Adam Torkildson

Awesome. Yeah, I think that's a great point. Whether you're donating your time or just straight cash, give back. That's the principle. And thank you for that awesome clarification. Absolutely. So I wanted to jump in to the first tax strategy. And this one can work for anybody who has an LLC. It doesn't matter if you have lots of employees or it's just you.

Awesome. Yeah, I think that's a great point. Whether you're donating your time or just straight cash, give back. That's the principle. And thank you for that awesome clarification. Absolutely. So I wanted to jump in to the first tax strategy. And this one can work for anybody who has an LLC. It doesn't matter if you have lots of employees or it's just you.

Awesome. Yeah, I think that's a great point. Whether you're donating your time or just straight cash, give back. That's the principle. And thank you for that awesome clarification. Absolutely. So I wanted to jump in to the first tax strategy. And this one can work for anybody who has an LLC. It doesn't matter if you have lots of employees or it's just you.

And this is going to be one that the one other caveat is that you must own your residence, whether it's a townhome or single family home, whatever the case may be. You've got to own it or at least be on the title. And this is something called the Augusta strategy. I'm not going to go into the history of why it's called the Augusta strategy, but that's what it's called.

And this is going to be one that the one other caveat is that you must own your residence, whether it's a townhome or single family home, whatever the case may be. You've got to own it or at least be on the title. And this is something called the Augusta strategy. I'm not going to go into the history of why it's called the Augusta strategy, but that's what it's called.

And this is going to be one that the one other caveat is that you must own your residence, whether it's a townhome or single family home, whatever the case may be. You've got to own it or at least be on the title. And this is something called the Augusta strategy. I'm not going to go into the history of why it's called the Augusta strategy, but that's what it's called.

If you want to go Google it for more information or ask your CPA, they'll know what this is. But essentially what you're doing is taking advantage of an IRS tax code that allows your business to rent your home from yourself. on a monthly basis and your business pays your personal bank account the equivalent of one month's rent, essentially.

If you want to go Google it for more information or ask your CPA, they'll know what this is. But essentially what you're doing is taking advantage of an IRS tax code that allows your business to rent your home from yourself. on a monthly basis and your business pays your personal bank account the equivalent of one month's rent, essentially.

If you want to go Google it for more information or ask your CPA, they'll know what this is. But essentially what you're doing is taking advantage of an IRS tax code that allows your business to rent your home from yourself. on a monthly basis and your business pays your personal bank account the equivalent of one month's rent, essentially.

Even though you may not actually use the space for anything, you do need to make sure you take some notes and use it in some specific ways that the IRS has burbage around. Anyway, It really boils down to the fact that you transfer money from your business bank account to your personal bank account. That money is not taxed on your personal income taxes.

Even though you may not actually use the space for anything, you do need to make sure you take some notes and use it in some specific ways that the IRS has burbage around. Anyway, It really boils down to the fact that you transfer money from your business bank account to your personal bank account. That money is not taxed on your personal income taxes.

Even though you may not actually use the space for anything, you do need to make sure you take some notes and use it in some specific ways that the IRS has burbage around. Anyway, It really boils down to the fact that you transfer money from your business bank account to your personal bank account. That money is not taxed on your personal income taxes.

Additionally, whatever you're spending there is a tax write-off for your LLC. And the max amount I've ever seen anybody write off using this strategy is is around $100,000 a year. And you can do this annually. So it starts to be a significant amount of money the more valuable your home is.

Additionally, whatever you're spending there is a tax write-off for your LLC. And the max amount I've ever seen anybody write off using this strategy is is around $100,000 a year. And you can do this annually. So it starts to be a significant amount of money the more valuable your home is.

Additionally, whatever you're spending there is a tax write-off for your LLC. And the max amount I've ever seen anybody write off using this strategy is is around $100,000 a year. And you can do this annually. So it starts to be a significant amount of money the more valuable your home is.

Because what you're able to do is take the fair market value of what you could rent your home for, and that becomes your basis for what you can write off each month. So this is, again, the Augusta strategy. This works for anybody who's got an LLC. I believe you need to be taxed as an S corp, but that's some very simple paperwork. And there's a lot of advantages to being taxed as an S corp.

Because what you're able to do is take the fair market value of what you could rent your home for, and that becomes your basis for what you can write off each month. So this is, again, the Augusta strategy. This works for anybody who's got an LLC. I believe you need to be taxed as an S corp, but that's some very simple paperwork. And there's a lot of advantages to being taxed as an S corp.

Because what you're able to do is take the fair market value of what you could rent your home for, and that becomes your basis for what you can write off each month. So this is, again, the Augusta strategy. This works for anybody who's got an LLC. I believe you need to be taxed as an S corp, but that's some very simple paperwork. And there's a lot of advantages to being taxed as an S corp.

Sometimes it's better as a C corp, but if you're like a gig worker or a freelancer, or it's just, you're a solopreneur of some kind, get an LLC and register as an S corp. And that's going to give you a lot of these tax benefits. Did you have anything else?

Sometimes it's better as a C corp, but if you're like a gig worker or a freelancer, or it's just, you're a solopreneur of some kind, get an LLC and register as an S corp. And that's going to give you a lot of these tax benefits. Did you have anything else?