Write Off ALL Your Tech

Welcome everybody, to another episode of Just Lie, Tax and Legal with Mark Kohler, yours truly. Excited to be here with you. I love small business, love Main Street America. I'm a CPA attorney and I'm here to help you with additional tax write offs, asset protection questions, legal questions you might be facing in your business. Today I want to talk about writing off all of your electronics, your cell phone, your gadgets, special rul that you need to follow in your business documents and in your procedures to avoid an audit to make sure you get your maximum deductions. And I love this topic. So I want to talk about writing off drones and cameras and equipment and your kids cell phone, your spouse's cell phone, your best friend's cell phone, your mom or dad's cell phone, anybody you're paying for electronics, we want that write off. If you're a Best Buy, Apple Store, office Mac, there is so much here to write off. Hundreds of clients, tax returns, thousands. Frankly, we see problems. And this is one of those areas. So please, if you're here on Facebook or YouTube through Entrepreneur magazine or my Mark Kohler channel, please type your questions down below. Now, avoid any bots that are talking about crypto or bitcoin or some scam. I am verified. You're gonna see a check mark next to my name. And guess what? I am not posting during this. So any little message from someone or myself, it's a scam avoided. Just type your questions and focus with me. And I want to save you money. So I'm all here for yours here for the next 30, 40 minutes. And I want to help you save money in your small business. Now again, we can talk LLCs and S corporations, contracts, agreements, any legal issues you might be facing as well in your small business. But let's start with electronics. Now, I want to point out some of the easy things first and then give you the procedures. Now, here's the easy thing. If you have a side hustle, even driving Uber, doing doordash, or you're selling stuff on ebay, or you're doing some services on upwork or Craigslist if you're getting a 1099 from anyone, that's a small business. So I want to write off, let's go through the basics. Your laptop, your iPad, your cell phone, your cell phone case. Charging cords. I've got Beats sitting here. Headphones, cords, cameras, microphones, drones. I'm trying to think of speakers. I'm looking at just all the electronics around me right here. Anything digital, power cords, charging blocks, any apparatuses for your desk, stand up desk equipment. If you are buying anything that can be used in your social media, on your website for the production of content, for the ability to take pictures of your products, your services, yourself to promote, to advertise your business again, think of anything at Best Buy, Apple Store, Office Max, Home, go to Home Depot. You know, I kind of focusing on electronics. But we can go to equipment, tools, supplies, anything for your business to help you make money. Under code section 62 of the IRS, you can write off any expense that you're incurring for the production of income. So that's rule number one from a bookkeeping standpoint. Point number two, make sure your business pays for it. Now if you pay for it personally. Sometimes I get caught at Costco and I got my personal debit card and not my business credit card or business debit card, Fine, keep good receipts. Have a stack of them at the end of the year, let's put them in the business. But what you want to get in the habit of is letting your business pay for all of your expenses. When you let your business pay for your expenses, it makes it easy on your accountant, it makes it easy on you. So use your business debit card that's tied to your business bank account. Now for those of you that have a sole proprietorship, maybe you haven't formed an LLC yet or an S corporation, get a business bank account. Start getting used to that process. For those out of there with a credit card, you may have an Amex, a Capital One, a Visa, a MasterCard dedicated to business. So you kind of say, well, visas for personal, mastercards for business and try to dedicate it. I don't have to have the business name on that credit card. I just want to be able to track those expenses. Number three, keep receipts. Do your best to keep receipts so that you can defend yourself if you're in an audit. And receipts are not bookkeeping, receipts are audit protection. And so you're going to want to keep them up to six years. Now, pictures of receipts are fine. Take pictures of receipts, put them in a folder, put them on your desktop in the cloud and forget about them. If you ever get audited, you can pull them out. So you want to try to again track everything, do good bookkeeping, letting your business, your debit cards and credit cards pay for everything that's business related to