Today we have Michael Hiller from Hiller Enterprise. Michael comes from a long line of accountants and CPAs and is using his experience to help families and business owners navigate taxes, finance and real estate. Specializing in giving a bigger voice to millennial generation to understand investments and educate them with their financial needs. He is an accountant, real estate broker, and even brought his toy poodle Penny to our show!
(2:45) Guide millennials with starting businesses, accounting and investments. Filling greater cause with own company than previously with larger corporation.
(3.45) Michael speaks about helping people get involved more in their business, keep their business open, and to help them find financial security through the proper channels.
(6.00) The advantage of being a younger person in this industry is being able to connect with young people to better understand certain aspects like tax deductions, investment opportunity, business solutions.
(7:30) Hear all about advice for startups on how to set up their corporation with the different options, DBA, Sole Prop, C-Corp and what the different business types entail for tax returns, k9's, schedule c's, itemized deductions, why to hire a professional and more.
(8.12) When should you send or expect to receive W2's and 1099's and what to do if you haven't received it yet.
(17:37) Turbo tax VS hiring a CPA and how know who to choose based on your situation.
(23:00) Tax credits available in CA or at the Federal level. Including adding solar power to your home or business, college student tax credits and more.
(26.39) Auditing and what to do! How long to keep records and statements.
(29:15) IRS scam calls and how to know what is real and what is fake.
(31:20) Hiller Enterprise and how it got is started and everything they offer and how Michael incorporates his real estate broker license into his business and services. Real estate investments and how to get involved.
Biggest Take Aways You Don’t Want To Miss
(12:15) Michael and I discuss the new law AB5 that took effect Jan 1, 2020 and how it affects businesses and independent contractors and the fines associated with breaking this law. This law affects Uber/Lyft drivers, dog walkers, service providers. We explain what an I.C. means and how it can be very hard to have I.C.'s work for you and the benefits of having employees.
(19:40) Tips on how to prepare for tax season throughout the year and how to help your accountant have everything they need to properly file your taxes and give you the maximum deductions.
(22:00) CA individual mandate and fines associated with being uninsured in CA. Modeled on the one in the Affordable Care Act that requires people to buy coverage or pay a penalty. In 2016, the penalty was $695 per adult or 2.5 percent of yearly household income, whichever was higher. That part of “Obamacare” has since been rolled back at the federal level. The California version of the mandate is estimated to raise about $1 billion over three years and will help fund health insurance subsidies for middle-income people.People who fall below a certain income threshold will be exempt from paying the fine.
Things we discussed:
Mile IQ https://www.mileiq.com/
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