love girl math. I was shopping this weekend and I was like, man, it's half off. I'm going to lose money if I don't buy this anyway. That, by the way, that was your daughter, my grandchild's birthday gift. I was going to lose money if I didn't buy it, so I still got to get delivered to her. Okay, Dylan, next question. I love it. A common question I get here. We just got two more. Oh, we got some off topic. They want to talk to strategies. Okay, I'm going to answer one more topic. That question. I get all the Time from tax pros. Mark, when can I start making money in your program? When am I going to start getting referrals? How does this work? Okay, whoa, whoa, whoa. I'm going to get your referrals. You're going to build your business. But to be honest, that's reason number two or three why you're, why you're joining this program. It is an income opportunity, but you first have to level up yourself. You're going to level up your mindset. We have mindset coaching every month included in the program. We have our business building program every month in here. And then our weekly strategic training on top of the 75 topics. People, you're, you're going to transform yourself. You're going to be a machine and then you get referrals. So you gotta be ready for it. People start throwing into the football and you can't catch it. You're like, hey, Mark, how many footballs am I gonna get? How many are you gonna catch? So I want you ready to receive all of those referrals and then turn them into bank. And so I need you there. I need you involved. I want you learning. And there not just like, is Mark gonna deliver? Yes, I'll deliver. Chill. But this is not a get rich quick scheme. Being an accountant is not a get rich quick scheme. It's a build massive wealth long term plan and you're gonna freaking love it. All right, so just let's hit some strategies then. You want to go there? All right, what do you got? B.

Pain on YouTube asks, How does rental income tax, depreciation and other tax write offs get recognized for a rental owned by 60% LLC in a self directed IRA and 40% in a non IRA partner.

Okay, let's whiteboard this. All right, everybody. Boy, D Pain. Is it D Pain. Wow. Going deep, going deep. All right, so what D Pain is bringing up is what in the industry is called self directing. And we build this in a platform called the trifecta. You're going to learn the trifecta in the program. You're going to do these for your clients and you're going to charge them to do this. And you're gonna put operations on this side, assets on this side. Then down here is the revocable living trust and your 1040 tax return. All the money and the water flows downhill. Now over here, this is gonna be your side, Hustle llc. Maybe you have an S corp over here, maybe you have a W2 over here. LA la la. That's a topic for another day. Okay, Side Hustle, main hustle. Now over here, I'm gonna divide your life into two sides and you're going to have rental properties owned by yourself. They're going to go on a schedule e. Those Schedule E's are going to drop down onto your 1040. That's how that works. We're going to take depreciation and write offs and all these goodies and we're going to build wealth tax free, passive cash flow generally. But over here a lot of clients are like, man, I'm sick of getting 8% and that S&P 500 ETF. I want to do better. And so we've, we've now have over $1.5 billion of client money that's coming on and they've self directed it into their investments. Whatever they want, we don't get a percentage of this, theirs. It's called self directing. Do that a directed ira. And so what you do is you can take an IRA, form an LLC and go buy real estate and get a 10, 20, 30% ROI. Buying real estate. And what you know, this is what Peter thiel did with PayPal and Facebook. He took his little Roth IRA that is now worth $3 billion by just investing in his IRA. And what he knew best, he started with five grand in a Roth IRA, just like you and me. Now it's worth 3 billion. How do you do that? You learn it in my program and you can go to Direct. Com and start learning more. So the question is, I've got this llc. I want to put it in context. So you have this LLC and he said it's 60% owned by an Iraq and 40% owned by someone over here. Very doable. We've been doing it for years. Very valid, honest, ethical and legal structure. Very, very common. So this IRA owns 60%, person owns 40% and we're going to go buy a rental. Now you're going to be doing a 1065 tax return. And on a 1065 tax return we're going to take and we're going to go and collect rent and then subtract depreciation and HOA and property taxes and da da da da da da, all these expenses and that typically a loss which is normal because of depreciation and mortgage interest and all that. We're going to take this loss and we're going to write it off against our other income. Now there's rules about real estate professionals, self rentals, Airbnb, syndications, those are all different strategies. We have a whole section on real estate in our program. But this loss is so powerful. Now depaying is like, that seems weird because my IRA doesn't need a loss because my IRA does not pay tax as it builds wealth. There's no tax here. So that loss, whatever that 60% of that loss is, it just goes in there and just hangs out. It's no real tangible benefit until you go sell the property and you can use it against udfi if there is udfi. Whole other topic, but this just, it just floats here. And it's going to get a K1. It's kind of like a W2 for business owners over here. This person, they're going to love it. They're going to get 40% of the loss and use it just like they would on a schedule E that they own themselves. So in a nutshell, and I guess I could switch over here to I'll just leave it here. This is your personal rental property. This is your LLC owned by our IRA property. And you're going to do a 1065 split up the income, split up the losses, depay. And if you like this, you just get over to our Directed Ira podcast, Directed Ira podcast. We have over 100 shows, the most listened to podcast on the topic in the country. And you're going to learn all that and more. So get over there. Next question, Dylan.