the best of your ability. And number three, keep receipts. Now number four, when you bring this to your accountant, accountants are going to, you know what, I'm going to go number four and Stick to cell phones First. I want to do cell phones under the IRS rules. If you can show you have a phone dedicated to personal use, maybe it's your boyfriend, girlfriend's phone, your parents phone, a home phone, any sort of phone that is just a burner, whatever, that's your personal cell phone. Then your other phone that's for business is 100% write off. These are court cases where again, if you think of a phone in your house, by the way, this is not a fake background. I'll go stoke the fire if you want. Here I'm up at the mountains right now, even though it's summertime, enjoying the redwood forest, and I'll go throw another log on the fire here in a second. But what you want to do is make sure you have a home phone. If I have a home phone plugged in here over on the shelf, then my phone is 100% deductible. If your kids are helping you in your business, you pay for their cell phone and you need to be able to get a hold of them to help in your business. Their phone is 100% write off. So any phone that you're requiring of your employees, which could be your family members, is 100% write off. Get a business plan. Some of the plans out there have five phone plans or 10 phone plans and you get a discount when you bundle. Try to think about doing that to save money and take a tax wr. Everybody in the family is involved in the business. So that was point number four. Now point number five. And by the way, keep typing up any questions you might have on this. I'm here for you. I want to make sure you're saving money and we're going to hit it. And it could be related to this topic or anything on your tax and legal issues that you're facing. It is so hard to find a good accountant out there. And I'm going to tell you about my TaxPro network of tax advisors around the country that I'm training that you can utilize. And I don't make any money off of them serving you. It's not an exhaust exorbitant rate. These are good accountants, enrolled agents, CPAs that are out there trying to serve Main Street America. And I'm training them on all my Mark Kohler strategies that I've been learning for 25 years. Street Smart strategies that actually move the needle. So number five, you want to again, track everything, use good bookkeeping and make sure the debit cards and credit cards are paying for the right expense. Track your receipts. Number four. Cell phones are always 100% write off if you can show a personal use phone number. And number five, business use percentage. So when you come to me, if you're coming to me as your accountant and you say, hey, Mark, I have this laptop, and I'll say, do you use it exclusively for business? Yes, because I have a desktop computer at home that I use for returning Facebook and emailing my mom. Okay, so that means your laptop is 100% business use. Yep. And see, it's kind of like the phone thing. If you can. Everybody needs a computer. You know, this isn't 1986 where you could get away with a Commodore 64 if ever everybody needs a computer. So if you can say that computer over in the corner is my personal computer, then your laptop, your iPad, all these other pieces of technology, 100% write off because you need them in your business. Now if you say, no, I only have one laptop in my life, then I'll say, let's go 80% business use, 20% personal. If you say, yeah, I have a camera and I use it for my website and social media, but I also use it personally, I'll say, let's go 90% business, 10% personal. So when you meet with your accountant, they're going to probably ask you, what is 90, 10, 80, 20, 60, 40, business versus personal use. Be honest. If you ever were to get audited and you can't show, well, I don't have another camera for personal use. The IRS is going to know that you use that personal camera when you went on the family reunion or to the wedding. So make sure you're honest on the business use percentage. So if I buy a camera, an example of $1,000, a new Sony camera of some sort for my social media, but I use it 10% for business, then that means I can write off 10% for personal. So at $1,000 camera, 10% personal, then that means I get to write off $900. And $100 is not a write off. So you want to tell your accountant that, but you're like, why not the business pay for it? That's okay. The accountant could do a journal entry and peel off $100. So that way it's fair and the IRS isn't going to get in your grill and get pissed. So do the business use percentage. Now, the next thing is, and this will be the final point on this, you have to have what's called an accountable plan. Now, if you have an llc now, everybody pay attention. I know you're going to hate this. But this is about