Travel to Pay Less in Taxes!

Welcome everybody, to this week's live broadcast on making you money, saving you money, and talking tax and legal when it's not boring. This is going to be good. Don't go anywhere if you're seeing this in your feed. Give me two more minutes and I'm going to tell you what this is all about. And seriously, if you don't save and make money in this quick live broadcast that I do every week, I will have failed. You're going to love this. So anyway, if you don't know me, my name is Mark Kohler, CPA attorney, best selling author, radio show podcaster, video personality, blah, blah, blah. But I keep tax and legal fun. I'm a real partner in a law firm and accounting firm. Yep, I know. But you're dying to know this information. And today we're talking about the travel write off. Every time you travel, I want you to get a write off baby in your side gig, your side hustle, your big business, your small business, your rental property. We're going to hit it all. And as I do every week, this is live Q and A. So we're going to make sure we try to hit your questions. And I've got my counterpart, two of them here today. I got Darren Charrington and Max Merritt, two lawyers in my office that want to help answer your questions on the chat. Now, right now, Max, I better say law clerk, soon to be the most important lawyer in our law firm. Does that offend you, Darren? Okay, there was a clap. There was a clap. That's our studio audience. We're rocking. Now, before. Before we go any further, please make sure you subscribe. It keeps the lights on. Please. Over on YouTube, Facebook, we're going live on Entrepreneur and my personal Facebook and YouTube and Instagram. I don't know, whatever. So I already see some regular names here on a regular basis. Thank you so much. You guys are awesome. Look at. We even got a Max. Awesome. It's from a guy. It's Vaughn. He's not too cute. So I'm sorry, Vaughn. No offense. I'm just saying. Okay. And he's in north northeast Wisconsin, by the way, I'm a Packer fan. I've been to the stadium there and just love it. I'll leave it at that because I don't want to. You know, it's almost football time preseason, right? When's the first real game, Corey, you know, if you got your fantasy league going. Okay. All right. No more dilly dallying. So we're gonna have fun. I got my product placement Here. Since I'm a rock star and I'm close to being sponsored by Rockstar. I'm your CPA tax lawyer for Main Street America. I'm your rockstar. I just, I just don't know what to do with my hands, Ricky Bobby. I just. What do I say? There we go. Little shake and bake, baby. Okay. All right. I'm going to give away some books today too. Now if any of you say give me a free book, you're not in the running. Corey. It's going to piss Corey off. Now Corey chooses my winners. I'm going to give away a CPA book, tax and legal playbook, a directed Ira eight steps, Going to give it all away. Okay, so let's have fun. This is your weekly dose of. Oh, and a financial freedom. Anything else? Jeez, it's not your crap. So you're just giving away your luck. We're going to give away Darren's laptop too, here today. Okay, now, but seriously, this is your one time a week to get a dose of tax and legal and all these other side gig, side hustle investors around the country are asking questions that you've got. We're all, we're all in this together. So this is going to be good. I just got chills. This is going to be a good, good, good show today. Okay, Travel write off when and what? All right, when can you write off travel? Well, first you got to have a small business. Now that could be a side gig. I mean, freak, you could be driving uber, getting a 1099 to drive Uber and you went to another city for the weekend and you had to drive Uber to learn what the other Uber drivers are doing. Boom. Business purpose. You know, that could work. That was a stretch. But, but the point here is if you've got a side gig or a side hustle, you have a small business, you have a rental property and you go to check on your rental property. That's a write off. Now I love five main reasons of when you could take a rival. A write off for travel. And I'm going to beat this up, people. Pull out a yellow pad. This is your, this is your school time for the week as small business owners. Okay, so when can I write off travel? Number one, I love this one is a conference. It's going to go to a business conference. You might go to one of my workshops this fall and I'm going to tell you where they're at and they are rocking. I got a trip to Hawaii for you in store for you a complete tax Write off to go to Hawaii from one of my very affordable workshops. I don't know anybody else that does a workshop as affordable as mine. I want you to be able to afford to go, but find a conference. Go to a business workshop. Go to a continuing ed. Continuing education for those that don't know is. It's a class that trains you technically on some. It could be software. It could be you're going to an Excel Word conference. It'd be a little nerdy, but that's okay. Do it for your business. Go to a conference for your business. Okay, so conference. Now I'm going to talk about how you get to write off which days we're going to come to that. So let's say you go to a conference. That's two days. How can you write off four days? I'm going to show you how you're going to love it. All right, conference is number one. Next, meet with a client. What are you selling? I got multiple side gigs. You know, I'm selling Cutco knives on the weekend. No, I'm not. But anyway. But you might be. That's okay. Maybe you're selling Monavie juice. Maybe you're selling a lotion or potion. Maybe you're selling stuff on ebay. You're an affiliate marketer, so I want you to meet with a customer or client. Very common. I have Realtor clients that are always looking for new connections to find buyers or sellers. And they can do this with the affiliate relationship with another realtor in another state around or city around the country. Okay, number three, meet with a vendor. Where are you buying product? Where are you meeting? I'll give an example. I had a client in Hawaii. Believe it or not, it was in Kauai, and they were a contractor in Kauai. Now, most of us are trying to find a way to get a tax write off to go to Hawaii. And I was there doing one of my workshops. I've done them for 11 years now. So I was in Hawaii doing my workshop, and a Kauai general contractor building home said, well, I want