Next question is from rita Wood on YouTube and she asks, why would one want a manager versus a member of an LLC?

It's because you're smart. Oh, you want me to explain that? Oh, because you don't want to screw up. All right, here's the deal. If I set up an LLC that's member managed, I don't need whiteboard. With an llc, you can have member managed on the articles of organization or manager managed. We have set up over 20,000 LLC at our law firm in the last 10 years. 15 years, thousands. We never ever, ever do a member managed LLC because the members, if they're managers, is public record. I want privacy. I don't want to tell the world you own that llc. And if anything changes in the ownership of the llc, I have to go file amended articles of organization with a manager managed llc. I might have a company be the manager. I might play manager in six states and provide even more ultimate privacy or should say law firm as incorporator. The manager does not need to even be disclosed and certainly not the members. I don't want your name out there as a member. It's all about privacy. The asset protection is the same. Asset protection is the Same it's privacy that I'm worried about. So I want never ever a member managed LLC on public record. I want the manager disclosed, which may not even be you. And no one knows who the members are. And if I change the members, I can do that all day long and never have to file anything with the state. Now we got the new BOI FinCEN reporting and that's required now by the end of the year to let the feds know what the hell's going on in that llc. But that's not public record. That's like the irs. IRS can't tell people what your tax return looks like. And FinCEN cannot tell others what's on your LLC. They just want to know because they're trying to shut down human traffickers and drug dealers and yada yada. So manager managed. Do it every time. When we get a new client, we'll switch it to manager managed. Next question, Dylan.

Next question is from Sergeant Sam on YouTube and he asks. I want to buy my third door this year. My current primary would become my next str. How many days do I need to rent my home to capture tax benefits and should I wait till 2025 to put it fully into service?