being a business owner. When you have an LLC or a corporation, either one, you need to do annual minutes. That's where you have a board of directors meeting or shareholder meeting. Or if you're an llc, you have a member and a manager meeting. In that meeting you're going to say, hey, we're buying new stuff. We're fired employees, we're making money. We hired employees. Everything's cool now. That's a great opportunity and I've talked about it so many times on this broadcast that having a board of advisors or board of directors is a great write off. I want your spouse on the board, your teenagers and older on the board, your mom and dad on the board. Wherever you travel. I want to write off travel and dining and all sorts of expenses for your annual or quarterly board meeting. Well, in those minutes when you of what happened in the meeting, because it's a great write off, don't think of it as a pain. You're going to have a provision that says, I have an accountable plan. Any expense under $2,500. This is what the IRS allows. Any expense under $2,500 can immediately be expensed if it's equipment or technology. So you don't have to depreciate it. You don't have to use bonus. You don't have to use 179. You don't have to depreciate it over three years. That used to be an older rule. If you bought a computer, it's going to last three years. You have to depreciate it and write it off over three years or you have to use 179 or bonus. Not anymore. You have an accountable plan and it's a provision in your minutes that says, I could do this. I could write off anything under $2,500. If you get audited, you show the IRS I got my plan and you're golden. Some of you may go, how in the hell do I do this plan? Well, you got to do your minutes every year. You go out to Google and find some verbiage. At our law firm, we do your minutes every year and include an accountable plan. We charge. It's a really expensive. I'm sorry, it's $150 a year. 150 bucks. You get a quiz of 20 plus questions that you can have when you go hold your board meeting in the Cayman Islands or in upstate New York or in San Diego or in Dallas, Texas, down in Galveston, somewhere pretty and fun. Wherever you go. For your board meeting, you're gonna have this little meeting and you're gonna have questions. You answer them, you give them to the paralegals, they type up your minutes, they look pretty and it includes an accountable plan. 150 bucks a year. So easy. So Patrick in the studio, please make sure you put in all the chats, the website www.kkoslawyers.com and I think there's in the pull down menu. Patrick, before you put the link, make sure you find the company maintenance program and then just throw that in the description. If any of you want that service, just click on it and the paralegals will take care of it for you. And now your accountable plan is done. So what that is in summary, Everybody is the IRS allows you to write off any expense up to $2,500. If it's equipment, technology and you have a business use percentage allocation that's fair, you're golden. So that's the way you do it and that. And it works wonderfully. It's a great way to do it. And I want you to make sure you're taking advantage of that. Guys, that is the message for today. I see clients lose 5, $10,000 a year in write offs because they have crappy bookkeeping and they don't take advantage of it. Alright, so here's some of the questions I've already seen. We're going to dive into it. I'm all here for you. Amy says, is there or Annie or Amy an enemy. Is there a limit to how much tech one could reasonably write off? Could I get a desktop with four monitors? Anomy, if you've got a business and you need four monitors, you freaking write it off. Abso freaking lutely. And each piece of equipment falls under that $2,500. So you could have a one monitor, that's a thousand. Another monitor, that's a thousand. Another monitor, that's thousand. Another monitor, a thousand. A desktop, that's 2,000. Each one is under 2,500 DOL. You can write them off 100% because they're there for your business. So some people say, well I want to write off my drone that cost $2,500. I go, well, tell me about your business. Well, I'm an affiliate on Amazon and I drive for uber. I made 10 grand. I'm going to write off a drone. For what reason? Well, I needed to take pictures of whatever, you know, some dumb reason. Well, first of all, I don't know if I can write off your drone. And you only made ten grand. Writing off 2,500 is going to look a little crazy. But Annamy, she may have a $50,000 business as a realtor and she needs monitors to analyze her MLS properties and she needs a drone to take pictures of property. Holy crap. I might write off 10 grand in electronics. People, it's all relative. It's not how much you can write off, it's how much related to your overall income so that it doesn't