Tax Strategies

In this vital course, you’ll gain the valuable tax knowledge necessary to manage your business and personal finances, and pay less in taxes.

23
Hrs
Mins
Secs
6
6
48
SEGMENTS DURATION
More Classes
INSTRUCTOR

Patrick Munson

Patrick Munson, CPA and MBA, as well as a partner at A+P CPAs, holds 15+ years of experience in public accounting, specializing in auditing services and tax consultancy. An esteemed member of AICPA and UACPA, he is known for his knack in decoding complex tax issues and his relationship-building capabilities. Patrick sincerely cares about the people he serves, works hard to communicate effectively and maintain technical competence. With these skills, Patrick continues to make significant contributions to the Renatus curriculum. Beyond work, he is a passionate family man and sports enthusiast.

Description:

In this vital course, professional CPA, Patrick Munson provides valuable tax information you need for your business. You’ll gain the knowledge necessary to manage your business and per-sonal finances, pay less in taxes, and have greater confidence in all types of business decisions. You’ll learn about: Income Tax Basics Standard & Itemized Deductions Tax Credits, Business Deductions & Tax-Privileged Accounts Business Entity Types, Benefits, and Limitations Putting Your Family on the Payroll Record Keeping, Bank Accounts, and Documentation Tax Knowledge for Different Types of Real Estate Investments Operational Tips for Tax Filing and Deadlines Along with these, Patrick ensures you know what to expect (and what you should expect!) from your CPA. Armed with a solid un-derstanding of business entities, tax planning, business finances and operations and much more, you’ll have all the tools needed to keep more of what you earn and build real wealth.

  • 1

    Tax Strategies Pre-Assessment

    Take this assessment to see how much you already know and what you have to learn.

  • 2

    Introduction

    Bob Snyder introduces our instructor, Patrick Munson, an experienced and successful CPA who is here to present current and applicable tax-saving information for Renatus real estate investors.

  • 3

    How Taxes are Calculated - Documents

    Learn the basics of how everyone’s taxes are calculated from income to deductions and credits to actual tax due.

  • Show all 23 segments

    • 4

      How Taxes Are Calculated - Rates

      Gain a solid understanding of the US progressive tax system including brackets, marginal tax rates and effective tax rates.

    • 5

      Personal Tax Deductions

      Dive into Standard and Itemized tax deductions and how you can use specific tools to take a bigger deduction than expected.

    • 6

      Tax Credits, Income Timing & Character

      Know the tax-saving tricks around tax credits, how to make the most of income timing and the specific character of your income.

    • 7

      Tax-Privileged Accounts

      This segment’s information revolves around different types of retirement accounts, how to optimize them and their tax implications, to save you money.

    • 8

      Entity Overview

      Master the context surrounding entity structure planning for an entrepreneur, such as the number of owners, level of income, and business growth potential.

    • 9

      S-Corporation Basics

      Explore the intricacies of an S corporation, especially the IRS focus on a "reasonable wage" based on factors like training, experience, and time and effort devoted to the business.

    • 10

      Due Dates & Hiring Your Children

      Learn about the filings and implications associated with hiring your children and the different business structures and timelines involved.

    • 11

      Record Keeping

      Understand how dissecting basic financial statements aids you in decision-making, financial balance and tax planning.

    • 12

      Company Accounts

      Learn how maintaining separate bank accounts for personal and business purposes is essential to uphold the corporate veil, avoid tax issues, and secure proper records.

    • 13

      Reimbursements & Recordkeeping

      Stabilize your organization through mastering financial records, including reimbursements between personal and business accounts.

    • 14

      Expenses Part 1- Advertising & Autos

      Learn how the IRS defines a business expense, and how to identify the types of business expenses that you can count for your specific business.

    • 15

      Expenses Part 2- Food, Home Office & Travel

      This segment explores various deductible expenses for businesses like travel costs, professional equipment, and food.

    • 16

      Real Estate & Taxes

      What are the tax implications surrounding real estate investing? Learn the benefits of different types and the tax advantages of each.

    • 17

      Strategies for Purchase

      When purchasing a real estate investment property, explore the tax benefits of bonus depreciation, land and property improvements, and cost segregation.

    • 18

      Holding Property & Self-Rentals

      Work through the tax perks of holding properties and self-rentals for increased liability protection, equity building, and potential retirement income.

    • 19

      Rental Property Operations & Deductions

      Learn about the Augusta rule, the categorization of rental income and how it can be exempt from self-employment tax.

    • 20

      Passive & Active Participation

      Understand the complexities of active and passive investing, including the per se rule, low-income exemption, and real estate professional status.

    • 21

      Investing and Operations

      How can you save on taxes when selling property? Learn about concepts like adjusted cost basis, depreciation recapture and 1031 exchanges.

    • 22

      Deadlines, Preparation and Expectations

      Patrick closes the class with a discussion on how you can plan ahead, prepare for deadlines, and use tax planning strategies with your tax professional.

    • 23

      Tax Strategies Post-Assessment

      Take this assessment to see how much you have learned and what you may need to review.

  • 23

    Tax Strategies Post-Assessment

    Take this assessment to see how much you have learned and what you may need to review.