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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
zhlédnutí: 912

Video

NEW BOI Reporting Explained (Does Not Reporting Really Cost $500 Per Day!?)
zhlédnutí 2,5KPřed 5 měsíci
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
zhlédnutí 73KPřed 6 měsíci
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
zhlédnutí 992Před 9 měsíci
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
zhlédnutí 11KPřed 10 měsíci
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?
zhlédnutí 6KPřed 10 měsíci
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
zhlédnutí 696Před 11 měsíci
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
zhlédnutí 591Před 11 měsíci
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?
zhlédnutí 967Před 11 měsíci
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!
zhlédnutí 828Před 11 měsíci
I Am FINALLY Returning To CZcams after 7 Month Hiatus!
Secure Act 2.0 - Your Retirement Options Are Evolving
zhlédnutí 3KPřed rokem
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
zhlédnutí 150KPřed rokem
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)
zhlédnutí 3,4KPřed rokem
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: czcams.com/video/DWu3oU6dcBs/video.html ✅ Dividend Investing Pros and Cons: czcams.com/vide...
BACK OFF IRS! (15 Survival Tips To Avoid Tax Audits From The Inflation Reduction Act)
zhlédnutí 2,9KPřed rokem
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
zhlédnutí 2,1KPřed rokem
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)
zhlédnutí 4,9KPřed rokem
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)
zhlédnutí 37KPřed 2 lety
Rental Property Income & Expense Tracking Template For Real Estate Investors (Landlords)
CA Unleashes CalSavers Program On Small Business Owners (June 30, 2022 Deadline)
zhlédnutí 2,5KPřed 2 lety
CA Unleashes CalSavers Program On Small Business Owners (June 30, 2022 Deadline)
IRS Finally Boosts Mileage Deduction for Rest of 2022 (Standard Mileage Deduction)
zhlédnutí 2,6KPřed 2 lety
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
zhlédnutí 1,5KPřed 2 lety
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)
zhlédnutí 23KPřed 2 lety
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)
zhlédnutí 3,4KPřed 2 lety
New Virtual Currency Reporting Requirements Coming 2023! (IRS Targets Trillion Dollar Crypto Market)
How to Write Off Your Car Expenses (Vehicle Tax Write Offs)
zhlédnutí 2,1KPřed 2 lety
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)
zhlédnutí 7KPřed 2 lety
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)
zhlédnutí 1,1KPřed 2 lety
Business Ownership is Weird...🙄 (3 Surprises I Encountered As A Full-Time Business Owner)
When and Why People Work With CPAs
zhlédnutí 4,5KPřed 2 lety
When and Why People Work With CPAs
IRS Releases FINAL 8915F (Reporting One Third of Covid Distribution on 2021 Taxes)
zhlédnutí 13KPřed 2 lety
IRS Releases FINAL 8915F (Reporting One Third of Covid Distribution on 2021 Taxes)
Dependent Care Credit 🔴 (IRS Massively Boosts Tax Savings For Individuals) 💰
zhlédnutí 4,5KPřed 2 lety
Dependent Care Credit 🔴 (IRS Massively Boosts Tax Savings For Individuals) 💰
How To File 2021 Child Tax Credit With Letter 6419 Explained! (Form 8812)
zhlédnutí 58KPřed 2 lety
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)
zhlédnutí 8KPřed 2 lety
Finally Open For Business! This Is What I Do and How You Can Work With Me (Mike Kelly, CPA)

Komentáře

  • @ValleePalmer
    @ValleePalmer Před 9 hodinami

    First time listening to you. Thank you for sharing your spreadsheet you shared with your listeners. It is very helpful. Val Palmer

  • @EatLotsOfCurry
    @EatLotsOfCurry Před 2 dny

    Awesome video. Thanks for the template. How would you suggest to log expense reimbursements? Same as other expense tabs?

  • @user-ug2tx5ex6r
    @user-ug2tx5ex6r Před 3 dny

    My checks keep getting intercepted but the farmers home administration now called rural housing development. Obama changed it. I was one month behind and they took a month to tell me to give me a moratorium and I wrecked the car and I need my tax check to buy another car so I don’t lose my job and those people keep intercepted all my tax checks and taking them they took all the state tax. I couldn’t know them anymore but they’re claiming thousands I don’t. I don’t wanna pay the loan. I’m not ready I need money. I don’t know what to do or what they’re gonna do. I’m really upset. They want me to keep calling them back for when they get it. It applies to the account that they have to ask to give it back and I don’t know how they won’t do it, nervous wreck

  • @braidenchesnutt
    @braidenchesnutt Před 4 dny

    I feel investors should focus on under-the-radar stocks, considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered. I don't know where to go here out of devastation.

    • @huong-f9t
      @huong-f9t Před 4 dny

      The safest approach I feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.

    • @latoyia-z3n
      @latoyia-z3n Před 4 dny

      @@huong-f9t It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.

    • @braidenchesnutt
      @braidenchesnutt Před 4 dny

      @@latoyia-z3n This is considerable! think you could suggest any professionals/advisors? I'm in dire need of proper portfolio allocation.

    • @latoyia-z3n
      @latoyia-z3n Před 4 dny

      @@braidenchesnutt My CFA ’ is “Victoria Carmen Santaella”, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

    • @braidenchesnutt
      @braidenchesnutt Před 4 dny

      @@latoyia-z3n Alright, thanks! I'll look her up for inquiries.

  • @sarahthomas2303
    @sarahthomas2303 Před 6 dny

    This was too all over the place. Please redo.

  • @renitacatoggio
    @renitacatoggio Před 6 dny

    Purchasing a stock may seem straightforward, but selecting the correct stock without a proven strategy can be exceedingly challenging. I've been working on expanding my $210K portfolio for a while, and my primary obstacle is the lack of clear entry and exit strategies. Any advice on this matter would be greatly appreciated.