to write off when I go to the mainland. I go, where do you go? He goes, well, my. My mom and my grandma live in Seattle, believe it or not. There's a lot of Hawaii residents that move to the Seattle area. It's kind of a big deal. And they go, we're going to Seattle at least once a year. I go, okay, cool. Do you have any vendors there? He goes, what do you mean? I go, well, all of your building material doesn't get produced in Kauai. Do you have any vendors in Seattle area? And he's thinking, okay, doors, windows, tools, you know, lumber, there's 100 things, right? Faucets for sinks, bathrooms, whatever. And he goes, you know what? Our glass manufacturer or distributor is in the Seattle area, King County. And I'm like, dude, stop in and visit him. He's like, oh my gosh, I've never thought of that. It was so fun. Six months later I was on a call with them and they said, we, we went to Seattle, met grandma and grandpa, blah blah, blah. And we stopped in and saw the window manufacturer, distributor, we actually got a good deal on a product that we've been looking at. We build a stronger relationship for better and faster shipping. It was a great business meeting. Now I could write off 100% of their airfare in a couple days to go for that meeting. Think outside of the box, people. Where are you going? Let's find a business purpose for going. So meet with a vendor. Alright, number four. Now I'm sure we could think of more. If any of you have a good one, I'm going to write them down. If you've got a good idea or a question, could I write this off? I want to see it. Put it in the chat. Okay, number four, meet with an affiliate. Now that's different than a vendor or a customer. This is where realtors might be meeting with another realtor in a city and they're saying, hey, can I send you some buyers for investment property was just talking. I'm going to give a shout out to my amazing daughter Sydney. Sydney is a realtor in Orange County, California. Now, many of you are not shopping for single family home rentals in Orange County, California. That's where you're buying maybe an Airbnb or something like that. So I'm like, Sidney, we got to get your clients that are in Orange county buying their rentals around the country, which they do, and we got to find you inventory and realtors that you can work with around the country. So I'm trying to partner up with a realtor in Nashville, Tennessee. Lots of good rentals in the south, southeast Tennessee. And so we're trying to build that relationship so a realtor in Tennessee looking for investors can work with a realtor in Orange county to find buyers and potentially vice versa. So that's an affiliate. So in your business, whether you're in online marketing, mlm, real estate, could you meet with an affiliate? All right. Or a partner? Think of it that way. You know what I'M going to go with six. I'm not going to do five. I'm going to throw down Darren. Okay. All right, five. Darren's not on camera today. There really is a person over here. Wave your hand like on camera. There he is. That's Darren. He's got. Oh, our camera got. So there he is. Wait, he's in the dark now. We just didn't have our extra camera up in time today, but normally he's on our line. Okay, I'm going to do five and six. Number five. Visit a rental. Visit a rental property. Visit, visit, misspelling your rental. I love it when my clients buy rental property where their kids are going to college, where grandma lives, where grandpa lives, where the adult children live. Buy rentals where you travel. I once had a client, this is a funny. Another quick example. A client was like, I go, where do you travel? They go, we go to Texas all the time. And I go, a part of Texas. We go to Dallas. And I think these were clients up in the northwest. And I'm like, okay, what are you going to Dallas for all the time? All right, now this, I hate to share this story because we're going to get a response from our producer over here and cameraman Corey. They were Dallas Cowboy fans. Yeah, I know. It's one of those, you know, they're almost, almost as bad as Raider fans. You know, I'm just, I'm just joking. So anyway, they were Dallas Cowboy fans and they go, we're season ticket holders. We go to Dallas all the time. And I go, why aren't you buying rental properties in Texas? There's great deals in Texas for rental properties compared to, I think they were up in Seattle area, King county, high priced market. So they're like, oh my gosh. And over the next few years, we saw them buy one or two rentals here and there. They ended up with I think a portfolio or five or six rental properties in the greater Dallas area. They were cash flowing. And every time they went to Texas, they meet with a property manager, stop by, take pictures of the rental property. Their entire trip was a tax write off. And they stopped in for their Dallas football game. Boom. Check on your rentals. All right, number six, and this one I love is your corporate annual meeting. Corporate annual meeting. Now folks, this counts for your LLC as well as your. If you have a corporation. Now let's go to our trifecta, everybody. You know your trifecta. Right down here is your trust. Married or single, young or old, poor or rich, you need that Trust for privacy. And I'm going to bring up some ideas. Oh, no. Agent Omega, Dallas fan. You got, you know, I know. It's crazy. Okay, all right, so in our trifecta, you might have your day job over here, but you got your side hustle. That side hustle could be an llc. It also could be a full time business you have through an S corp. An S corp has a board of directors bod. Board of directors, an llc. We have a board of advisors. You have three, five, seven. I usually don't like more than seven. These could be family members, best friends, brother, sister, partners. So we have our board of advisors board of directors. Now some of you are like, why I'm not required to do that in my llc. You're right. Most states don't require it. But they love it. Judges love it. It gives you better asset protection. So do your annual meeting, maybe a couple days of training at the same time down in Cabo. Do an all inclusive down in Mexico and have your annual board meeting. All my kids, once they were teenagers, were on my board of advisors board of directors and they were learning about the business over here. If you have an LLC with your rental property, you're also going to have a board of advisors over here, have a regular board meeting. This board