Kingsley Charles joins me today to talk about the tax changes of 2017 and what that means for real estate professionals. There have been some major changes to the code and Kingsley tells us what we can expect for this upcoming tax season.
Kingsley is a member of the Collective Genius Mastermind group and is a partner and business consultant and planner for the Ascentia Group. I have worked with him for years and he is really well versed in the tax code and really understands the impact changes to the code do to small businesses. We discuss deductions, the stock market outlook, and Kingsley’s general advice to all investors, not just real estate investors.
00:00 — Introduction to the Big Mike Fund Podcast.
00:23 — Welcome Kingsley Charles to the podcast.
01:07 — What the tax cuts mean for real estate professionals.
02:50 — The industries that aren’t benefited by the tax cuts.
03:50 — What has been removed from the tax code.
05:15 — What has been added to the code.
06:18 — Nothing is permanent in the tax code.
08:28 — What is currently deductible in this new tax code.
12:10 — The trade-offs when the tax code is changed.
14:55 — Kingsley’s strategy for tax planning.
18:05 — The current economic state of the stock market.
19:03 — How to reduce market risk.
19:50 — The pitfalls of the stock market and what to be mindful of.
20:45 — Why you need to self-direct your investments whenever possible.
21:35 — Kingsley’s advice to real estate investors.
22:00 — Why the “shotgun” approach isn’t a good idea.
24:20 — Kingsley’s book recommendation.
25:35 — Kingsley’s contact information.
26:24 — Thank you to Kingsley for joining the podcast.
26:34 — Outro to the Big Mike Fund Podcast.