look whack. That's what you want to be careful about. So enemy, you're on the right track. David says, I work for a company and I'm on salary, but I use my own phone and pay for my own Internet used for business email and Internet. Can I write that off now? David, I'm going to let you reply again here, but everybody listen. I work for a company and I'm on salary, okay? That means he does not own a business. That means he does not get to write off any unreimbursed expense. It's not allowed anymore. So if David says, well, I pay for my own damn phone, I pay for my own computer at home, and I pay for my own business email and Internet and I'm helping my employer, well, go tell your employer they need to give you a raise because you don't get a write off for that. Oh, but David says, oh, oh, but yeah, but I also have a small consulting business and I work on upwork and I take projects and I help people with their marketing or their IT or their. I do ghostwriting. I, I do editing. I do also go on upwork. There's so many different ways that you might be able to provide freelance services. And David says, yeah, well, I'm a freelancer. I also have a 1099, David. Now I'm in business. You may even have a rental property. Now, I could write that stuff off because you have a small business. But if you want to write off your home, your phone, your Internet, your all that crap for your employer, no write off, right? Marie says, C. Marie says, what if you have more technical equipment expenses than you earn in your first year of business? How would I transfer technical equipment to my business that I owned before I started my business? Okay, well, Marie asked two different questions. Listen to her first question. What if I have more equipment expense than I earned in the first year? Not good. I'm not excited about that. Because if you only made three grand and I write off ten grand of crap or ten grand of amazing equipment that doesn't look good, you've got a $7,000 loss. Now you're allowed to lose money up to two years before the IRS is like, what the hell's going on? Are you trying to make money or just create a write off? So I'd like you to be cautious. Everybody think about this. If you're spending more money on technical than money you're making, we need to reevaluate your business plan a little bit too. Now I know sometimes you have to invest to grow, but let's, you know. So anyway, C. Marie, then she says, how would I transfer technical equipment to my business that I owned before I started my business? Okay, now that's a different question. And I love that one. So let's say you're going out and you're a brand new rental property owner. You just bought a rental property and you want to donate to the business all of your tools, your makita drills and all of your cool saws. You want to donate your laptop, all of your technical equipment, your drone to go over and look at your rental property. You've got 10 grand of equipment. You want to donate to the business and get a write off. Well, Mark, I paid for it before I started my business. That's okay. You can do that. You get to transfer it to the business at your basis or fair market value, whichever's less. So you have to be able to say, all that stuff that I'm transferring, here's how much it's worth. Well, I paid a lot more for it. Doesn't matter what you paid for. It's your basis or what it's worth is what you're going to book. That's what you're going to put on the books. And when you put it on the books, you get a write off. And so it's going to be a debit of the asset and a credit of a contribution. You're going to be contributing to the business. You get a write off. So C. Marie, great question. Peggy says 100% even with personal use on a cell phone. Oh, Peggy. Now Peggy said. I thought Peggy said you have a home phone. Peggy. Right. You have a home phone that you plug in the wall or you have through your DirecTV or you have some phone line. If you have a phone line for personal use and then you have a cell phone you need for business. I'm writing off 100% of that cell phone because you have a home phone line for personal use or. Well, I use my husband's phone for personal use. Mine's all used for business. Okay, 100%. But if Peggy says I'm single, I don't have a phone stuck in the wall. All I have is one damn cell phone in my life. Oh well, we're going to go 80, 20 or 60, 40. How much business are you doing? I don't know. So Peggy, it's a hundred percent even if you use it once in a while for personal. There was a court case on this and people would fight it and fight it and fight it and go, irs, I need this cell phone for business. Yeah, personal calls going to come through once in a while. But I bought it for business. Finally the IRS acquiesced, which means they gave up and said it's no longer listed property. If you have personal phone somewhere