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The Thursday Three: Pricing, Tax Reduction & Ownership Mindset
Every week I’ll bringing you a couple gold nuggets to inspire growth in your business to build wealth & create freedom. Find me on Twitter @brianbeers
“Start from wherever you are and with whatever you’ve got.” - Jim Rohn
Don't get discouraged by comparing yourself to others. We all started somewhere. The key is to take action and continue to learn.
Great insight into a “mind hack” to guide customers into your target product/service. I’ve always priced my our offerings in a linear fashion to deliver equal value at different levels. I’m totally rethinking that after reading this thread.
The Power of Quitting with Brandon Turner
This is a great episode from the GoBudance podcast Tribe of Millionaires. I’ve followed Brandon for years on the Bigger Pockets Real Estate podcast - it has been cool to see his evolution.
In this episode he breaks down 4 mindset levels of business ownership: DIY, Project Manager, COO & Architect. Which one are you now? Which one will you become?
Business With Beers
On my Thursday solo episode I broke down “material” (active) vs. “non-material” (passive) participation and provide 3 tactical strategies you can use to reduce your taxes using depreciation.
All “losses” I talk about are paper losses using accelerated depreciation, not actual losses. At a high level it’s important to understand that active losses can only offset active gains and passive losses can only offset passive gains. Depreciation losses from a passive syndication will not offset active gains from your business.
I go over 3 strategies to match up losses with gains
Buy Passive Income - acquire passive cash flowing assets then pair it up with a direct real estate purchase or a syndication that will provide accelerated depreciation to wipe out your taxes on that cash flow.
Short Term Rentals - if you actively operate a short-term rental business then all income and losses from that business go into your active bucket. Do a cost segregation study on the property to provide a huge depreciation write off that offset your other business income or W2 wages.
Real Estate Professional Status - either you or your spouse become a real estate professional which then moves of your real estate business (that you “materially participate” in) over to the active bucket. Depreciation write offs of your rental properties will then offset other business income or W2 wages. Using REP status is highly scrutinized by the IRS so make sure you have detailed activity logs.
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