meeting, this annual meeting is a tax write off. Boom. Now let's see if we got any other ideas out there. Did you guys see any of their Cutco knives? I know it's an mlm. Cutco knives are good too. All right, now I'll talk about my workshops here in a minute. Someone's asking where's the link? An old skit on snl. Frank, come on. I'm trying to be a little more legit, okay? Oh, what? Oh, yeah. Okay, I'll tell them. Links for the workshop are down in the description. Okay, Corey, go through. Was there any other ideas? A notary. A notary. Traveling to do notary. Sounds like an expensive notary. Networking. I saw that. Any other ideas on where you could travel? Someone said you can you travel to another country? Yes. I've had clients with rental properties in Costa Rica. I even had a client with a conference they went to in Italy. Now, they were in the medical. They were a physician, but they had to go to a specialty conference on there. One of the things they did as a physician and the conference was in Europe. That's fine. Maybe you're an engineer, an architect, a physician. Maybe you're a chiropractor and there's a conference in England on better Chiropractic procedures. That trip's a write off, so I love it. Annual meeting will have to be in Hawaii, Frank. That's right. And I'll tell you where my Hawaii workshop is so you can plan it. Can we have travel for annual shareholders meetings, Echo? Absolutely, yes. A new one says they catch my show every week. Thank you so much. Appreciate it. Daddy coaching Ben from NYC is here. Love you guys. Potential clients. Now let's talk about Agent Omega brings up potential clients. Now, I'm just going to answer this. Then we're going to go into what you can write off and how the week works. If you're going to shop for rentals, that's not a write off. If you're going to shop for clients in a bar, not a write off. But if you go back and you buy a rental property from that trip that you may have found, or you go back in your networking and maybe you are hitting the bar scene looking for potential buyers of real estate, hey, that's cool, wherever you're going. But you got to close a deal. You got to actually get a client from that trip. You can't just tell the irs. Yeah, I went, you know, I was in Chicago for the weekend looking for clients that want to buy real estate in Florida. Well, did you sell any real estate in Florida? No. Did you find any clients? No. Is that all you did in Chicago? Yep. Had a lot of fun. Probably not going to write that off. So we need to consummate a transaction. We got to keep a list of who we meet with, and you have regular contact with them. The audit's not going to be for a year or two even if you do get audited. So keep good records of who you meet with, what properties you'll look at. All right? Lovel Lucky no love. Lucky charms that I love a good bowl of cereal at night. And found the new podcast, our show every week YouTube channel. Please, people, subscribe. I'm trying to produce great content every week. Okay. All right. Now let's go to what you can write off. Here's what's cool. You ready, guys? Now you may. Okay, I'm going to say a little bit more here in a second. Okay, first travel write offs. What can I write off first? Airfare. 100%. Because you got to get there for business. Most of these are 100%. Next. Uber taxi hotel up in Seattle. I took a ferry from Seattle over to Bainbridge Island. I went squatching. Didn't see Sasquatch, but I'm working on it. Someday I'll report it right here if I see him. Okay. Airfare, Uber taxi, hotel, Airbnb. Now here's what's cool. Food while you're traveling, even if you're not talking about business, you're on a business trip, so your food is a write off. I love doing this. I'll go to my own workshop, teach it for a couple days. And at night, I may make a drop by a 7 11, get some nachos or some late night food I'm not supposed to eat. I get to write that off 100%. Well, Mark, you didn't talk to anybody about business. I didn't have to. I was Traveling for business. 100% write off. So food 100%. Darren, what am I missing here? We got airfare, Uber taxi, hotel, Airbnb, food train, subways. I once took a horse and carriage ride from the east side to the west side of New York City. Instead of a cab. We were traveling there for business. Rode off the horse and carriage, wasn't entertainment, didn't smell great, but I got from the east side to the west side, that was a write off. Ooh, valet parking at the airport, parking wherever you go. What I like about this too is with your rental car, you get to write off your rental car gas, which normally you're going to do mileage, maybe on your vehicle. So you don't write off gas, you just do mileage. But when you're traveling and have a rental car, make sure you write off the rental car gas. Okay, let's see if there's any quick questions on this on what you might do on a trip and what type of things you might be able to write off. Let's see. Oh, I didn't. Talk about again, offshore. If you're traveling offshore, maybe you're. Now think of Puerto Rico, one of the territories of the United States. That's right. You're going to Puerto Rico. You're checking on a rental property. You get to write that trip off because you're reporting your rental property no matter where it is. So you can't have a rental property in Australia and not put it on your US Tax return, so you're taxed on your worldwide income. So if you have a rental property in Costa Rica, but you don't report it to the irs, maybe not right off that trip. Not good audit. Okay, let's go look at cr. If my wife is an officer in my S Corp, can we write off the hotel stay? Let's say we had a corporate meeting. Yes. Now think about this. When I take my wife with me. She's usually helping me with the workshop or she's going to be there when I'm meeting with a customer or client. We're checking on a rental property. So even if she's not an officer of the corporation, she may even be on salary in the corporation because I'm funding her 401k. Whole other topic. So we got all sorts of options there. So when your kids are on your board of directors, your spouse is an officer, and you're traveling. If I get a hotel room, we're staying in the same hotel room anyway, you know. Now if I get hotel rooms for my kids that are helping with the workshop, I'm riding off their hotel. So. All good. Cr. Love it. I'm a contractor and at times supply drinks and food for subcontractors. Can I write off the drinks and food? Now, that's