In this episode, I explain the concept of gifting equity, particularly in real estate scenarios, and the associated gift tax implications. I walk through a scenario where parents sell a house to their children at a lower price, discussing the need for a gift letter and the $17,000 annual gift tax exemption. No action requested, just valuable insights on gifting equity and tax considerations.

Thank you for listening to another episode of the Wealth Game Podcast.

The goal is to get informal yet actionable advice directly to business owners and investors.

The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io.

For additional information and links to all available platforms please visit our website at www.wealthgame.io

Contact Us:

Website: https://links.wealthgame.io

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I introduce the POND method to determine if expenses are deductible for your business or rental property. The acronym POND stands for Purpose, Ordinary, Necessary, and Documentation. I explain how each factor plays a crucial role in identifying deductible expenses. No action requested from viewers.

Thank you for listening to another episode of the Wealth Game Podcast.

The goal is to get informal yet actionable advice directly to business owners and investors.

The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io.

For additional information and links to all available platforms please visit our website at www.wealthgame.io

Contact Us:

Website: https://links.wealthgame.io

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I discuss how you can write off travel expenses and maximize your tax savings. I explain the importance of having a valid reason for your trip, such as meeting clients, attending conferences, or visiting properties. I also provide examples of deductible expenses, including flights, hotel stays, and food. Watch this video to learn how to take advantage of travel expense deductions and save money on your taxes.

Thank you for listening to another episode of the Wealth Game Podcast.

The goal is to get informal yet actionable advice directly to business owners and investors.

The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io.

For additional information and links to all available platforms please visit our website at www.wealthgame.io

Contact Us:

Website: https://links.wealthgame.io

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

Alright, we have just passed the April 15th deadline for the 2023 tax returns. In this video, I will break down the reasons why we need extensions, when it makes sense to file them, and the potential issues that can arise. I will discuss the benefits of extensions, such as more time to file without penalties and the opportunity to implement tax strategies. However, there are also drawbacks, including longer wait times for refunds. Lastly, I will address the ugly truth about extensions - they do not give you more time to pay your taxes. It's important to understand these nuances to avoid any surprises. Watch the video to learn more!

Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io.

For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us:

Website: wealthgame.io or www.bementcompany.com

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

Last-Minute Tax Tips: A Quick Guide to April 15th, 2024

As the tax deadline looms closer, it's time for some eleventh-hour tax-saving strategies. Join us as we dive into a rapid-fire rundown of five essential tips to consider before April 15th hits. From crucial reminders about extensions to savvy retirement contributions, we cover it all in just a few minutes. Host Brent Bement, a seasoned tax expert, breaks down these last-minute Hail Mary moves to help you navigate the tax season with ease. Whether you're a procrastinator or just seeking some final touches to your tax planning, tune in for practical advice on maximizing your savings and minimizing your stress.

Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io.

For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us:

Website: wealthgame.io or www.bementcompany.com

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I am excited to share the details of the Beemint blueprint. It consists of three entity structures that can help you build wealth, grow your business, and protect your assets. The structures include an operating company (S corporation), an investment holding company (LLC), and a private foundation for charitable goals. I highly recommend these structures for maximizing tax benefits and asset protection.

Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors.

The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io.

For additional information and links to all available platforms please visit our website at www.wealthgame.io 

Contact Us:
Website: https://links.wealthgame.io 
Connect with Brent Bement:
LinkedIn: www.linkedin.com/in/brentbement 
TikTok: www.tiktok.com/@brent_bement 
Twitter: www.twitter.com/WealthGamePod 
Threads: www.threads.net/@brentbement 
Instagram: www.instagram.com/wealthgame.io 
Facebook: www.facebook.com/wealthgamepodcast 
YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig 

In this episode, I discuss potential tax updates outlined in the Tax Relief for American Families and
Workers Act of 2024. These updates include changes to tax credits, business limitations, bonus
depreciation, and more. I provide important information and recommendations for business owners,
as well as insights into how these updates may impact individuals. Watch the video to stay informed
and take necessary actions based on the proposed changes.

1. Child Tax Credit Expansion: Increases the refundable portion of the Child Tax Credit for 2023-2025. Amounts per child will rise from $1,600 in 2023 to $1,800, then to $1,900 in 2024, and $2,000 in 2025. The calculation method for the refundable credit is also revised.
2. Adjustments for Inflation and Earned Income: The Child Tax Credit will adjust for inflation from 2024 and includes changes in the rules for determining earned income.
3. Research and Experimental Expenditures: The start of the five-year period for deductions in this area is postponed from 2023 to 2026.
4. Increased Limitations on Business Expenses: Extension and increase in limitations related to the depreciation, amortization, or depletion for business interest determination, and expensing of depreciable business assets.
5. Changes to Employee Retention Tax Credit (ERTC): The filing deadline for ERTC claims is moved up to January 31, 2024. The agreement proposes increased penalties for fraudulent activities associated with the ERTC, with significant financial consequences for non-compliance.
6. Enhanced Penalties for ERTC Promoters: For those aiding in false ERTC claims, penalties increase to the greater of $200,000 ($10,000 for individuals) or 75% of the income derived from such activities. Promoters face a $1,000 penalty for each instance of failure in due diligence regarding a taxpayer's eligibility for the credit.
7. Disaster Relief and Housing Initiatives: Extensions and exclusions in rules for disaster-related personal casualty losses, and initiatives to promote affordable housing, including specific provisions for the East Palestine, Ohio train derailment.
8. US-Taiwan Tax Treaty: Incorporation of a tax treaty between the United States and Taiwan.
9. Extension of 100% Bonus Depreciation: This benefit, which expired at the end of 2022, will be extended until the end of 2025.

Thank you for listening to another episode of the Wealth Game Podcast.  

The goal is to get informal yet actionable advice directly to business owners and investors.   

The episodes are intended to be short and simple to allow busy professionals to get right to the point
of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email
admin@wealthgame.io.

For additional information and links to all available platforms please visit our website at
www.wealthgame.io

Contact Us:

Website: https://links.wealthgame.io

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I explain how you can get a tax deduction for state taxes that you're already paying. I discuss the problem of the cap on state and local tax deductions, and then present a solution called the pass-through entity tax payment. I provide an example and explain how prepaying state taxes through your business can lower your taxable income and save you money on taxes. I also offer important considerations and resources for implementing this strategy. Watch the video to learn how you can take advantage of this tax deduction opportunity.

Thank you for listening to another episode of the Wealth Game Podcast.  

The goal is to get informal yet actionable advice directly to business owners and investors.   

The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io.

For additional information and links to all available platforms please visit our website at www.wealthgame.io

Contact Us:

Website: https://links.wealthgame.io

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig