Money and Life TV
Money and Life TV
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Rental Investing Accounting Made Easier using Baselane #baselaneHQ
Hit the link below to sign up to Baselane for FREE and for a chance to win a $500 Amazon gift card! baselane.com/mikecpa Baselane is a platform that makes registering your Real Estate Investing Business' LLC ridiculously easy and can help you avoid hundreds if not thousands of dollars in fines, and even jail time! Baselane also does much more than just LLC registrations. You can use Baselane as a banking platform, rent collection, bookkeeping, and for many more aspects of your business.
"Baselane.com is dedicated to empowering landlords and independent real estate investors with innovative financial solutions and banking built for their needs. Baselane services include banking, bookkeeping, rent collection, and financial analytics, all designed to streamline your property management and investment business”
#baselaneHQ
baselanehq
Переглядів: 887

Відео

NEW BOI Reporting Explained (Does Not Reporting Really Cost $500 Per Day!?)
Переглядів 2,5 тис.5 місяців тому
Handout: www.dropbox.com/scl/fi/qjyzs133ioef89dbnfk7t/FinCEN-Reporting.pdf?rlkey=d4huvkofreuc2fx6aymlaxf05&dl=0 Website:www.mikekellycpa.com Corporate Transparency ACT or CTA The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti-money laundering...
2024 Income Tax Changes For Individuals
Переглядів 73 тис.5 місяців тому
New Tax Laws For 2024 Explained! VERY DETAILED AND EASY TO FOLLOW.... You can follow the links here to download the spreadsheet: www.dropbox.com/scl/fi/t8nl7xd04gnyn5u8hwl1o/2024-tax-updates.xlsx?rlkey=afg4xxlhxgjtzvpcrjpz7tjqb&dl=0 Video Outline and Time Stamps so you can quickly jump to any topic: • Critical updates for 2024 - 4:26 • The 2024 Federal Income Tax Bracket Rates - 4:26 • 2024 cap...
The #1 Error New Business Owners Make, According to a CPA
Переглядів 9879 місяців тому
Watch before starting a new business. Working with 1,000s of clients over the course of my 15 year career this is the top (most common error) new business owners make from a CPAs perspective. If you are seeking a New CPA: ► My website: www.mikekellycpa.com ► I have 15 years of experience in public accounting. I operate out of Modesto CA. ► My primary services include but are not limited to, Acc...
How Tax Deductions Work For Rental Properties & Mistakes To Avoid
Переглядів 10 тис.9 місяців тому
If you are seeking a New CPA: ► My website: www.mikekellycpa.com ► I have 15 years of experience in public accounting. I operate out of Modesto CA. ► My primary services include but are not limited to, Accounting, Financial Statement preparation, taxes, business coaching, tax planning, and consulting. ► The initial consultation to assess your needs is at no cost, however, please note I cannot o...
The $25,000 Rental Real Estate Deduction Revealed: Are You Doing This?
Переглядів 6 тис.10 місяців тому
Learn the rules and ways you can deduct up to $25,000 of rental real estate passive losses against your wages and other forms of income. This deduction is not very well known. If you are seeking a New CPA: ► My website: www.mikekellycpa.com ► I have 15 years of experience in public accounting. I operate out of Modesto CA. ► My primary services include but are not limited to, Accounting, Financi...
Crytpo Tax Update: IRS FINALLY Provides Guidance on Staking Income
Переглядів 69610 місяців тому
Revenue Rulings Rev. Rul. 2023-14, 2023-33 IRB, 07/31/2023, IRC Sec(s). 61 If a taxpayer that uses a cash method of accounting (cash-method taxpayer) stakes cryptocurrency native to a proof-of-stake blockchain and receives additional units of cryptocurrency as rewards when validation occurs (validation rewards or rewards), must the taxpayer include the value of the rewards in the taxpayer's gro...
Bank Reconciliations: What You Need To Know To Thrive In Business
Переглядів 58610 місяців тому
Bank Reconciliations: What are bank reconciliations and why they are so important! My name is Mike Kelly, Owner of Mike Kelly CPA where I help my clients build a wealth by mastering business ownership, accounting and taxes. My website and accounting practice can be found at www.mikekellycpa.com Chapters (Time Stamps): 0:00 Introduction 1:15 Why Bank Reconciliations are important 4:08 What is ba...
Tax Analysis: Buy vs. Rent in 2023/2024 - Which Saves You More?
Переглядів 96110 місяців тому
Is It Cheaper to Rent or Buy in 2023/2024? What makes the most sense financially from a tax perspective?
I Am FINALLY Returning To YouTube after 7 Month Hiatus!
Переглядів 82511 місяців тому