not Victoria. Not related to, maybe travel. But if you have subcontractors and you're supplying food or drinks for them, I'm going to write that off. Yes, absolutely. What do you got? Here's a good one from Agent Omega. He asks, do all of the board of advisors have to be present at the corporate meeting? No, on your corporate meeting, Agent Omega. So you don't have this voice of God off the side without seeing Darren? I'll answer it. I know Darren could answer it. By the way, Max and Darren are making comments in the chat. So if you see someone, pop off and give answer your question, and it's Max Merritt or Darren Charrington, they're with me. You can trust it. It's all good. Okay, so when you have a board meeting, you might zoom in. Grandma from Kentucky, even though you're on your corporate trip in Miami. So I'm cool with that. Have them on the phone, do your board meeting. They just couldn't make it to the board retreat. And I'm good with that. Okay, now here's the problem. That here's the good and the bad. When the Tax Cuts and Jobs act was passed, now this is where you're going to hate Trump and you're going to love Trump. Now, I know some of you already love him no matter what, and some of you hate him no matter what. But just deal with it, all right? I'm not taking sides. There's good things Biden does, bad things. Biden does good things, Trump does bad things Trump does. We're just taking what we can get as a business owner, right? Okay. So don't get political on me. Everybody when they Passed. When Trump was in his right first year or two, we passed the Tax Cuts and Jobs Act. Entertainment gone. Couldn't write off entertainment anymore. So when I went to Cabo for a business retreat with my partners, I could write off the airfare, the hotel, the Uber, the transfers, the food, but I couldn't write off the deep sea fishing. I couldn't write off the baseball game, I couldn't write off the football game. Entertainment no longer a write off, but to try to stimulate the economy after this last hard year, Trump right before leaving office and Congress passed 100% dining write off for 2021 and 2022. We can write off 100% of our dining as long as it's takeout or dine in. I can't go to the grocery store and buy food for my workshop and well, I could because it's a workshop right off, but I can't go buy peanut butter and jelly and bread at the grocery store and write that off as dining while I'm traveling. Well, no, if I'm traveling, I could. Oh, my gosh. Okay, let's say I invite Darren over for a sandwich at my house. Okay, 50%. But if I take them out to eat and we go to Subway, 100%, because we're trying to stimulate the economy. And all these restaurants that were decimated last year. Okay, well. Oh, I got one last thing, and we're just going to do questions. Now, let's say I travel. I go to Vegas for my corporate meeting. All right, so let's look at this. Let's see if I come up with enough days. Sunday, Monday, Tuesday, Wednesday, Thursday, Friday. Forgot Saturday. All right, now let's say I travel on Tuesday. So let's say I'm going to fly on Tuesday, I do my business on Wednesday. I'm going to change my color here to red, too. Let's do that. Okay, everybody hang tight. Okay, we're going to switch over here. Okay, so I fly or I travel on Tuesday. I do business on Wednesday, so I hold my board meeting, I go to conference, I do whatever, and then I fly back on Thursday. Now you may say, well, Mark, you only did business on Wednesday, so you can only write off one third of your trip wrong. This is IRS gospel. I mean, this has been in the books for years and years. This is all good. The day you travel is business to get there. The day you do business is a write off, and the day you travel back is a write off. 100%. The whole freaking trip. That was my pen drop. Okay, now the Reason why this works even better is you could travel in, in the morning on Tuesday and travel on the last flight out on Thursday and get three days of business travel. Now your business, business trip, when you do multiple days has to be at least four hours of business each day. So you can't go to the conference for one hour and disappear. If there's a multi day conference, you got to do at least four hours every day. If you're going to work on your rental property, keep good records. I worked on the rental property for four hours. Then I went to the Dallas football game. So when it's multiple days, four hours is a business day. Now if I had to go just Wednesday to meet with a customer, I met with them 30 minutes, but, but I had to go, I get the whole write off for the day because it was a specific meeting that I had to go to and it wasn't multiple days. All right, now let's say, let's go back to our example here. Okay, so we got Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday. So we got it here looking good. Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday. All right, let's go back to red. Okay, now let's say you travel on Thursday. So let's say travel, then you do business on Friday. BS Business. That's a no. I don't know what you were thinking, but that's business. All right, then Saturday, dang it. I get stuck in Atlanta on Saturday and Sunday. Then I do business on Monday, had another important meeting or I had to meet with my property manager, went and worked on my rental for four hours, whatever it was, and then I travel back on Tuesday. So look at this. Travel on Thursday, business, write off, do business on Friday. IRS rule. You get stuck there on the weekend and do business on Monday. The weekend is a write off. Yes, it's legit. I'll sign your tax return all day long. This isn't some bozo on a blog saying you can do it. If you come to our accounting firm and we sign your tax return and you get audited for this, we stand behind it. That's how legit this is. Okay, so Saturday and Sunday are right off. Then I did business on Monday, write off, and I fly back on Tuesday, write off, six out of seven days write off. And I did business on Friday and Monday. Boom. Okay, now let's, let's digress for a minute. Some people are like, well, Mark, my accountant should know this. Some accountants don't. If you hire a contractor, three different contractors, to remodel your kitchen, you're going to get three different jobs. One good, one great, and one crappy. That's how it's going to happen. Now if you go with an accountant, it could be the same thing. People, I want to compliment you. You're here on a quick broadcast talking