It’s that time of year again– tax time, and we had a good discussion on Twitter Spaces Tuesday morning about Web3 and NFT taxes. In this audio, I summarize a few take-a-ways and share a few new thoughts. You can listen to the original recorded Twitter Spaces here.
No legal, financial or tax advice is being given. Please listen carefully to the disclaimer in the audio clip and read this important disclaimer.
Truth be told, most business/tax lawyers and accountants would cringe while listening to this conversation. I didn’t. I get it.
Mr. Beast is a creator. He’s doing what he loves to do and there’s nothing wrong with that. He’s pulling in millions of dollars a month from YouTube and the dude is super generous because he’s also giving away millions of dollars in cash and gifts each year on his YouTube channel.
In fact, it’s my understanding Mr. Beast wants to use his wealth to build hundreds of homeless shelters/food banks and give away all the money. That is so cool. Seriously, check out this content– pretty damn impressive and entertaining.
In any case, earlier today on my run I started to think about Mr. Beast and shot this video with my GoPro9. There are so many things that literally jump out at me that he can/should look at, and probably do, that will not interfere with the creative side of his content but will reduce state and federal incomes taxes and maximize the protection of his personal assets (bank account, house, favorite dog) from his business liabilities.
Doing so will allow him to create MORE wealth to donate or give away (BTW, there’s a right and wrong way to do this under the tax code). Hey, when you’re a trial lawyer with 34 years of experience, this is just how your brain works. Sorry not sorry. I’ve even discussed a few of these things over the years right here at my blog. Simply use the search bar for answers.
Hey Mr. Beast, if you haven’t done so already, surround yourself with a good business/tax attorney and CPA. Not only will you protect your wealth and business interests, you’ll also have more options than you ever thought possible and MORE money to give away to the homeless shelters and food banks because you didn’t pay as much in state and federal income taxes. And for the record, I have no problem paying taxes but I personally do wish our governments didn’t waste so much of our money. Maybe that’ll be a topic for another video in the future 😉
***** Update- after I shot this video I learned that Jimmy’s multimedia talent management company is “Night Media” which is a creative outpost for the largest creators on the internet. His manger is Reed Duchscher, who’s an impressive dude, so I’m sure Mr. Beast is in good hands and all this stuff is being covered. The idea behind this post is to give creators something to think about and hopefully get them to move in the right direction. You can connect with Night Media here.
OK. That’s it for now. Everyone please hang in there. I know we’re in tough times. I get that. But, I think it’s important that we all continue to try to move forward, lift each other up, and make each day our masterpiece.
See below to review the specific questions the “Tax Terminator” answered.
Larry Weinstein, CPA aka “The Tax Terminator” shares WORKING FROM HOME and HOME BUSINESS tax tips!
Join attorney Mitch Jackson and Certified Public Accountant, Larry Weinstein, in their recorded Facebook Live. Learn what records you need to keep, what deductions you can take and get your working from home, home business, and employer/employee tax questions answered.
Question #1: Larry, the government just announced this week some tax filing changes that affect all Americans. What happened and how does that affect people working from home and small business owners?
Question #2: What are the most popular “working from home” business expenses and deductions our audience members should pay attention to? How can they position themselves to maximize these deductions? What type of documentation do they need to support these deductions on their tax returns?
Question #3: If you’re a paid employee working for a big company, and you’re told to work remotely from home, what can you, or your employer do, to maximize their tax benefits?
Question #4: Can people working from home deduct a portion of their rent, or mortgage payment, as a business expense? If so, under what circumstances?
Question #5: What’s the biggest tax saving related mistake you see people working from home, including home based businesses, make over and over again?
Question #6: Do you see any additional tax changes for people working from home? If so, how can we prepare for these?
Question #7: Let’s say you’re working from home and taking advantage of most, or all of the things you shared today. What additional steps can be taken, this month, to help minimize taxes and maximize long term profits (incorporation, LLC, deductions, retirement plans/compound interest/defer or avoid taxes on interest…).
Larry will provide specialized tax advice for people working from home and small business owners. He’ll also share specific tips relating to employees working at home because of the Coronavirus and answer your working from home tax and business questions.
Both Larry and Mitch will discuss the new COVID-19 related business tax issues, regulations and laws and the unique needs working from home employees, and owners of small and large businesses, have when it comes to strategic tax plans.
Several goals of our live video include sharing Larry and Mitch’s combined 60+ years of law and accounting, to help you:
Make smart business decisions that protect your interests;
focus on uncovering hidden tax reductions opportunities to put more money in your pocket, where it belongs;
and help you maximize business deductions to minimize taxes and eliminate tax overpayments