else, you can write off 100% of your cell phone. So hopefully that made sense. Becky. Sergeant Sam, regular viewer, listener. I love you. Sergeant says I'm a 1090 I 1099. My 19 year old daughter. Love it. As a cleaner in my short term rental business. Love it. It's essential I have a direct line to her. I totally agree. The business pays for her cell phone and smartwatch. All good. Hundred percent, all good. Now I love the smartwatch as a write off because it's not a watch. Watches are not a write off. Now this, this watch, I love this watch and this is what I hate. I have my Tissot watch. I love this watch, but it's not a smartwatch. I have an Apple watch back in the room there and I love my Apple watch, but I love real watches better. A real analog watch is not a write off, but an Apple watch is a Bluetooth device that I need in my business to get alerts and texts and even can use as a phone. So a smartwatch for Sergeant Sam's daughter who works in his business and who he's got a text to get a hold of, that is a write off. Love it. The captain is the camera considered above the line since it is equipment. Now Kappa is trying to get tricky here and he says above the line. I appreciate your technical skill set here, but everybody of what above the line means? What Kapan is trying to say is that anything above the line means that it's a business expense. Is a camera considered above the line since it's equipment? Now Kapan forgot to say because I use it 100% in my business. Yes. Is a camera considered above the line? I don't know. Do you use it in your business since it's equipment? I don't know. Is it equipment you use in Your business. So, Cap, and I think you're. You're implying that, but the real question is, is a camera that's used 100% of my business above the line as equipment? Yes, it is. Just make sure you get that business piece. Taya Pia says, if I am on the advisory board of my husband's company and I do his social media on my phone and iPad, can I write that off? I'm sorry, Tiapia, I thought you said that your employer bought you an iPad and a phone so that you could do social media for your employer. That's right. It's 100% write off in your husband's company because he's buying equipment for you to use. Now, Tupia or Tipia, I apologize for mispronouncing your name. Possibly you should be on the advisory board of his llc. And if you're doing social media for the company, that equipment is absolutely a freaking write off. Now, whether or not he should add you to payroll as a W2, he should never 1099 you. But whether or not he should add you as a W2 is a whole other question. Please get to YouTube and type Kohler, should I pay my spouse? I've got a couple videos on that. And that's about should he pay you? Which is different than writing off the equipment you're using. But I love it. Everybody, I'm having a great time here, too, and I need you to be writing more questions in here. If you want me, I'm all yours. I'm going to throw a log on the fire. Will you write up a question? See, I told you that's not a virtual background. That's legit. All right, let's have some fun. All right. Marcia says, what if you're just starting and have expenses but no income as of yet? Oh, I love Marsha's question. So, everybody, let's say Marsha's going to go down and open up a lemonade stand. She's going to go open up a lemonade stand. She's got expenses. She's got to buy ice lemonade cups, get a sign, go set up her whole operation. She's got expenses. Is she in business yet? But I had expenses, Mark. Doesn't matter. When does the IRS say she's in business? When she sells her first cup of lemonade, that's when she's in business. Now, does she get to write off all those expenses? Yeah, she does. They're going to be a startup. Cost the first five grand she can write off immediately. After that, she has to Amortize it. So I want her to sell a couple lemonades right away. Marshall, one of your best tax tips, Go out and make some freaking money. Sell something crap on ebay, sell it on Craigslist, get out there and make some money. Well, I'm not ready to yet. Go make some money because you want to get out of startup mode. So everybody, if you're opening in a lemonade stand, all those lemonade stand expenses are a write off. But not until you sell the first cup of lemonade. So I might have $1 in income and $2,000 in lemonade expenses. I'm okay with that. You're now in business. It doesn't look great because I don't want you losing money. But Marsha, you cannot take any write offs until you have your first dollar of income. So get up and make some money. Now Farahona says, how about you work business from home? Can I write off the rent or part of the rent? Yes, you can, Farahona. That is called the home office expense. So whether you own or rent, we're going to do so there's two different methods. If you want to go out on YouTube again, type Kohler Home office expense. And I've got videos on that. But you're going to either take the simplified method, which is up to $5 of 300 square feet. So you're going to say, I've got 300 square feet of my apartment rent. Whatever 300 square feet is for my small business, I can write off $1,500. That's $5 times 300 square feet. That's for the total year. You may like, well, that's kind of crappy. Well, then you can go with the traditional method where you'd get say, well, I'm. My apartment is 1,000ft square feet. I have 100ft of business space. So that's 10% of my apartment is business. The other 900 square feet is personal. So now you get to write off 10% of your rent, 10% of the utilities, 10% of HOA fees, 10% of whatever because 10% of your apartment is business. So you're going to want to get with your accountant and understand, am I doing the traditional or the simplified method? But for Arahone, you can write that off. Mike says, I'm a real estate broker thinking of leasing a moving box truck for advertising purposes. Then rent out to a friend who owns a moving company. Anything in this scenario I should be worried about? Yeah, freaking start yesterday, Mike. I freaking love it. There's a lot to worry about. You definitely need an LLC because if there's any accident with you as the owner of the truck, you don't want to get sued personally. Make sure you get with my law firm. Do an LLC in the state where you're doing business. Don't worry about Nevada or Wyoming or Delaware and all that bs. Get a proper LLC set up. Also when you the advertising purpose of this is secondary. The real purpose of the truck is for business and that's because you're leasing it out for moving. You may even want to put it in turo. I make some extra bucks when your buddy's not renting it for moving, but you want to lease the truck. Now, when you lease a personal vehicle or personal property like a truck, you have to collect sales tax. Usually. Now, I don't know what state you're in, but you want to look at the rules for leasing personal property. When you lease a home, that's real property, so you don't have to collect sales tax. But when you lease a BMW or you lease a truck, you have to collect sales tax from the lessor or no, sorry, the lessee, the person paying the lease payment so it doesn't cost you, but you have to collect this sales tax. So make sure you understand the rules on that. Get an LLC and it's going to be do it. It's a freaking great write off. If you want to have fun with this, do it in an ira. Take your Roth ira, buy a moving truck and lease that to your friend. Now you have UBIT tax to worry about. But we, we've got strategies for that. But use your. I have clients that buy semi trucks in their Roth IRA and lease them to trucking companies. The Roth IRA is making far more than they ever would in Wall Street. Edward says, hey, Mark, any write offs associated with self directed. It's purchasing real estate. Well, yeah, Edward. Okay, now Edward, I love what Edward's talking about. I could go buy a rental property. My IRA could go buy a rental property. I should be doing both, right, Edward? I want me to buy rental property and get depreciation write offs. And it's a small business and it's great. I want my IRA to buy real estate because any money I make, I don't pay taxes. Now if you're asking, well, do I get a write off when my IRA does a rental property? No, because you don't own the rental property. Your IRA freaking owns it. Well, I heard someone say you shouldn't buy real estate with a Roth IRA because you don't get a write off. Well, yeah, but you don't pay taxes either and you get a better rate of return than freaking Wall Street. Oh, well, that makes sense. Yeah, because the bozo that's trying to tell you not to buy real estate in a Roth IRA has a different agenda. People buy. Invest in stuff in your retirement account that makes money. That's the important thing. Go out and make money. Tomorrow we're starting a two day event in Orange county at alt assetsummit.com alt assetsummit.com you can still buy a virtual ticket. We have investors or companies are going to be showing you all sorts of investments that are better than freaking Wall Street. Buy real estate in your IRA because it makes money, Edward, not because you get a write off. Buy real estate in your own name for real estate because you get a great write off and you build wealth. Now you're going to pay taxes at some point, but in your IRA you're not. See, they're different, but they both make sense. All right, Club Wine software, does this work with a nonprofit, a cell phone plan? Yeah, but nonprofits aren't making you money. They're a non profit. Now if I donate my time to a nonprofit down the street that built a community park and they need me to be reachable and they pay for my cell