I Am FINALLY Returning To UA-cam after 7 Month Hiatus!
Secure Act 2.0 - Your Retirement Options Are Evolving
Переглядів 3 тис.Рік тому
The SECURE 2.0 Act: The SECURE 2.0 Act is contained in Division T of the Consolidated Appropriations Act of 2023 (H.R. 2617), which is available at: www.appropriations.senate.gov/imo/media/doc/JRQ121922.PDF • Increases the age for mandatory RMDs from age 72 to age 73 starting in 2023, and to age 75 starting in 2033; • Increases the 401(k) and 403(b) plan catch‐up contribution limits; • Requires...
2023 Income Tax Changes For Individuals
Переглядів 150 тис.Рік тому
New Tax Laws For 2023 Explained! VERY DETAILED AND EASY TO FOLLOW.... You can follow the links here to download the spreadsheet: www.dropbox.com/s/kmoyglohv0ffkgr/2023 tax updates.xlsx?dl=0 Video Outline and Time Stamps so you can quickly jump to any topic: • 1099K filing update - 0:55 • The 2023 Federal Income Tax Bracket Rates - 2:35 • 2023 capital gain rates for stocks and dividends - 3:35 •...
NEW EV TAX Credit Breakdown 💰 (Inflation Reduction Act)
Переглядів 3,4 тис.Рік тому
Is the New EV Tax Credit Better or Worse? Need professional accounting help? Visit www.mikekellycpa.com Chapters (Time Stamps): 0:00 - 6:29 New EV vehicle tax credits 6:30 Used EV vehicle tax credits 📼 Checkout some of our most popular INVESTING and TAX related videos ✅ Earn $100,000 a year in dividends: ua-cam.com/video/DWu3oU6dcBs/v-deo.html ✅ Dividend Investing Pros and Cons: ua-cam.com/vide...
BACK OFF IRS! (15 Survival Tips To Avoid Tax Audits From The Inflation Reduction Act)
Переглядів 2,9 тис.Рік тому
BACK OFF IRS! (15 Survival Tips To Avoid Tax Audits From The Inflation Reduction Act)
How To Fix your W-4 Withholdings STEP BY STEP
Переглядів 2,1 тис.Рік тому
How To Fix your W-4 Withholdings STEP BY STEP
How the W-4 Sets Millions Of People Up For Tax Failure (Avoiding W-4 Traps)
Переглядів 4,9 тис.Рік тому
How the W-4 Sets Millions Of People Up For Tax Failure (Avoiding W-4 Traps)
Rental Property Income & Expense Tracking Template For Real Estate Investors (Landlords)
Переглядів 36 тис.Рік тому
Rental Property Income & Expense Tracking Template For Real Estate Investors (Landlords)
CA Unleashes CalSavers Program On Small Business Owners (June 30, 2022 Deadline)
Переглядів 2,5 тис.2 роки тому
CA Unleashes CalSavers Program On Small Business Owners (June 30, 2022 Deadline)
IRS Finally Boosts Mileage Deduction for Rest of 2022 (Standard Mileage Deduction)
Переглядів 2,6 тис.2 роки тому
IRS Finally Boosts Mileage Deduction for Rest of 2022 (Standard Mileage Deduction)
WHY You Need A Business Checking ASAP - 6 Reasons For Your Small Business
Переглядів 1,5 тис.2 роки тому
WHY You Need A Business Checking ASAP - 6 Reasons For Your Small Business
Learning How K-1's Worked Changed How I Invest (Schedule K-1 Explained)
Переглядів 23 тис.2 роки тому
Learning How K-1's Worked Changed How I Invest (Schedule K-1 Explained)
New Virtual Currency Reporting Requirements Coming 2023! (IRS Targets Trillion Dollar Crypto Market)
Переглядів 3,4 тис.2 роки тому
New Virtual Currency Reporting Requirements Coming 2023! (IRS Targets Trillion Dollar Crypto Market)
How to Write Off Your Car Expenses (Vehicle Tax Write Offs)
Переглядів 2,1 тис.2 роки тому
How to Write Off Your Car Expenses (Vehicle Tax Write Offs)
Writing Off Vehicle Miles in 2022 (How To Properly Take The Standard Mileage Vehicle Deduction)
Переглядів 7 тис.2 роки тому
Writing Off Vehicle Miles in 2022 (How To Properly Take The Standard Mileage Vehicle Deduction)
Business Ownership is Weird...🙄 (3 Surprises I Encountered As A Full-Time Business Owner)
Переглядів 1,1 тис.2 роки тому
Business Ownership is Weird...🙄 (3 Surprises I Encountered As A Full-Time Business Owner)
When and Why People Work With CPAs
Переглядів 4,5 тис.2 роки тому
When and Why People Work With CPAs
IRS Releases FINAL 8915F (Reporting One Third of Covid Distribution on 2021 Taxes)
Переглядів 13 тис.2 роки тому
IRS Releases FINAL 8915F (Reporting One Third of Covid Distribution on 2021 Taxes)
Dependent Care Credit 🔴 (IRS Massively Boosts Tax Savings For Individuals) 💰
Переглядів 4,5 тис.2 роки тому
Dependent Care Credit 🔴 (IRS Massively Boosts Tax Savings For Individuals) 💰
How To File 2021 Child Tax Credit With Letter 6419 Explained! (Form 8812)
Переглядів 58 тис.2 роки тому
How To File 2021 Child Tax Credit With Letter 6419 Explained! (Form 8812)
Finally Open For Business! This Is What I Do and How You Can Work With Me (Mike Kelly, CPA)
Переглядів 8 тис.2 роки тому
Finally Open For Business! This Is What I Do and How You Can Work With Me (Mike Kelly, CPA)