about one freaking write off travel, people. This could be the difference between 5 or $10,000 in write offs this year. If you're not tracking it, if you're not on your game, letting your business pay for this. Now back to the trifecta. I let my S Corp debit card pay for all my travel. I don't use my personal card. See, I've got three different. Okay, I'm going to throw that one right here. I got my. Here's my wallet. I got a debit card. I got to be careful. People figure out how to freeze frame this. Okay, so here's my debit card. Red is personal. Okay, then over here. Oh my gosh. I think. Do you have my silver one? My PC one is Allie. Got it. One of my marketing team has my silver. So let's say this is my silver one. It's blue right now. Sorry. This is a credit card at the moment. But I have a. S Corp is a different debit card. That's my silver one at Wells Fargo. My red one is my personal debit card. So have two different debit cards, one for business and one for personal. So I use this one when it's personal, this one when it's business. Let your business pay for this. When you go to meet with your accountant, you've already got it on the books. Do your best job at recording this. Now some of you are like, well, I want the points. All right, well, I have a credit. I have two different credit cards. Here's a Delta Gold, so I can get delta points. And then I've got. And my other Amex that I'll use for business as well. I never use these for personal because I want the points and I do point management strategies, we've done whole lives on that. So when it comes to travel, we want to think about point management, but we also want to make sure we're using the right debit card or credit card. So we make it easy on our accounting. Let's make, let's help our accountant get the write off. So you're the captain of your ship. You sign your tax return. At the end, it's on you. If your accountant sucks, you're the one that hired him or her, Right? So, and it's okay, you can Train your accountant. You can go. Here's all my dining. Here's all my travel. I'm writing off my cell phone, everything at Apple Store, everything at Best Buy. I'm writing off my truck. I'm writing off my car. I'm doing mileage. When you're here with me every week, learning you're being a better business owner. People, this is you. This is your freaking life. This is your American dream. This is your business. You can't leave it up to your accountant. You can't leave it up to your lawyer. When I get on the phone with clients, they're like, hey, Mark, what about this idea? I go, oh, my gosh, that's a great idea. I just brought it up on the live. Two weeks ago, I had a client go, can I write off my garage for my business vehicle? I use my garage for nothing else. It's 100% business vehicle. I said, yeah, let's write off your garage. It's 100% business use. I'd never thought of that in a long time. And I was like, that was a great idea because my client was being proactive. Have a conversation with your accountant. Don't say, oh, I'm gonna drop it off at H and R Block, and three hours later, get it. And if they charge me more than $200, I'm gonna freak out. No, the more you pay me them, I save you ten times that. Anyway, sorry, I'm ranting. Rant. Quick question. Oh, we got a question here. Yes. With the times as they are right now, if you're traveling for work somewhere else and you get stuck there, what can you write off? Oh, who asked me this? Was this. This was last. Last A few weeks ago, somebody. Yeah, this was on a live. A few weeks ago. Okay, everybody. No, it wasn't your question. You're not that smart. That wasn't you. Was it you? Damn it. A Dallas Cowboy fan? No, Cory's smart. Corey's been running his own small business, doing photography and ladies, he's single. Just want to throw that out. It's true. Okay, he's a catch. All right, question. Let's say I go to Miami on business and a certain disease. I can't say it on this broadcast because then all the different channels blackball my video. But let's say there's a certain disease in that location and there's some sort of problem and they shut. Or maybe there's a hurricane going through Miami and all of a sudden my flight is delayed. Or I got a test taken and I Need to stay a few extra days. And I went completely for business. And for some reason I get jacked up and I get stuck in Miami for two or three days. Can I write that off? The whole trip while I'm stuck there? Yes, because you didn't stay to go, you know, out to Key West. You didn't stay to go alligator hunting. You didn't stay to go out and, you know, check out the swamplands. You got stuck there for an unforeseen, they call it in the law, act of God situation. And you're stuck. And you were there on business. People, I want you writing off that whole gosh darn triple do business while you're there. Keep trying to take do appointments, take advantage of the time. Just don't sit in your hotel and watch, you know, movies, but get out there and take advantage of the opportunity while you're there. But it's going to be a write off because it was outside of your control on a business trip. All right, now let me tell you the business. One big business write off and then we're going to keep doing questions. Here's the deal. I've been doing workshops every fall for the last 10 years. Let this will be my 12th year. I've been doing last year was 11th, but we did them all virtual people. I am so sick of workshops that are rah rah, rah, let's make a bunch of money and they pay charge three times whatever I charge. And everybody gets hopped up and fired up for some mastermind work group, blah blah blah. Now those are cool at times. I like those workshops. But people, a good practical workshop where you get action items on how to save money, how to invest it, how to take advantage of it from a legitimate source. Those are pretty darn valuable. My workshop is under 500 bucks for a two day. A basic and advanced come for one, come for the other. And I'm doing four locations this year. Please come out. It's a tax write off. Now let me give you some dates. Jack, I'm going to need your help on dates. We got October 2nd is a one day in Dallas. The next week is in Chicago. What day is that? Oh, look it. Okay, that's okay. I put them on the spot. Chicago, what October 8th and 9th is in is a two day workshop. And then we're going to Orange County. Is that the next one? Orange County, November 5th and 6th is the OC and in the evenings you're gonna stay an extra day or the weekend and go to D land, make an appointment by the way, they're still doing that. Orange County. Take a tax ride. I love Chicago. Love Dallas. I'm going to Dallas because I'm going to BUC EE's. I'm gonna write that bad boy off. I'm gonna write off BUC EE's. That's it. Cause I'm traveling for business. We're going to a Cowboys game. Whoo. And we're going to a Cowboys game. Is there a home game that weekend? All right, then we're going to Hawaii, people. Honolulu. This is going to be sweet. And by the way, we're getting. We're almost 25% sold out with Honolulu. So you got to get there. I only do 100 people. 