phone, that's great. I'm donating my time and they give me a cell phone, they get to write that off. Now this nonprofit question, Clubbind Software always kind of throws me off because I'm like, that's great. You've got a nonprofit. The nonprofit's not to benefit you. The nonprofit is not to give you a better cell phone plan. That is prohibited. The nonprofit needs to go out and pay for crap that that benefits the nonprofit, not you and I. And I'm not saying that's you, but a lot of people try to use the nonprofit as an angle to get deals or to get write offs or to get. No, the IRS is all over that like on white on rice. So be careful. Club Wine software you can meet. Who I'd meet with in my office is Devin Muns. He's one of my tax attorneys that specializes in nonprofit. You can, you can bill, you can get an hour with them. Doesn't have to be terribly expensive at all. Few hundred dollars and say, devin, tell me what I'm doing wrong with my nonprofit. Maybe because someone was telling me I get all these tax benefits. Probably B.S. anthony says, hey Mark, looking forward to tomorrow and Friday. He's going to be at the Alt Asset Summit. I love it. Whether I should become and or. I hope you can answer my question today or tomorrow on whether I should become a CPA or go to law school. Career change at 38 with an econ degree. Anthony, make sure you pull me aside in Orange county because I'll tell you I might not do either one. I might recommend you become a certified tax advisor. Go take the enrolled agent exam. Learn about tax planning and strategy under my new I've been training CPAs for years now. I'm doing it out of the office, not just in the office. And you could go out and make three or $400 an hour being a certified tax advisor as an enrolled agent and build a 2 or $300 thousand. 200. 300,000 book of business and not have to go to law school or get a cpa. It's called a certified tax advisor enrolled agent. I think they're great. I really do. Now I did the CPA and law school 20 years ago and it's been good for me but it was a huge investment. So Anthony, think about that. My wife is a real estate professional. We have a rental we want to renovate once the tenant moves out. Love it. If we invest 50 grand to renovate and re rent, is that 50k a write off from my W2 or amateurized? Well, since your wife is a real estate professional, that's going to open up the door to some write offs. But when you renovate a property, repairs are immediately deductible. Improvements have to be depreciated. Now you may do a cost seg. You might take bonus depreciation on some of those improvements. There are some strategies. Get with one of my tax advisors and make sure that they know out of that 50 grand how much is repairs and improvements. That could be cost saved or immediately written off under bonus depreciation which is 80% of the cost this year. Then you may even do a 179 deduction. So anomy. You are on it. You're doing the right thing. From a tax standpoint. I don't know if investing 50 grand to renovate and re rent is the best move. Maybe you're going to a midterm rental or Airbnb strategy. I don't know about that. But I'll tell you there's a good chance you could write off the book of that 50 grand. Now Patrick, please put in the description. Anybody out there that wants to become a tax advisor for themselves or become a tax advisor and build your business. Any of you that's an enrolled agent or CPA or no one that is. And they need better strategies. Send them to my Tax Pro certification program and@markjkohler.com, i have a network of certified tax pros that I've certified in the last year. There are so many of them there. You can interview and find a Tax Pro that can help you guys. And they speak Mark Kohler. They cannot be listed on there unless they're doing weekly trainings with me and have gone through 900 test questions, 12 modules, 70 sections. These people know what they're doing. People. All right, Mooney says we opened an S corp and our accountant asked us to open a management company under a C Corp. How can I use the C corp with my S corp? Well, no offense, if you're asking me how you're supposed to use your C corp with your S corp, you're asking the wrong person. You need to ask the accountant that told you to do it and understand why the hell you're doing it. Now, the only time I would do that, Mooney, and you may say this is why you're doing it, is for high, high medical expenses. But if you're married, there's ways to get around that and do an HRA plan without a C Corp. I would get a second opinion as to why you're doing a C corp. Talk to one of my tax lawyers. Book an hour. I've got 13 tax lawyers. We help clients around the country. Go to kqslawyers.com before you spend money for that frickin C corp. Get a second opinion. I'm not seeing it. Natasha says, can I buy a car for a business