Millionaire Tax Strategies for Business Owners with Amanda Han
In this conversation, Graham Cochrane interviews Amanda Han, a tax advisor and expert on tax advice for business owners and real estate. They discuss Amanda's journey from working for other firms to starting her own business, the challenges and rewards of working with her husband, and the importance of involving children in business and financial education. They also talk about Amanda's collaboration with Brandon Turner and BiggerPockets, the dangers of misleading tax advice on social media, the tax benefits of running your own business, and the advantages of investing in real estate from a tax savings perspective. In this conversation, Amanda Han discusses the benefits of real estate investing, including passive cash flow and tax advantages. She also explains the pros and cons of syndicated real estate and the tax implications of syndicated real estate profits. Amanda emphasizes the importance of diversifying investments and highlights the tax benefits of charitable planning. The conversation concludes with Amanda sharing her golden rule of imparting confidence to her children. Listeners are directed to visit Amanda's website for more tax resources and to connect with her on Instagram.
Takeaways
Consider starting your own business to take advantage of tax benefits and build additional sources of income.
Involve your children in your business and financial education to teach them valuable skills and create quality time together.
Be cautious of misleading tax advice on social media and seek advice from qualified professionals.
Explore the tax benefits of running your own business, such as deducting business expenses and investing in retirement accounts.
Consider incorporating real estate into your investment strategy to benefit from tax advantages like depreciation and tax-deferred appreciation. Real estate investing offers passive cash flow and tax benefits.
Syndicated real estate can be a good option for those who don't have time to manage their own properties.
Syndicated real estate provides tax benefits similar to owning a property directly.
Investing in other asset classes, such as stocks or businesses, can help diversify income and reduce risk.
Charitable planning can provide significant tax write-offs and benefits.
Imparting confidence in oneself is a valuable piece of advice for success.
Visit Amanda Han's website https://www.keystonecpa.com/ for tax resources and connect with her on Instagram @AmandaHanCPA
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