End of Year Tax Strategies w/ Ryan Bakke

Bill Faeth Unfiltered

Nov 26, 2024•26 min•Ep. 165

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Episode description

Bill welcomes Ryan Bakke, a tax strategist, who discusses essential tax-saving strategies for entrepreneurs, property owners, and real estate investors. Ryan emphasizes the importance of proper bookkeeping and having a CPA for effective tax planning and minimizing audit risks. They discuss using quarterly meetings with CPAs for accurate tax estimates and prepaying taxes to avoid penalties. Ryan explains the value of paying children for business tasks, contributing to their Roth IRAs, and ensuring proper documentation for IRS compliance. The duo also highlights the benefits of cost segregation studies to offset W2 income for STR owners who meet material participation requirements. They stress the importance of planning and executing tax strategies before the end of the fiscal year. Ryan gives actionable advice on prepaying for business expenses and leveraging retirement accounts. You don't want to miss this episode!

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00:00 Introduction to Bill Faeth Unfiltered

00:14 Revolutionary Product: StayFi

01:10 Exclusive StayFi Offer

01:47 Meet Tax Expert Ryan Bakke

02:31 Tax Strategies for Business Owners

03:35 Importance of Proper Bookkeeping

06:52 Prepaying Estimated Taxes

10:09 Solo 401k and Retirement Planning

16:27 Paying Your Kids: The Ultimate Tax Hack

20:42 Cost Segregation Strategies

25:12 Conclusion and Contact Information

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On STR Unfiltered, Bill Faeth breaks down the ins and outs of short-term rental hosting, giving listeners actionable advice that they can use to take their businesses to the next level.