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Resources for Accountants

Ep. 27 2022 Tax Saving Tips & Entity Selection for Real Estate Professionals [Video]

Ep. 27 2022 Tax Saving Tips & Entity Selection for Real Estate Professionals

What can you do to save taxes in 2022 as a real estate professional or investor? For our January Bay Area Housing Market Townhall, we invited Diana Chan, CPA to share #TaxAdvice and #EntitySelection tips for #RealEstateProfessionals and investors. Watch this video recording to learn some tips to save your taxes!

What other topics would you like to see in our webinar series? Comment below to let us know!

Looking for Jan. 2022 Housing Market Updates? Watch video here: https://youtu.be/yhO7i-B54a4

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📣 Host
Helen Chong, CCIM – Founder of HAYLEN Real Estate Investments
📣Guest
Diana Chan – CEO and President at Chan CPA & Company, Inc.

About Diana Chan:
Diana has over 25 years of experience ranges from auditing with Deloitte, tax with KPMG to ERP implementation at Quantum Corporation prior to forming her own firm and has recently become an AICPA Certified Information Technology Professional. Diana’s philosophy is to apply integrity, objectivity, professional excellence, and hard work in delivering the highest quality of services to our clients. Diana is a member of the AICPA. California Society of Certified Public Accountants and Quickbooks Professional Advisors Program. Diana is also featured as a success story in the book “The Ultimate Guide to Getting the Career You Want”, has been written up in the Forbes.com article, “ROI That’s off the Charts:…”, has been a financial speaker at local Morgan Stanley seminars, as well as a past speaker at a series of Microsoft seminars called “Build Your Business Tour”.

💡Table of Contents | Q&A
0:00 Introduction
1:19 Diana Chan’s Presentation
22:40 Can you discuss: Best business structure for a real estate independent contractor (e.g. C Corp)? Also, can we deduct health or golf club memberships as a business development expense? Best Quickbook program for whatever structure I have (e.g. Self Employment platform or “Quickbooks Essentials”)?
28:11 Is it possible for LLC to be taxed as S corp?
34:17 I’ve been lending money secured by real estate. Do I need to send Form 1098 by January 31, 2022 to the borrower for the interest paid to me during the past tax year?
34:41 What are the other tax implications besides capital gains I should be aware of when selling? How to claim partial exclusion capital gain?
36:27 Is there a capital gain tax calculator available to use?
37:35 I just started my own LLC at the beginning of Dec. 2021 doing real estate transaction coordination, I’d like to know what taxes I should expect to pay and how to save as much as possible.

👩🏻‍💼🧑‍💼👨🏼‍💼Calling for experts to be on our webinar: Economists, Lenders, 1031 Exchanger, Property Managers, Professional Investors, Attorneys.

‼️ During this weekly 1 hour Q&A session, we will be answering questions from our community regarding our Bay Area housing market. IF this is of value to you, we will hold this monthly and bring other real estate professionals including Lenders, Attorneys, Property Manager, 1031 exchangers…etc to answer all of your questions!

📲📩
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Categories
Resources for Accountants

Accountant or Bookkeeper? Which Role Is Right for You [Video]

Become a Controller; enroll in the Controller Academy 🚀 https://controller-academy.com/courses/controller-academy This video will be your ultimate guide on the differences But more importantly, I am gonna focus on how you can make high 6 figures with either of these 2 professions So here is our agenda: we'll take a look at the Job responsibilities of both the bookkeeper and the accountant We'll talk about the education requirements And then, I'll tell you How you can earn high 6 figures regardless of whether you chose to be a bookkeeper or an Accountant Time Stamps: 00:00 Intro 00:27 Agenda 00:46 1. Job Responsibilities 02:23 2. Education Requirements 04:07 3. How Accountants Make $100K plus 06:37 4. How Bookkeepers Make $100K plus ----------------------------------- Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller https://www.linkedin.com/in/bill-hanna-cpa-7653a851/ DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice

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Resources for Accountants

The Difference between a Top-tier and a Low-tier Business School [Video]

I’ve taught at several different business schools, and I’ve found that both higher-tier and lower-tier business schools teach the same business concepts. You’ll learn about Porter’s Five Forces, the four P’s of marketing, and the financial statements. So if you’re learning the same concepts, why do some people try so hard to get into a top business school? I mean, why does it matter where you go to school? It matters because classroom learning is just one aspect of the business school experience. What you get out of business school is also a function of: • The quality of the school’s alumni network and faculty, as well as your classmates • The helpfulness of the school’s career center • The reputation of the school and its ability to become a recruiting target for top firms — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES AND SPREADSHEETS * http://eepurl.com/dIaa5z — SUPPORT EDSPIRA ON PATREON *https://www.patreon.com/prof_mclaughlin — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/ * https://michaelmclaughlin.com

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Resources for Accountants

IFRS 16 vs ASC 842 [Video]

ASC 842 is the section of the U.S. accounting rules codification that governs accounting for leases. ASC 842 was issued in February of 201640 and has many similarities to IFRS 16. For example, both ASC 842 and IFRS 16 require lessees to capitalize leases with a lease term of more than one year. However, there are several key differences between ASC 842 and IFRS 16. These differences mainly pertain to the lessee’s perspective. The most significant difference is that ASC 842 requires lessees to conduct a classification test to determine whether a lease will be treated as a finance lease or an operating lease. If the lease is classified as an operating lease, the lessee recognizes both interest expense on the lease liability and amortization expense on the right-of-use asset. However, the lessee amortizes the right-of-use asset in such a way that total lease expense is the same for each period. In short, the lessee first calculates interest expense and then calculates amortization expense as the plug that will make total lease expense the same amount each period. Thus, lessees report a single amount for lease expense that is the same from period to period. Another important difference is that ASC 842 doesn’t has an exception for leases of low-value assets. Recall that IFRS 16 requires lessees to capitalize all leases, except (a) short-term leases of 12 months or less and (b) leases of assets that have a value of $5,000 or less. With ASC 842, the exception is only available for short-term leases of 12 months or less. For lessors, ASC 842 relies on quantitative criteria to determine whether a lease should be classified as a finance lease or an operating lease. IFRS 16 says this determination should be based on the substance of the transaction.— Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.— SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS* http://eepurl.com/dIaa5z— LISTEN TO THE SCHEME PODCAST* Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc* Website: https://www.edspira.com/podcast-2/ — CONNECT WITH EDSPIRA* Website: https://www.edspira.com* Blog: https://www.edspira.com/blog/ * Facebook page: https://www.facebook.com/Edspira* Facebook group: https://www.facebook.com/groups/561316587899818//* Reddit: https://www.reddit.com/r/edspira* LinkedIn: https://www.linkedin.com/company/edspira— CONNECT WITH MICHAEL* Website: http://www.MichaelMcLaughlin.com* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin * Twitter: https://www.twitter.com/Prof_McLaughlin* Facebook: https://www.facebook.com/prof.michael.mclaughlin* Snapchat: https://www.snapchat.com/add/prof_mclaughlin*Twitch: https://twitch.tv/prof_mclaughlin * Instagram: https://www.instagram.com/prof_mclaughlin*TikTok: https://www.tiktok.com/@prof_mclaughlin