The One-Life Game Plan™ Podcast Harry Plack

When talking about marketing, many businsses focus on getting new customers in the door. In this episode, we talk about how to market to existing clients and how to stay in touch with them. For more marketing podcasts, check out our archive! If you are ready to make more profit in your business, check out our free white paper at https://plack.com/profit-whitepaper/

In this episode, you will learn how to better understand tax deductions and charitable giving. This material is for higher income individuals who can do good by donating money, stock, or items to non-profit organizations. If you have questions, head over to https://plack.com/ and schedule a call!

 



Discover the Seven Steps Business Owners Use to Create Their One-Life Game Plan™. In this episode, Harry discusses how business owners are using the book, Get Your Life Back, to help them regain clarity and control. 
 
The book is available on Amazon https://a.co/d/eJfqC9M

This study applies when buying a commercial building.
Generally, when you buy a commercial building, the cost of the building is written off over 39.5 years. That’s a long time, meaning you can only write off roughly 140 of the amount paid each year, and you must take that over 40 years. However, if you get a qualified engineer to come in and look at the different components in a building, you may be able to speed this up substantially.
For instance, when you buy a building, you typically include things like an HVAC system, special electrical setups for computers, and other things such as commercial range fans, parking lots, etc.
All of these items can be deducted a lot quicker and can often be written off 100% in the year in which you purchased the building. The key is to have a cost segregation study done by a qualified engineer before you can take these wonderful deductions.

You can legitimately hire your children, pay them, and take a full tax deduction for that amount.
The key is it has to be reasonable based on the facts and circumstances.
You have some leeway here, but you should get a job description for the client or the child, and the amount you pay needs to be reasonable based on the work provided.
We’ve seen clients hire their children to clean up offices/job sites, and we’ve even had some people who have paid their kids as actors to be in corporate videos and other print advertisements pyramid.

Defined benefit plans are similar to pension plans that were very common 50 years ago. Today it’s more common for a plan based on how much money you put in on the front end and are called defined contribution plans, while a defined benefit plan is based on how much in the way of benefits would be paid to each participant upon retirement.
Some important factors here would be the ages of you and each of your employees and the differences in current payroll amounts.
This plan is especially a great fit if the owner or the ownership group is substantially older than the rank and file employees. Many actuarial calculations need to be done to see if this makes sense for you, but you can put up to $265,000 into a defined benefit plan.