Do not wait until 2025. Let's get this bad boy going right away. Let me see if I can understand that. He's on his third rental property and he's going to convert his current primary residence into a short term rental. Love it. By the way, I did a podcast two months ago with Daniel Rustein. Number one best selling book on maximize your Airbnb. Get over there. Listen to the podcast. It's phenomenal. I own well partner in two or three different Airbnbs. I love the whole thing. In fact, tonight I'm going to be working on an Airbnb whole side note. Now here's the deal. So let's whiteboard it on our trifecta. You've got these three Airbnbs or three rental properties and you're going to take your home, which would normally be owned by your trust, and you're going to take your home and convert it into a short term rental. And the question is, Mark, I want to get the tax benefits of the short term rental and by the hell, I get the tax benefits. I get it, I want it. But you also want the rent. You want to get this thing up and going. You want to, you want to put it in service so you're making some fricking money, people. Don't let the tax tail wag the Dog make sure it's going to be profitable. You've got it furnished, you've got your Airbnb platform or VRBO platform figured out. You're ready to optimize and go. Then you worry about the tax benefits. Now I love the short term rental pass strategy. And everybody what he's really asking is how do I qualify as a short term rental for the loophole versus a long term rental? You have to average less than seven days of rental. Average seven day rent. Okay? Rentals are less on average. The average rental days are less than seven days. There we go. The average rental days are less than 7, which means you're going to take your total rental days for the year. So there's your total days and divide it by your total renters. So if you have someone rent it for a month, that's not good because that's 30 days. One renter, oh, I did another person for one day. Now I'm 31. Two renters, okay, now I'm 15. So you got to look at the year average. So when you go to put this STR in service, you need to make sure you also hit your hundred hours of material participation, less than seven day average and do not provide substantial services. Now I've got some YouTube videos out there on that. It's a whole topic in my training. And by the way, I have business owners, business owners every day join my Main Street Tax Pro program. And they're like, mark, just the fact I understand my taxes better. I've already saved what I paid you in taxes alone and I'm helping my family. I'm a better quarterback and they get to hang out with hundreds of other CPAs and choose the one they like. So if you're a business owner going, mark, I want to join your program. I would like to learn this. You do it, it'll be a tax write off. Let's get it in your business and going. So the STR is a great strategy. I've given our seminars later this year. I'll be later this spring. We're doing a virtual real estate tax summit. It'll probably be a two day. If you're subscribed to my newsletter, you'll get an announcement when we go. So for those that are still here, just get to my website, sign up for the newsletter, subscribe to my YouTube channel and hit the little bell icon. So every time I go live, you get a ping. Whatever platform you're watching on this, please. I am kicking out so much content. I want to give, I want to Give it. And once in a while, I'm going to ask you for a withdrawal. And this is one of those days. If you want to change your business, if you want to be a better tax advisor, and you're like, holy crap, Mark, yours is just off the top of your head. Yeah. And I've been trying to be the best I can be for 25 years, and I want to share that with you. Click up below, watch the webinar and learn three more strategies on how to blow up your practice as a small business. As a tax advisor or as a business owner. Be a better business owner. So, all right, one last question. We're going to call it a day.

Dylan, this question comes from Tolosay on Instagram, and he asks. My wife has a side hustle as a balloon artist. And as a sole prop, if I become an MSTP member with you, does it make sense to become an LLC? She brought in over 25k last year.

Okay, well, you're blending two issues here. Whiteboard is you're saying, my wife, her side hustle, is a balloon artist. Now, it sounds pretty cool. It sounds like I'm at, you know, Applebee's and she's coming by and, like, making little balloon animals. Is that what we're talking about? Sounds kind of fun. I always buy those. I'm a sucker, so that's fun. Remember, everybody, LLCs don't save taxes. And I don't think she's going to get sued for making a giraffe that doesn't really look like a giraffe. So let's not worry about asset protection for the balloon artistry. And there's no tax strategy there. But then you said, mark, I'm going to join your Main street tax Pro program. What? Oh, you want to make hundreds of thousands of dollars? You want to build your career as a tax professional? Hell, yeah. We're going to start out as an LLC and then convert it to an S corp probably by the middle of this year, because you're going to be kicking butt so that you're going to have an entity for your accounting practice, your advisory practice, and then you could throw in the side hustle in that. I don't care. But this is not the issue. There's no. I'll be honest, leave it on a schedule C. Don't stress about it. Now, if she was doing bungee jumping school and throwing people off a crane at county fairs this summer, get a freaking llc. All right? Because you need the asset protection. It's either tax or asset protection. Balloon artistry. I think you're okay. MSTP member, you're going to need your own entity and you're going to kick butt and you're going to love it. So people wipe it up. Thank you, everybody, for being here today. Take action. Take action. If you're a tax professional and it's the middle of tax season, I've been there. I know the stress you're under. I'm under stress. I am. I can't wait for Monday night to have our little pep talk because I'm going to be associating with hundreds of you talking about what we can do to start Monday off right and to have better practices and learn more, better strategies, better systems, better sales and onboarding. And if I don't bring you more business, I'll give you your money back. You can read the guarantee when you check it out. Watch the webinar freaking click down below. Get that special today. Type in the word leap, save an extra 500 bucks, and let's start rocking and rolling. I'll see you Sunday night. You join. You're in Sunday night. And then next Tuesday is our training. We do trainings on Tuesdays and Thursdays. I'll be here. Have a great day, everybody. Keep living the dream.