58: How To Pay Less Taxes: What The IRS Doesn't Want You To Know - Edward Collins

Edward Collins (Founding Partner & Wealth Advisor of Collins Lambert, LLC) joins us to share his journey from government work to becoming a successful entrepreneur, teaching everyone about financial literacy. In this discussion, Edward talks about the importance of understanding the tax code and using strategies like home office deductions and the Augusta rule to save money. These two things are just the beginning of the sauce Edward drops on this podcast.

Edward also delves into what it takes to qualify as a real estate professional and the benefits of things like cost segregation and charitable remainder unit trusts. He emphasizes the need to ask SMART questions and find creative solutions to reduce tax burdens.

For the experts out there, Edward also discusses advanced techniques like leveraging bonus depreciation for non-real estate assets and earning tax credits for investments in research and development, oil and gas, and solar energy. Again, this is just the tip of the iceberg.

Tune in to this episode and gain valuable insights from a seasoned wealth advisor on how to navigate the complex world of taxes and optimize your financial strategies. If you seriously want to take your tax filing game to another level, you don't want to miss this one.

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TIMESTAMPS:

0:00 - Introduction and Welcoming Edward Collins
0:39 - How did you get into this space?
3:01 - Doing workshops at local libraries
5:48 - Clients overpaying and starting a financial planning practice
8:55 - Going to law school for fun!
10:34 - Services and coaching ("done-for-you services")
11:36 - Content importance in today's age + social media strategy
19:19 - Tier 1, 2 & 3 Tax Strategies
20:35 - Tier 1 Example: Home Office Deductions
22:40 - Tier 2 Example: Augusta Rule
26:20 - The power of "How?" instead of "Can?"
27:10 - Tier 3 Example: Deducting Travel Expenses
29:38 - "Buy real estate, you don't have to pay any money..." True or false? + Strategies
35:30 - Deduction vs Depreciation + Passive vs Active Income
44:05 - Charitable Cause Tax Deduction
48:38 - An out-of-the-box tax strategy...
54:07 - Fortune Cookie Advice & Closing Questions

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