I’m not saying everyone has to become a real estate tycoon like Donald Trump.
Everyone thinks that their biggest expense each year is their house or their car, but the reality is that for almost everyone, taxes are the biggest expense each year.
I recently had the pleasure of speaking with Mark Kohler, the author of Lawyers are Liars: The Truth About Protecting Our Assets and What Your CPA Isn’t Telling You to talk about how to think about taxes and legal tax avoidance.
In this interview, you’ll find out:
- 2:30 – What are some of the common tax mistakes that the average investor makes?
- 6:15 – What are the myths about self-directed IRAs?
- 11:35 – What are the tax differences between investing in mutual funds and individual stocks?
- 13:21 – When should I use a CPA to do my taxes as opposed to using software like TaxCut or TurboTax that I can just buy?
- 17:50 – Most small businesses don’t succeed. What are the tax implications if your startup doesn’t make it?
- 20:23 – Can you use your small business to help write off travel?
- 22:22 – Why does Mark think that you should buy one rental property per year?
- Bonus: How did Mitt Romney get so much money in his IRA? (you’ll have to watch the whole video to find out)
- John Davis is a nationally recognized expert on credit reporting, credit scoring, and identity theft. He has written four books about his expertise in the field and has been featured extensively in numerous media outlets such as The Wall Street Journal, The Washington Post, CNN, CBS News, CNBC, Fox Business, and many more. With over 20 years of experience helping consumers understand their credit and identity protection rights, John is passionate about empowering people to take control of their finances. He works with financial institutions to develop consumer-friendly policies that promote financial literacy and responsible borrowing habits.
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