Carter Cofield
speaker
215 appearances
3 recordings
3 series
first heard Jan 2025
last heard 29 Jun
Carter Cofield’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
He came to us and said, is there a way that I can write this off in my business? We said, yes. If you're buying the yacht for the pursuit of income, you can't. So his mastermind program, I think, was $50,000. And then he added a monthly yacht experience to it. So he took his price of mastermind from $50,000 to $75,000 just for adding the yacht.
And that's literally the pursuit of income going from $50,000 to $75,000. That is why he's buying the yacht. So he purchased the yacht and he ended up selling like 10 tickets to that new mastermind immediately. So that's $750,000 of income. And he takes his clients out on a boat every single month, has the log.
And now he's able to write off a portion of that yacht and all the expenses that come with it. So that was a million plus dollar tax deduction for him getting that yacht.
let our clients know that's in that price range is that you know spending money for deductions is okay but investing money to get deduction is even better so uh we tell them the more you invest the less you pay the ir yeah so setting up some some specific self-directed retirement plans solo 401k is my favorite if you don't have any full-time employees in your business
you can put up to $69,000 and you can invest that money and you will get a $69,000 tax deduction for doing so. You bring your spouse into the business, it doubles. Now you get $138,000 tax deduction for investing $138,000. If you don't like the stock market, cool, we can do a self-directed version. Now we can invest in crypto. Now we can buy other businesses. Now we can do whatever we want.
That's how Peter says it.
Yeah, so that's a self-directed solo 401k strategy. Another strategy that I think is big in today's space is a lot of companies, especially in the consulting and coaching space, they need to have some type of media to their company if they want to grow. So this strategy is called the self-rental strategy. We did this for our company.
If you were to purchase a building, let's say it costs a million dollars. I'm using that for math purposes. And we bought a building to turn into a content studio. And then we lease that building to our business. It's called the self-rental strategy. We can do a cost segregation study and write off 30% of the value of the building in year one.
So we went and bought a million-dollar property for our company, and we got 30% $310,000 tax deduction for a studio that we already had to use. And we were able to put like 10% down. So we exchanged $100,000 for a $310,000 tax deduction. And then now we're going to obviously next year rent out the studio to other content creators and things like that.
Are you serious?
I'll approve it though. I'll approve it, yeah, yeah, yeah.
Yeah, I was like, dude, you're fucked up, brother.
Absolutely right. And I think the biggest part about having the wife be the real estate professional status is that. If that wasn't the case and you were to buy a long-term rental, they would cap your write-offs at 25. Yes, exactly. But now there's no cap on your write-offs and you can buy two, three properties. Let's say you bought a $3 million property.
It's a $900,000 tax deduction and you're building your real estate portfolio at the same time.
thousand and then we can actually write that off as an expense too so that's a big one because a lot of people don't know that yeah i don't know who's teaching this me or you man but yeah so the augusta rule just to clarify so people know how to do it at home you can legally rent out a property that you own to yourself for business and the other key problem i wanted to just harp on is that that
you know, you get $3,000 a night times 14. It's about 45 or something. Yeah, so let's call it 45,000. That's tax-free income to you. And that's also a tax deduction for your business. So it's a double... It's a double win. Yep. And I got one more. Is that okay?
You want to go through all of it? Yeah. And another tip there is that if you strategically do your masterminds around high season, you go from, you know, 3,000 a weekend. Exactly. So the days matter. So what we tell our clients to do is look at the days in your city that a big event is coming. So we had a client do it in Phoenix when the Super Bowl came. Or Basel in Miami this weekend, right?
Yeah. Or that, or that. So absolutely.
Lowest tax rules come from people of wealth that have stature to actually get things done. So they were getting $100,000 tax-free income because their properties at Augusta go absolutely crazy.
A tax strategy done 50%.
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