079: Elevating Your Business and Personal Wealth with Brady Slack & Mike Scicluna

Taxes can be confusing for those who aren’t entrepreneurs or investors. That’s why investors and entrepreneurs should have a knowledgeable CPA at their disposal to avoid the pitfalls of taxes. On this episode of Zen and the Art of Real Estate Investing, Jonathan welcomes guests Brady Slack and Mike Scicluna to the show. Brady is a managing partner at High Country Finance, and Mike is High Country’s Chief Financial Officer. They’ve come together on this episode to unravel the complexities of the tax code for real estate investors. Brady and Mike specialize in helping business owners, independent contractors, entrepreneurs, and real estate investors reduce their tax bills and increase their wealth. Elevating your business and personal wealth starts with getting a good handle on your taxes. Jonathan, Brady, and Mike dive into the episode talking about where people are making mistakes as real estate investors right now. You’ll also hear what asset depreciates quickly enough to provide tax savings, why you shouldn’t buy real estate just to save on taxes, and when you need an LLC. They also discuss the three ways to classify an investor, why you should actively talk to your CPA about your taxes and financial goals, and the importance of good bookkeeping in any business. Taxes can be a weak point for many investors, and this episode is all about giving you the information you need to make better tax decisions. In this episode, you will hear: The biggest places people are making mistakes as real estate investors right now, according to Brady Slack and Mike Sciculna The asset that depreciates rapidly enough to make sense as a tax savings Why you shouldn’t buy real estate just to save money on taxes A tax professional’s role in helping you come up with a tax solution that works for your business Who should consider setting up an LLC, and when an entity structure comes into play How your basis in real estate affects the value of an asset The three ways to classify an investor The benefits of having a real estate professional status The importance of actively talking to your CPA about your taxes and where you hope to end up financially Why bookkeeping matters for business owners as well as investors The guidelines for 1031 exchanges Where people are making the most mistakes in real estate and accounting today Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. If you enjoyed this episode, we've created a PDF that has all of the key information for you from the episode. Just go to the episode page at http://www.trustgreene.com/podcast/zen/079 to download it. Supporting Resources: Brady Slack’s contact info - linktr.ee/bradyslack Find Brady on YouTube - www.youtube.com/channel/UCo5T9uLpKkTHQjB69i84M5w Brady Slack on Instagram - www.instagram.com/thebradyslack Connect with Brady on LinkedIn - www.linkedin.com/in/brady-slack-7264271aa Brady’s Twitter account - twitter.com/thebradyslack Find Brady on TikTok -www.tiktok.com/@thebradyslack High Country Finance website - highcountryfinance.com Website - www.streamlined.properties YouTube - www.youtube.com/c/JonathanGreeneRE/videos Instagram - www.instagram.com/trustgreene Instagram - www.instagram.com/streamlinedproperties TikTok - www.tiktok.com/@trustgreene Zillow - www.zillow.com/profile/Streamlined%20Prop%20eXp Bigger Pockets - www.biggerpockets.com/users/TrustGreene Facebook - www.facebook.com/streamlinedproperties Email - info@streamlined.properties   Episode Credits: If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.