Video instructions and help with filling out and completing Why Form 4797 Reduce

Instructions and Help about Why Form 4797 Reduce

Hey what's going everyone this is Sam quad one of the co-operators here and today we have an amazing and awesome guest mark Kohler he's a CPA attorney best-selling author I mean the list goes on and on I mean the list of news networks he's been on the newspapers magazines just to name a few he's been on The Wall Street Journal entrepreneur magazine Forbes I mean it goes on and on so mark so pleasure to have you and we're so glad to have you on the webinar to talk about the new tax bill and how it'll affect us the realest investors so the people that are watching this particularly are going to be roast investors either looking to get started or have been starting and making ton of money so mark you've been a phenomenal help in my life and my brother's life and taking and saving taxes what are some three big things that you see are gonna change the way that US real estate investors will be doing business in terms of taxes and legal Wow all right big big question there and I know where you're trying to do this in 15 minutes or less and I want to say thank you Sam for help and put this together it's an honor to be with everyone tonight today whenever you get a chance to watch this because I know it's going to be broadcast in several methods so okay well let's jump right to it now for a couple other credentials quickly I want to mention is I am a CPA certified public accountant and a lawyer that doesn't mean it's going to be boring I want to keep it real so I want to say thanks everybody for watching and don't scroll past this take the chance to get through this because I know it's going to help you a lot and Sam ultra see if I can come up with three major goals let's first talk about the tax bill if that's okay yeah it just kind of put it in perspective and then we'll zoom in on the real estate investor piece of it right yeah absolutely okay so this new tax legislation this tax and Jobs Act that's King down there's three main pieces to it folks and this and this is what you want to know there's kind of an individual section and then there's a small business section and this is where the real estate investor you're going to be impacted quite a bit and then there's the corporate section now you heard a lot about this in the news this was the corporate section was the big deal they wanted to help the Amazon the targets the Walmarts of the world and they've taken a 35% tax rate and axed it down to 21 percent also there's about 300 pages in this tax bill of trying to help corporations bring more jobs back to America foreign tax policy blah blah blah you don't want to read that part it'll put you right to sleep point is hopefully there's some trickle-down and it affects you and me the average American and we get seek better jobs better pay and lower prices at Walmart or Target we'll see okay so that's this section and that was probably it really 70% of the tax bill the rest of it they had to sell it to the American public so you and I as individuals we're going to see some pieces here and then we're going to see the small business now let's go over to the individuals because everybody you're we're all individuals at the end of the day and how is it going to affect us so for many of you out there that do have a day job and you've got a w-2 and you're doing some real estate investing on the side you might see an increase in your w-2 that's a possibility the IRS is sending out a bunch of new tax tables for employers and payroll companies so that your w-2 is adjusted the average savings for 80 percent of America we're going to see saying it's 80 percent of Americans so many of you listening now you're gonna see tax savings the average savings is going to range from $1,000 to probably $7,000 this is where you're going to see it on your tax refund next year maybe in your paycheck or as a small business owner you're gonna even see more savings so we're gonna come to you the real estate investor in a moment but for all of us we're gonna generally see this and the reason why is we've seen tax rates are going to go down that's one piece of this and also the standard deduction has been doubled so standard deduction has been doubled which is kind of a big deal and finally there's a child tax credit these are kind of the big pieces of this so I want to make sure you guys can all see that there tax credit so without boring you a combination of all this is what's generating this tax benefit so this is what you're going to feel on the individual side now let me just give one last little point on the individual side there was a few things that got cut the moving expense is gone there's itemized deductions if you itemize now 80% of Americans don't even itemize and so if you're an average middle-income American make between 50 to 150 grand this standard infection is what's going to save you and you're not going to itemize your medical or your charitable or your state and local or your property tax you're just going to leave that alone you're gonna see savings so this is kind of the individual side now at the end of this little presentation I'll ask Sam if he has got a couple