Article Highlights:

• Restaurant Revitalization Fund
• Eligible Entities
• Application Good-Faith Certification
• Tax Issues
• Covered Period
• Available Funding
• Priority in Awarding Grants
• Determination of Grant Amount
• Use of Funds
• Applying for a Grant

The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss, up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.

Eligible Entities – Eligible entities are businesses that are not permanently closed and include businesses where the public or patrons assemble for the primary purpose of being served food or drink, including:

• Restaurants
• Food stands, food trucks and food carts...

In this video, I'll go over converting primary residence to rental property and the associated tax implications. I'll teach you how to classify your rental property for tax treatment. I'll also clarify some common terms like mixed use property and the Augusta Rule.

Article Highlights:

• Non-statutory Option
• Wage Income
• Statutory (Incentive) Options
• Capital Gains
• Alternative Minimum Tax

Many companies, as an incentive to employees to help grow the companies’ market value, will offer stock options to key employees. The options give the employee the right to buy up to a specified number of shares of the company’s stock at a future date at a specific price. Generally, options are not immediately vested and must be held for a period of time before they can be exercised. Then, at some later date, and assuming the stock price has appreciated to a value higher than the option price of the stock, the employee can excise the options (buy the shares), paying the lower option price for the stock rather than the current market price. This gives the employee the opportunity to participate in the growth of the company through gains from the sale of the stock without the risk of ownership.

There are two basic types of employee stock options for...

In this video, we'll cover more tax planning strategies and ways to pay less tax and increase cash flow. We'll do a deep dive on business tax planning, in particular.

You'll find out how you can apply various business tax incentives to accelerate your after-tax cash flow and then funnel that cash towards increasing your net worth. These tax savings tips are invaluable to your success at building wealth!

The latest ProPublica tax article published on 19 Aug.  It focused on S Corporation owners, particularly ultrawealthy individuals who benefitted from the S Corp tax status to an outsized degree.  

S Corps allow their owners to declare a portion of their earnings as profit instead of salary, thus avoiding the 15.3% self-employment tax.  As the article highlights, for ultrawealthy individuals, this can result in enormous tax savings.  

What are your thoughts on S Corps and pass-through income?  Leave us a comment below! 

In this video, we'll provide an introduction to real estate tax benefits and rental income tax deductions.

Real estate investing is a tried and true method when answering the question of how to pay less taxes. It's also one of those assets that generate cash flow: passive income that can replace the earned income you get from a 9-5 job. This is why we feel so strongly about the power of real estate investing.

Let me cut right to the chase: if you're a real estate investor and you're paying taxes, you're doing something wrong!

Ok, I know, I know -- we all have to pay SOME tax.  I get that.

But if you've got real estate investments, you should be seeing SUBSTANTIAL tax savings based on all of the inherent advantages that come with those types of investments.

If you know you're paying too much, or you even THINK you might be, head on over to our free training video to learn more about how wealth.gps can help!

In this video, we'll cover tax planning strategies that revolve around business entity structures, and the business tax incentives that they create.

Keep in mind, the right entity choice has a huge impact on your after tax cash flow, and is one of the best tax savings strategies available to you.

If you've always wondered how to not pay taxes legally, you've come to the right place!

The latest bombshell article from ProPublica, back on 8 Jul, examined the unique tax breaks owners of sports teams receive.  It was the latest in the tax series of articles they've published since June that has opened may people's eyes to exactly how the tax code works for wealthy individuals.

Here's an excerpt from the article:

"[Los Angeles Clippers owner Steve] Ballmer pays such a low [tax] rate, in part, because of a provision of the U.S. tax code. When someone buys a business, they’re often able to deduct almost the entire sale price against their income during the ensuing years. That allows them to pay less in taxes. The underlying logic is that the purchase price was composed of assets — buildings, equipment, patents and more — that degrade over time and should be counted as expenses.

But in few industries is that tax treatment more detached from economic reality than in professional sports. Teams’ most valuable assets, such as TV deals and player...