100 people and it's sold out. Because I know that sounds like kind of a lot, but it's really not a lot of these big workshops are hundreds of people and they never really get to talk to anyone. We're going to network. I'm going to be there all day teaching with you. So Honolulu is November, what, 19th and 20th. The week before Thanksgiving. Come on. It's going to be a tax write off. Get over there. And then our virtual that if you can't go to any location. And It'll be a two day live virtual from this studio December 34, third and fourth. All right. Oh, my gosh. We got to do a couple others. Write off your kids. We're doing a young adult financial evening seminar for three hours. That's going to be in Dallas on the first. Oh, no, not Dallas. It's going to be in Chicago on the 7th, and then OC on the 4th. And then we're doing Honolulu on the 18th. So when you bring your kids, there's an extra evening before where it's just. And this is 100 bucks for a kid. And we're going to talk about how to build their Roth. A million dollar Roth IRA for kids under 25. This is nuts. It'll be November 18th. Okay. I don't want this video to be too salesy. I'm getting too much in the weeds. But I just. Please check it out. Get to markjkohler.com youm can learn more about it. The topics are on every freaking write off I can think of. I'm gonna hit my top 10, my top 20. We're gonna talk about struct, teaching your kids how to build a Roth. And the big one I need to talk about too is in Dallas. We're doing our summit. And this is the. No, no, no, no. Sorry. This is In Phoenix. We're doing our summit in Phoenix and that is going to be just for how to self direct your IRAs and 401ks. And when is that the summit? October 22nd. Thank you. October 22nd is a golf tournament and the 23rd. And this summit is for IRAs. Self directing IRAs. If you're self directing crypto, you got to come. We're going to talk about mining, staking, crypto, self directing and real estate. You're going to love it. So, and the last thing, no more sales. I'm just trying to get you there out to a workshop where you can learn everything for the next two hours. If any of you sign up for any of these workshops, including the virtual Flash 50, you save 50 bucks. Flash 50 save 50 bucks. Now, with the end of today's broadcast, if you're present, we're going to give away all these books too. We're going to give this away. Everybody, thanks for listening to me. I appreciate it. I love what I do and I'm grateful you're here. Oh, and yeah, get over to markjkohler.com you can sign up for any of these@markjkohler.com thanks everybody. I love being here. Now I don't go anywhere. Okay, more questions. What do we got? To answer your biggest question, there is a Dallas Cowboys game while we are there. Oh, my gosh. Who's it against? Panthers. Okay, so there is a. Now look at this. You could write off your food at the Dallas Cowboy game on October 2nd or 3rd that weekend. It's on the 3rd against the Panthers. And you can't write off the tickets to the Dallas game, but you can write off your food while you're at the Dallas game because you're there traveling for business. I love it. I love it. Okay, more questions. Okay, Joshua says could you attend something like a real estate meetup on a vacation and write off the trip? Okay, Joshua. Okay, don't use the vacation word. Oh my gosh, Joshua, you're killing me, everybody. You're never going on vacation again. You're going on business trips with a little bit of fun. See? See the difference? Now my wife for years has said, take me on a trip where you just, you show me you love me. Take me on a trip. That's not a write off. Just us. No business. No, I can't do it. It's got to be a write off. So anyway, my marriage therapist has said we got to work on that. But I'm like, you make it a write up, bud. And it's all good, you know, Anyway, so here's the thing. You're not Joshua, everybody. I'm not kidding. Change the way you approach this. I'm not kidding. You're not going on vacation. You're going on business trips with a little bit of fun. So, Joshua, now you're going to a real estate meetup. Okay? Is it a seminar? How long is it? How many days is it? Now? If Joshua says, well, let's go back to our days. If Joshua says, well, I'm doing a real estate meetup in Oklahoma City and I'm going there to get customers and clients. I'm going to be looking at investment properties while I'm there. Okay? I'm interested. Take good records, good notes. You better keep notes of who you ended up networking with, because if you get audited, I can justify the trip. Now, if your meetup is one day, then I can write off your day to get there and your day to come back. So I got three days for your real estate meetup. But, Joshua, if you're doing six days in the Cayman Islands and you're doing a real estate meetup with three people at, you know, Senor Frogs and having margaritas, it's going to be a little hard to write off. Okay? All right, so work with me on this. So let's make sure. If you're doing a business trip, we're trying to find several days of doing business. And you're also having some fun. I love it. Just change the concept, Josh. A little swing for the ring for these travel trips, even if you bring family, would you have to pay for everything out of your pocket, business, bank account card, and not personal in order to write the trip off? Okay, everybody, I'm going to restate this swing for the ring. Great question. Let me rephrase this, Mark. I used my personal card to pay for some food while we were there, or I used my personal card where I wanted the points to pay for the flight. Does that mean I can't write it off? No, you can still write it off. But is it going to be harder to track? Is it going to be harder at the end of the year to do your tax return? When you've got all these personal expenses on your personal. Sorry, business