КОМЕНТАРІ

  • @ashland2045
    @ashland2045 19 годин тому

    Yep I agree

  • @robertt4107
    @robertt4107 2 дні тому

    Could you make a new updated 2024 version if you have time? Doordash and grubhub more drivers then ever. Curious if a low cost vehicle could be a tax advantage in some form or fashion

  • @TheYankeeman86
    @TheYankeeman86 4 дні тому

    Will my brokerage firm automatically give me 1099 at the end of the year?

  • @amishasingh7805
    @amishasingh7805 7 днів тому

    Thank you for your video! Easiest way to learn depreciation

  • @user-is4iw7jw2y
    @user-is4iw7jw2y 8 днів тому

    I love your video!!!! Thank You!!!

  • @peterjohnson765
    @peterjohnson765 9 днів тому

    I have rented out a house that i lived in and owned for 38 years prior to turning into a rental. This is longer than the 27.5 year standard term of depreciation. How could I approach developing a basis for depreciation? Could factors such as past repairs and renovations be pertinent?

  • @Josegarcia-cu5ll
    @Josegarcia-cu5ll 11 днів тому

    hello, thanks for sharing such imprtant information ill contact you see if you can do my taxes or give me some advice im a manager to two short term rentals thank you my name is jose garcia

  • @trippyfune2817
    @trippyfune2817 11 днів тому

    How do I get the ### to turn into numbers on the template? The Rental income on the first page will not change for me for some reason.

  • @wheatkingq5592
    @wheatkingq5592 13 днів тому

    hey just catching up to your videos and appreciate the content, I do have a question Dropbox wants my CC info and dont feel comfortable with that, is there a way i can get the ling from you directly or another way?

  • @gegaoli
    @gegaoli 15 днів тому

    Any updates on this?

  • @austinmphilip
    @austinmphilip 15 днів тому

    4 months working in a CPA firm doing taxes, I’ve been watching tax education videos to keep up with my work. Your content is perfect for real tax professionals. Subscribed 🎉

  • @johnnycrash_
    @johnnycrash_ 18 днів тому

    Did we all see the tampon B roll footage? Am I taking crazy pills?

  • @JamesP-jq1gw
    @JamesP-jq1gw 21 день тому

    you are the best. Im using your template for my investment property and REALLY REALLY Appreciate you taking the time to help others out like myself. THANK YOU from the bottom of my heart

  • @Quentyn73
    @Quentyn73 21 день тому

    You overcomplicate this a little. It's not that complex.

    • @MoneyandLifeTV
      @MoneyandLifeTV 21 день тому

      That is wonderful news. Feel free to make a video.

    • @Quentyn73
      @Quentyn73 21 день тому

      @@MoneyandLifeTV Too busy studying for TCP

  • @TheYaq
    @TheYaq 22 дні тому

    CON TIME ... INVESTING TAKES TIME

    • @TheYaq
      @TheYaq 22 дні тому

      ok it was con 4

  • @mauriz8120
    @mauriz8120 22 дні тому

    I like my cpa but I feel he doesn't respond to my emails, phone calls, without my constant following up with him. Looking for someone who responds within a reasonable time.

  • @makeeshasansbury8137
    @makeeshasansbury8137 24 дні тому

    Thank you so much for doing this video. This is so helpful!!

  • @caucasianafrican1435
    @caucasianafrican1435 24 дні тому

    Unconstitutional Clown Tax

  • @caucasianafrican1435
    @caucasianafrican1435 24 дні тому

    It's all about Power and Money for the State of California and it's employees.

  • @olir6910
    @olir6910 25 днів тому

    Ty subscribed!

  • @torourk
    @torourk 27 днів тому

    Thanks for this! I have a 5498-SA and 1099-SA for client that I am entering right now. I am using Drake which does not exactly dumb it down for you. I was never sure if that I was entering this correctly until now. Your videos are appreciated!

  • @ethanpark3578
    @ethanpark3578 28 днів тому

    Absolutely legendary

  • @evesoo5109
    @evesoo5109 Місяць тому

    It states “you” have to operate less than 5 to claim standard mileage deduction. What if the taxpayers are filing married jointly, there are two taxpayers. Can they operate together up to 8 and still claim standard mileage deduction?