with my Roth ira? No, you cannot. No, don't do that. Natasha, take your Roth ira. Go and make money. Go invest it. But it cannot buy pieces of equipment to help your business. Now we have this fall we have our annual self directed IRA conference. It's going to be in Raleigh, North Carolina. It'll be virtually broadcast. You can get to our website directedra.com and sign up for that. It's only it's in about three months. Also, you can buy my partner's book, the Self Directed IRA Handbook. And Natasha, we also have a podcast called the Directed IRA Podcast. It's one of the top podcasts out there on self directed. Please start watching it and listening so you know the answers to those questions. All right, just a few more questions. Justin says semi trucks owned by Roth ira. Too risky. Okay, Justin, I'm so glad you asked that. Justin says Semi trucks owned by my Roth ira. Too risky. Are you saying that buying semi trucks and leasing them to a trucking company is risky? I want to know that, Justin, because yes, doing business is risky. Who was it earlier that said, I'm going to buy a moving truck and I'm going to rent it to a moving company? Is that risky? Yeah, the moving company may go out of business. If I buy a semi truck and I lease it to a semi trucking company, that could be risky. That trucking company may go out of business. I'm going to have to re rent it to someone else. But are you saying it's risky to own a freaking business in my Roth ira? I thought your Roth IRA bought Tesla. Tesla's a business. I owe my Roth ira. Buy a rental property. That's a business. People, I am so sick and tired and I'm signed. So I'm not saying this is you, Justin, but people are like, that's risky in your Roth ira. What are you pimped out by Wall Street? The only thing you can buy a stock, bonds, and they're bullshit. In Wall street, people invest in what you know. If you know moving trucks, buy moving trucks in your Roth ira. If you know rental properties, buy rental properties in your Roth ira. If you know cows, buy cows in your Roth ira. People. It's called self directing. You can invest in anything you want. Peter thiel invested in PayPal and Facebook with this Roth IRA and it's worth $6 billion now. But Wall street doesn't want you to know that because it's too risky. Just buy our shit that we sell at Wall Street. Sorry I get so upset about it. So, Justin, when you say too risky. Yeah, Buying semi trucks and renting them could be risky. I got to make sure I got a good deal. But in your Roth, that's nothing to do with it. Your Roth can invest in whatever the hell it wants if it makes more money than some stupid ETF at TD Ameritrade. All right, man, get excited here. Sergeant Sam says two more questions. Sergeant Sam and Mooney. Sergeant Sam says my short term rental biz bought a four grand Sony camera for taking professional pics of the short term rental. Can I use this camera to start doing some side work? Hell yeah. Sergeant Sham, you've got a camera for business, use it for business. I don't care if you use it for one business or seven businesses. Go out. Make some freaking money with that camera. Love you. Sergeant Mooney says me and my wife open an S corporation. We provide services to Couple of hospitals, we go to the same place together. Can we use our two vehicles and write them off? Mooney, when you start commuting to the same spot every day, notice the word I said. Commuting, not going to be a write off. But you start going from a home office to other locations, from the hospital to Office Depot or Home Depot or Office Max or Apple Store, there might be a lot of write offs in there. But when you're commuting to and from the same place every day, the IRS goes, nah, that's. That's commuting. That's not a write off. So, Mooney, there could be some things here. Get with one of my tax advisors in my Tax Pro network. Say, please help me because my accountant sucks and I want to be writing off more of my vehicle expenses. So get there, figure it out. I like what you're doing, Mooney. Trying to figure out ways to write off your vehicles kicks butt, everybody. Thanks for being here. I know. I get excited, I get tenacious. I hate Wall Street. I love Main Street. I want to help you guys build your American dream. I want you to write off everything you should. I want you to be out there building your business and you should be doing it in your own money, with your own money and with your retirement account. There's all the links down there below in the description on how to get to the law firm to get to my network to get certified as a tax advisor and get over to the Alt Asset Summit and learn on other ways to invest rather than freaking a Merrill lynch account. People, I love you. Keep living the dream and I'll be here next week doing it all over again. Enjoy the fourth of July. Let's enjoy this freedom.