expenses on your personal card, you're going to miss something. It's like going to Costco and paying it for it with personal. When you got some business expenses in there, be detailed. When you go to Costco, you have a cart for business and you have a cart for personal. Boom. Boom. That's how you do it. So these little things make sure you add up more write offs at the end of the year. Think of this. I didn't, I wasn't kidding at the beginning of this live. I said if I don't save you money, I failed. If we could just write off an extra couple thousand ofairfare or hotels.com and you're in a 30% bracket. I just saved you $700 in taxes. $700 for just thinking outside of the box and writing off an extra $2,000 this year for travel. Your Thanksgiving better be a freaking write off because you're going to have a board meeting after turkey dinner on a Thursday. See what I mean? Every Thanksgiving is a board meeting for my family. My kids hate it, but it's okay. It's good for them. Teaches them resiliency. Alright, next question. What do we got? Lakiya Harris. Sounds Hawaiian. Maybe. I don't looking at the her image though. Could be African. I love it. Okay, my husband bought this property before we were married. Can my company buy it for him and use it as a rental? Okay, general answer, yes. But the way you asked, it made a little complicated. Okay, so let's say, let's figure this out. So we got husband and wife. All right. And before they were married, husband bought a property. All right, cool. Sounds like there was no prenup. Good or bad, that's a different video show. Okay, Right. Okay. So husband and wife get married. Husband had a rental property before. Now they're married, they're working on it together, they're collecting the rent together. It's now marital property. They get divorced, probably get cut in half. That's the way it is. So see, we got legal issues going on with your tax planning. We got to be thinking about that. That's why our phones ring off the hook. Because clients love that we have a legal hat and a tax hat. Okay, so husband has a rental before they get married. Now they get married. You want to turn it into a rental? Well, Lakeisha, I don't have to buy it from your husband. He's going to contribute it to the marriage. That's already happened. So we're going to create an LLC and he's going to transfer the rental to the llc. There's not going to be a due on sale clause. Do not worry about that. The mortgage has already been sold 10 times over. I've been an attorney for 20 plus years and I've had one client where the bank was a little pissy and said we Got a due on sale clause here. You better transfer that property back to your name, I swear. Because they went in and asked permission. Watch my video on how to deal with bankers now. Sorry if any of you are a banker, but you know what I'm saying. You got to ask permission from three people to go to the bathroom at break. So be careful about telling your bank too much. It's not illegal. Transfer the property into your LLC after closing. Now, if you get married, husband could transfer the property into the llc, turn it into a rental. Love it, no problems. But you don't have to do this buy, sell crap. Just you're married, it's community property or marital property. Put it in an llc, you're off to the races. Do it. Okay, John says. Oh, you want me up top, don't you, Corey? What's that question? You want. You tell me where to go, you point at it. Okay, Benzoa says if I travel for two weeks and do business for one week, how much can I write off? You got this? I got it. Okay. Benzoa. Benzu. Benzu. Okay, well, let's think about it, right? So you got two weeks here. Now, the way it made it sound, you're gonna travel on this day, travel back on this day. The first week you did business all week, and then the second week it was all personal, okay? Now it's okay, everybody don't freak out if I, I'm your accountant, you're gonna tell me this now. Did you have to fly there to go do business? Yes. Do I care if it was here or here? No. I'm going to write off now, this is my position. I'll fight with the IRS all day long. You had to go for business as 100% airfare, okay? You had to get there and get back done. You stayed at a hotel for half the time. I'm going to write that hotel off 100% during that week. Now, let's say you found a new love affair while you're there, you know, you move in with him or her for a week or, you know, you go stay with grandma for a week. I don't care where you stay the personal week because it's not a write off. But I'm going to write off your hotel this week and then, you know, whoever you shack up with, that's not a write off anyway. Okay? Then all of your food this week is a write off. Food is a write off this week, not here. So some of you may say, well, just add the whole thing and cut it in half. Maybe if all these expenses were the same. I'm going to go cut it in half, but I'm going to still take airfare 100% because you had to get there and go back. So anyway, yeah, you're good. Just bifurcate it. A lot of times clients will say, yeah, I did a business trip for six days. Half was personal, half was business. We just cut it in half. 50, 50. But I take 100% of the airfare. That's the way it goes. Okay, Shaylyn, 31 says. Or Sholin, 31 says. What is the minimum age for the children at conferences? For my conference. Oh, okay. For our young adult seminar, I wanted kids that. No younger than 14, maybe 16. I mean, I want them there. If you're shoving them in the hotel room and then leaving and they don't want to be there, don't bring them. But I've had. I've had kids there at my workshops that are 12, 13, 14, and they're into it. They have a little lemonade stand business. They're selling stuff online. Where was it, Jack? We saw it was on Shark Tank. There was a 14 year old girl that went in and pitched her business. I was blown away. This girl was sharp. So I don't know if I care about the age as much, is that the kids really want to be there and they get it and they want to have a little side business because that's what we're teaching. I want kids to start saving in the Roth and start a little small business while they're in high school. I had two small businesses when I was in high school. I hired my little brother and all of his friends. Let's just say you didn't want my janitorial company coming to clean your office. But we still had a lot of fun. Okay, all right. Okay, next question. Valerie. Great picture, Valerie. It's