  • @sudheertrainer
    @sudheertrainer Місяць тому

    great video

  • @denisejohnson3004
    @denisejohnson3004 Місяць тому

    Great video! How do I download the template

  • @datboywill
    @datboywill Місяць тому

    🔥🔥🔥

  • @cynthialazard8829
    @cynthialazard8829 Місяць тому

    Love this!

  • @210RION
    @210RION Місяць тому

    Hopefully you can help me for I’ve yet to find an answer but can I still file a Schedule C if I’ve yet to make any money from my channel? My sole purpose for my channel is to eventually make a profit but if I can’t make any money, then all my expenses put me at a loss. Being that I’m also a full time W2 employee, will my losses from my Schedule C deduct the taxable income on my W2?

  • @cynthialazard8829
    @cynthialazard8829 Місяць тому

    I need a mentor! 😀

  • @joelorenz4580
    @joelorenz4580 Місяць тому

    What's stopping from me putting in the max and drawing it out since I'm 68

  • @alchemium
    @alchemium Місяць тому

    Tax is theft 😢 SS is one hand giveth, the other is taketh away.

  • @franciscodavidtorrescalder3937
    @franciscodavidtorrescalder3937 Місяць тому

    Excellent explanation. Thank you!

  • @TheJoyofFlowerPhotography
    @TheJoyofFlowerPhotography Місяць тому

    Thank you for your thorough and straight-forward instructions on Form 8929!

  • @sokcn
    @sokcn Місяць тому

    I'm repairing my roof on a rental property. It's going to cost $20,000 plus to replace the waterproof membrane and using existing tiles. I also have solar panels, so the cost is even more to remove the panels and reinstall it. The roof repair is guaranteed for 10 years. It sounds like I need to depreciate over 10 years. I would like to take the full cost of repairs in one year. What are your thoughts?

  • @funnystories77
    @funnystories77 Місяць тому

    an passive losses carried forward on property A be taken against capital gains on property B, if the property B is sold?

    • @funnystories77
      @funnystories77 Місяць тому

      can

    • @tax-modern
      @tax-modern Місяць тому

      Yes. When you sell a rental property, any suspended passive losses you have in other properties can be used to offset the capital gains in that property.

  • @funnystories77
    @funnystories77 Місяць тому

    can passive losses carried forward be taken against capital gains if the property is sold?

  • @user-oj4gh7sp5q
    @user-oj4gh7sp5q Місяць тому

    Dude, it’s unconstitutional!!! California can’t tax you 10 years after you leave. Why are you acting like it’s even possible?

  • @dragoniusxzyzianixezidian3286
    @dragoniusxzyzianixezidian3286 Місяць тому

    Federal government taking over 3k and I have 0! On my tax information!!!

  • @dragoniusxzyzianixezidian3286
    @dragoniusxzyzianixezidian3286 Місяць тому

    Why now the federal government is take less taxes normally for the w-4 throughout the year?

  • @Jayhawk4848
    @Jayhawk4848 Місяць тому

    Great video 👍

  • @Team8LA
    @Team8LA Місяць тому

    what if the person had only $14k income w 18k loss due to first year inherited repair?

  • @user-oj4gh7sp5q
    @user-oj4gh7sp5q 2 місяці тому

    Anyone that leaves and actually pays this tax is a fool. If they can’t find you, they can’t get your money. And, even if they can, how would they force you to pay?

  • @quartytypo
    @quartytypo 2 місяці тому

    California should be the first state to penalize people who criticized government. There needs to be a fine for that criticism. Criticizing the government only leads to government inefficiency.

  • @NickyP1
    @NickyP1 2 місяці тому

    So only someone making under 150k would be able to take active losses agaibst s rental if their not a real estate pro and/or isnt using their properrty as a short term rental?

  • @SarahVillamizar
    @SarahVillamizar 2 місяці тому

    This is great. Thanks! For a typical airbnb (without provided daily cleaning or breakfast etc), my accountant said would be on Schedule E. But I've heard others say airbnb's should be on schedule C. Do. you know which is correct? Thanks!

  • @DexterBoyz1984
    @DexterBoyz1984 2 місяці тому

    Where do I find the spread sheet?

  • @DexterBoyz1984
    @DexterBoyz1984 2 місяці тому

    Fantastic video. Thank you

  • @EagleEquity
    @EagleEquity 2 місяці тому

    Mike thanks for the information. How does one take accelerated depreciation on a rental property?

  • @truthalonetriumphs6572
    @truthalonetriumphs6572 2 місяці тому

    Airbnb is active if you are managing it

  • @MrProteeus
    @MrProteeus 2 місяці тому

    Do I track miles for Uber and Lyft when I start the trip or as I am on the road?