Ryan Odom @ryanmarkodom

@WhiteHouse @POTUS Yes

@ankurnagpal Ayeee, congrats!

@JBMason buckmason.com/products/beach…

@EndWokeness Lol

@ankurnagpal @AngelList Access

@ankurnagpal @frecfinance “Conflicted in every way” 😂

@SawyerMerritt Lol

@curatedoutfit Links for pant recommendations? Have the same problem

Independent contractors pay more tax than W-2 unless they actually do the work and do good tax planning Can't tell you how many times I've seen somebody make $600K and pay $50K more than they need to + All $600K subject to self-employment tax + Several thousand in underpayment penalties since no estimated taxes made throughout the year + Missed deductions because of messy books + No retirement plan, etc

@JBMason Clean

My favorite loophole in the US tax code The IRS says if I make over $168K filing single or $252K married filing joint I cannot contribute directly to a Roth IRA but what I can do is use my 401K plan to get $72K into my Roth IRA every single year It's called the mega backdoor Roth and here's how I do it: 1 - Open a solo 401K plan since I am eligible with a provider that supports the strategy (not Fidelity/Schwab) 2 - Set up "after-tax" contributions that get immediately rolled to my Roth IRA 3 - Contribute. Everything I put in grows completely tax-free and is also accessible tax-free and penalty-free anytime (not "locked up"). Example: I contribute $72K. I can take out this $72K anytime with no taxes or penalties 10 days from now or 10 years from now. A lot of larger tech companies support the mega backdoor Roth strategy (Apple, Amazon, Google, Tesla, etc.) but my favorite way to do this is with those who have a 1099 side hustle/those eligible for a solo 401K plan. It stacks on top of what somebody puts in their company 401K plan as well for those with W-2 plus 1099. Example: Max out a company 401K pre-tax at $24,500 and then put $72K into this separate plan, assuming you have at least $72K of net earnings. Fun stuff Some #s on the tax savings: every $100K of investment gains saves me $28,100 in future taxes owed (15% federal, 9.3% state, 3.8% net investment income tax)

@nickshirleyy Wow

@Budgetdog_ New Tesla Model 3 was cheaper than a used Camry for me in 2019. Tax credit federal and state EV rebate and gas was $200/month vs. $50/month for at home charging. Cheaper insurance w Tesla insurance. Was a fun brain bend

@EndWokeness Wow

@Budgetdog_ It’s the same debate as credit cards. Horrible for most. Great for those who can manage. Example: you could get $40K for moving in your taxable and continue doing what you always do right now. Hard to find the downside in that

@niccruzpatane They've got a store right across from my apartment & seem very cool

Forgot to add a PTET election. Another $10K - $15Kish deduction that I wouldn’t get without making this election

My exact tax plan - LLC taxed as an S corp (saves ~$12K/year in self-employment taxes) - Expense anything ordinary and necessary for me to run my business (computer, Google, Calendly, LinkedIn, etc) - Accountable plan to reimburse myself for my home office, health insurance, vehicle mileage, etc ($10K - $15K/year deduction) - Augusta rule. My business rents my apartment from me 1x a month for a content day (to record videos, make content, review content, etc). $520 a day * 12 = $6,240 tax free income - Solo 401k - Use my solo 401k to get $72K into my Roth IRA (mega backdoor Roth) - Backdoor Roth to get another $7,500 into my Roth IRA - Direct indexing to not pay cap gains taxes on realized gains now or in the future. Which avoids a 28.1% tax on every dollar of realized gains - Asset location. Just means I put my high-risk high-potential-for-reward investments in my tax-free Roth accounts Pretty much it. Layers get added when married and kids. Add her to payroll (she is a contractor at the moment to me and helps with all my social media stuff). She has her own business so she gets to run a similar playbook. Add her to my solo 401k plan. Use that to get $ into a Roth IRA for her. Trump accounts for kids. 529 plan up to $35K for kids. Etc Maybe equally important are all the things I don't do. Short-term rentals/buy real estate (great piece of the tax code but I have no interest). Move to Texas - no thanks. Go buy a laundromat, car wash, or small biz. This is my plan. The fun part is making this your own to match goals, values, etc

Being taxed as an S corp is great but I cannot tell you how many high-earning S corp owners miss out on a $50K, $100K, $300K deduction by not optimizing their salary for the QBI deduction Example: 1 - Biz owner makes $1m/year profit in California, non-SSTB 2 - Biz owner has an S corp salary of $50K (real example). This gives him a 25K QBI deduction because he is subject to the wage-based limitation but if he optimized his salary to let's say $260K he gets a $130K QBI deduction. $105K difference in deductions and at a 37% federal tax rate plus 12.3% state, you get a $51,765 tax savings. Every. Single. Year. Just by having a tax strategy 3 - This can then be layered into a Pass-Through Entity Tax election (best for states with high state taxes) where the business pays the person's state taxes. Instead of a $10,000 SALT deduction, he'll get a ~$60,000 deduction. Another $28Kish in tax savings Now add in a layer of solo 401(k)s where he can do a $72,000 tax deferral vs. a $12,500 max with a SEP IRA This is how good planning works and the big problem with salaries is they have to be paid by 12/31 and ideally elected by 3/15. End of the year becomes very difficult with registering employer accounts with a state and being in limbo with the IRS, waiting for confirmation that a late election is confirmed. Get on top of it early with your advisor/tax team please :)

@BowTiedYukon 😂