better than an initial. You look so cute. Okay, Valerie says, can you write off kenneling your dog when you're going on a business trip? Ooh, all right. That's a good question. The answer is maybe. Okay, I have a podcast on how to write off. How do I come up with. Okay, podcast on how to write off animals. I have a blog article on how to write off animals and a couple YouTube videos out there. So everybody, believe it or not, there's four or five ways to possibly write off an animal right off the bat. We got a support animal situation. We could have medical expense. You may have an animal that you're using for as for protection or security at your Commercial building or location. We've got animals that are used for rodent control at business locations. Disneyland has 13 feral cats on their property. They talk about that they planted there to help keep down on rodents. So anyway, you might have some business reasons for an animal, so. Oh my gosh, what was her name? Shaelyn. So first question is, is the animal a write off in and of itself? If it is, when you're traveling for business, I'm writing off the animal anyway. Right. But if the animal is for personal use and you know, and we're not getting a write off for the animal anyway, when you travel for business, we can't write off daycare for the kids. We can't write off personal house sitting. We can't write off the kennel for the dog or the cat or whatever. So who kennels a cat? The cat owns you. Right? No one owns a cat. Okay now but anyway, so just so there could be some possibilities of writing off kenneling for an animal you if they're already have a business or healthcare reason that there's a write off. But personal house sitting, kids sitting, animal sitting is not going to be a write off when you travel for business. Just like daycare while you're at your business is not a write off unless you're getting the child care tax credit. Okay, we got one more question and then we're going to give away some books. You know what? I'm going to do this. We're going to give away some books. Then we're going to do a question too. Can we do that? You ready, Corey? You got winners. Okay, so let's. The grand Prize is my 8 steps workbook with 50 videos QR codes that you can start watching videos immediately. We give you a digital version too. 99 bucks on Amazon if you want to go check it out. Or my website, marcjitcolder.com okay, so that's the grand prize. Let's give away some books here first. My story, my fiction, my attempt at fiction. Fifty shades of cpa. No, it's what your CPA isn't telling you. It's really. It's a page turner. It's a burner and tax write off. It's a story. You're gonna love it. Who's the winner? Corey Ben Zhu. You're the winner. Should I sign it right now for Ben? Can I? No. Okay. You went back to the office. Okay, we're gonna do it back at the office. I'll sign this for you. Ben. This is your book. So excited that you've won Ben Zhu. Any of you that win a book, you've got to email coreyarkjkohler.com. he's written down your name, and then Cory will get your mailing information. So if you win a book, email Corey. If you're single and want to you know, a cute guy in your life, maybe email Cory. Okay, next we've got Financial Freedom, the Business Owner's Guide to Financial Freedom. I love this. For clients that already have a small business or a big business and they're like, where do I deploy my wealth? How do I fund my 401k, my Roth pay, my kids, my spouse, Social Security strategies, all those goodies. Who's our winner? Corey? Jeanette H. Jeannette H. Jeannette H. You are the winner of the Business Owner's Guide to Financial Freedom. Love it. Let's give away Matt Sorenson's the self directed IRA Handbook. It's a little boring, but you know yourself, I'm just joking. I love to tease Matt, my partner. This is the best selling book in America on how to self direct your IRA or 401k. So I will sign it for you just because it bugs Matt. Okay? Yeah. Okay. Who's our winner? Cory. Agent Omega asking some good questions. You win Matt's book on how to self direct your IRA or 401k. Next. Oh, this is my baby. I love second edition tax and legal playbook. Now if Biden and his administration gets some major tax laws passed, you may see a third edition. We'll see. Great book. I have this on my desk. I even refer to it myself, my own book, because I've got great tables in the back on what happens in your state and all these goodies. Okay, so who's our winner, Corey? Jessica Lopez. Jessica Lopez. She can't have this book. This page fell out. We got it. I gotta call my printer. What the freak? Okay, Jessica Lopez, give me a book. You gave her a book? Oh, you already put down her name before she said that. All right. Oh, okay. Here's a good book. Max came up. So, Jessica, here's a book that's completely clean and pretty. Boom, it's yours. All right. And our grand prize winner of the 8 Steps workbook today. Thank you for being here, everybody. Make sure you subscribe to YouTube and Facebook. Give me some love. Share this broadcast with your business friends and owners. Eight Steps Workbook. Who's our winner? M.K. hernandez. M.K. hernandez. For four hours after a food coma. Look at that. A little land of the lost reference. I love it. Another will ferrell classic pounding through a veggie 12 inch veggie subway. Yeah, that's right. He knows his food presentation. Okay, now. Okay. Got a quick drink here. All right. This was for my sponsor, Rockstar, because we're doing rockstar tax and legal today where I have my spot. I have to put it right there. There we go. I don't know what to do with my hands. Show me second place. Show me loser. Okay. All right, last question. No more questions. Okay, here's the last question. The number one tax strategy is to have a side gig. Have a small business. A rental property is a small business. Thanks, everybody for being here. Track your records. Keep good records on what you spend for travel. Make every business trip part vacation. You're never going on vacation again. You're doing business with a little bit of fun. Thanks, everybody. I'll see you next week at four o' clock mountain. Make sure you subscribe. Share this vid with all of your friends and family. Flash 50. Flash 50 for your 50 bucks off in the next two hours on any of these workshops. And please come. They're a write off. You'll have a lot of fun. If you thought this was good, try me out for a day with three rock stars. Hello. See ya. See you next week. Boom.