End of Year Tax Strategies w/ Ryan Bakke

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! stayfi.com/bill Discount code: BILL https://www.marketmystr.com/ 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 ➡️ Connect with us: • Join Our Facebook Group: https://www.facebook.com/groups/284886002732508  • Check Out Our website: https://buildstrwealth.com/  • Bill’s Instagram: https://www.instagram.com/billfaeth73 • Brea’s Instagram: https://www.instagram.com/breafaeth/  • TikTok: https://www.tiktok.com/@bfaeth  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. Subscribe/Follow so you never miss an episode! #STRUnfiltered #BillFaeth #STR Learn more about your ad choices. Visit megaphone.fm/adchoices