    • @larraine-y2o
      @larraine-y2o Před 6 dny

      The strategies are quite rigorous for the regular. They are mostly successfully carried out by pros who have had a great deal of skills/knowledge to pull such trades off.

    • @renitacatoggio
      @renitacatoggio Před 6 dny

      @lanchovanec Please can you leave the information of your investment advisor here? I'm in dire need of one.

    • @renitacatoggio
      @renitacatoggio Před 6 dny

      @lanchovanec Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible.

  • @huong-f9t
    @huong-f9t Před 6 dny

    Bullish or bearish, AI stocks will still dominate 2024, even beyond. Why I prefer NVIDIA is that they are better placed to maintain long-term growth potential, and provide a platform for other AI companies. I know someone who has made more than 200% from NVIDIA. I'll also take these other recommendations you made.

    • @braidenchesnutt
      @braidenchesnutt Před 6 dny

      I agree, just because the market presents opportunities doesn't mean we should rush in headfirst. For this reason, we should look for appropriate market analysis or guidance or seek advice from certified market strategists.

    • @latoyia-z3n
      @latoyia-z3n Před 6 dny

      @@braidenchesnutt No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit a 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.

    • @huong-f9t
      @huong-f9t Před 6 dny

      @@latoyia-z3n Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve financial goals.

    • @latoyia-z3n
      @latoyia-z3n Před 6 dny

      @@huong-f9t Victoria Carmen Santaella is who I work with and she is a hot topic even among financial elitists. Just browse, you’ll find her, thank me later.

    • @huong-f9t
      @huong-f9t Před 6 dny

      @@latoyia-z3n I will give this a look, thanks a bunch for sharing.

  • @Lkirby1908
    @Lkirby1908 Před 8 dny

    I took out money from my 401k in 2020.

  • @Lkirby1908
    @Lkirby1908 Před 8 dny

    I think I’m more confused now

  • @lynnylanny8906
    @lynnylanny8906 Před 11 dny

    Thank you

  • @beehappycoleman7159
    @beehappycoleman7159 Před 12 dny

    Thank you for this great video. I believe I qualify for what you are talking about. I will double check with my tax preparer. She may already be doing this, and I am embarrassed that I don’t know either way. Question: may I use that loss allocation that you were talking about against unearned income that I am earning off of my investments? Presently, I don’t have any earned wage income.

  • @TheYankeeman86
    @TheYankeeman86 Před 13 dny

    Can my accountant just look it up for me and do it for me?

  • @JonesingForTools
    @JonesingForTools Před 17 dny

    Great content; this is what I've been searching for. I also subscribed!

  • @ashland2045
    @ashland2045 Před 19 dny

    Yep I agree

  • @robertt4107
    @robertt4107 Před 21 dnem

    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

  • @amishasingh7805
    @amishasingh7805 Před 26 dny

    Thank you for your video! Easiest way to learn depreciation

  • @user-is4iw7jw2y
    @user-is4iw7jw2y Před 27 dny

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

  • @peterjohnson765
    @peterjohnson765 Před 28 dny

    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 Před měsícem

    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 Před měsícem

    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 Před měsícem

    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 Před měsícem

    Any updates on this?

  • @austinmphilip
    @austinmphilip Před měsícem

    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_ Před měsícem

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

  • @JamesP-jq1gw
    @JamesP-jq1gw Před měsícem

    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 Před měsícem

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

    • @MoneyandLifeTV
      @MoneyandLifeTV Před měsícem

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

    • @Quentyn73
      @Quentyn73 Před měsícem

      @@MoneyandLifeTV Too busy studying for TCP

  • @TheYaq
    @TheYaq Před měsícem

    CON TIME ... INVESTING TAKES TIME

    • @TheYaq
      @TheYaq Před měsícem

      ok it was con 4

  • @mauriz8120
    @mauriz8120 Před měsícem

    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 Před měsícem

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

  • @caucasianafrican1435
    @caucasianafrican1435 Před měsícem

    Unconstitutional Clown Tax

  • @caucasianafrican1435
    @caucasianafrican1435 Před měsícem

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

  • @olir6910
    @olir6910 Před měsícem

    Ty subscribed!

  • @torourk
    @torourk Před měsícem

    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 Před měsícem

    Absolutely legendary

  • @evesoo5109
    @evesoo5109 Před měsícem

    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 Před měsícem

    great video

  • @denisejohnson3004
    @denisejohnson3004 Před měsícem

    Great video! How do I download the template

  • @datboywill
    @datboywill Před 2 měsíci

    🔥🔥🔥

  • @cynthialazard8829
    @cynthialazard8829 Před 2 měsíci

    Love this!

  • @210RION
    @210RION Před 2 měsíci

    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 Před 2 měsíci

    I need a mentor! 😀

  • @joelorenz4580
    @joelorenz4580 Před 2 měsíci

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

  • @alchemium
    @alchemium Před 2 měsíci

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

  • @franciscodavidtorrescalder3937

    Excellent explanation. Thank you!

  • @TheJoyofFlowerPhotography
    @TheJoyofFlowerPhotography Před 2 měsíci

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

  • @sokcn
    @sokcn Před 2 měsíci

    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 Před 2 měsíci

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

    • @funnystories77
      @funnystories77 Před 2 měsíci

      can

    • @tax-modern
      @tax-modern Před 2 měsíci

      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 Před 2 měsíci

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

  • @user-oj4gh7sp5q
    @user-oj4gh7sp5q Před 2 měsíci

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

  • @dragoniusxzyzianixezidian3286

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