Digital Social Hour
The $100K Tax Write-Off the IRS Doesn't Want You to Know | Karlton Dennis DSH #1002
22 Dec 2024
Discover the massive $100K tax write-off that could transform your business finances! 💰 Tax expert Karlton Dennis reveals game-changing strategies about vehicle depreciation and breaks down exactly how business owners can maximize their tax savings. Learn why timing is everything when it comes to major purchases and how the IRS's recent hiring of agents impacts business owners. In this eye-opening conversation, we uncover the truth about tax planning vs tax preparation, the power of family foundations, and why the wealthy pay less in taxes. Karlton shares insider knowledge from his 30+ years of family experience in the tax industry, breaking down complex strategies into simple, actionable steps. From writing off luxury vehicles to employing your children, this episode is packed with legitimate tax-saving techniques that most accountants won't tell you about. Get ready to discover how top entrepreneurs minimize their tax burden and keep more of their hard-earned money. Want to save thousands on your taxes? Watch now to learn the strategies that could revolutionize your business's financial future. Don't wait until December - these are the tax secrets you need to know today! 🚀 #yearendtaxplanningtips #auditredflags #yearendtaxplanningstrategies #retirementplanning #irsredflags #karltondennis #bonusdepreciation #irsdeductions #howtowriteoffyourdreamcar #taxdeductionsforselfemployed CHAPTERS: 00:00 - Intro 00:40 - Tax Code Changes 03:56 - IRS Hiring Spree 05:46 - Moving to Puerto Rico 09:58 - First Viral Videos 14:31 - Writing Off Luxury Items 17:16 - Car Wrap Tax Deductions 23:11 - Infinite Banking Explained 24:58 - Private Family Foundation Benefits 27:38 - Kamala Harris Tax Proposal 30:12 - IRS Bank Account Access 30:57 - James O'Keefe New Film 31:46 - Finding Karlton APPLY TO BE ON THE PODCAST: https://www.digitalsocialhour.com/application BUSINESS INQUIRIES/SPONSORS: [email protected] GUEST: Karlton Dennis https://www.instagram.com/karltondennis/ https://www.instagram.com/taxalchemyadvisors LISTEN ON: Apple Podcasts: https://podcasts.apple.com/us/podcast/digital-social-hour/id1676846015 Spotify: https://open.spotify.com/show/5Jn7LXarRlI8Hc0GtTn759 Sean Kelly Instagram: https://www.instagram.com/seanmikekelly/ Learn more about your ad choices. Visit podcastchoices.com/adchoices
Full Episode
when the irs hired all those agents last year i think it was 67 000 did that impact your business a lot no it has not impacted my business what it did do is it made sure that a lot of people started focusing on bookkeeping and accounting and for many business owners who are doing their own bookkeeping and accounting they don't know how to categorize their own expenses yeah i remember my first year dropshipping getting that tax bill from shopify i'm like what's this you know what i mean why do i have to write such a big check yeah and that's the worst part about her bro
All right, guys, Carlton Dennis here today, someone I've been trying to have on for a while. Thanks for what you do, man. Thanks for coming on. Absolutely, man. You help people save money. I help them keep money. Keep money. Yeah. And that's a powerful skill to have. Yeah. You know, not a lot of people have that capability. So I think that's why you're crushing it.
I think there's just an absence of tax professionals trying to teach people how to leverage the tax code versus tax professionals that just file tax returns. Right. So I'm all about keeping money. Yeah, because I used to have an old accountant and he knew none of these hacks. I remember when PPP came out, ERC, he didn't even know how to file these things.
And that's exactly how I blew up. Right when ERC and PPP loans came out, I got on YouTube and I shared with people how to get the PPP loan, how to get the EIDL loan, and how to set up LLCs. And that's how our brand grew so fast. There just wasn't any tax professionals teaching people how to do that.
Right. I feel like the older guys, they learn what they do like 40 years ago and they just don't learn anything new.
Yeah. And it's OK to just file tax returns. But in today's day and age, there's just so much information out there. So if you're trying to help somebody save money in taxes, you got to go study. You got to go learn all the tricks of the code and be able to deliver it in a way that somebody actually understands it.
Right. And there's new codes coming out all the time, right? Yeah, absolutely. Every year. Wow. Every year. So they change that frequently. Absolutely. Congress can approve something and it goes into effect within the year. Got it. So do you have your eye on any new codes coming out next year or later this year?
One of the things that we're monitoring right now is whether or not bonus depreciation will go back to 100%. So you've been seeing all these people buying cars that weigh over 6,000 pounds, G-wagons. Lamborghini Urus is, well, you're only able to write off 60% of the purchase price right now.
But if we can get Congress to approve this bipartisan deal that's sitting in office right now, we are going to get 100% bonus depreciation back. So if you spend 100K on that F-150, you can write off the full 100K, even though you may have only financed it and put $2,000 or $5,000 down. Wow.
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