Episode-2898- Matthew Sercely the “Agorist Tax Adviser”
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Matthew Sercely is a lawyer, entrepreneur, and amateur weightlifter. He, his wife, and his three children live North of Dallas. He’s been practicing law for over 10 years, but last year he decided to turn Covid into an opportunity and open his own firm helping businesses and real estate investors legally reduce and avoid some of their taxes. Matthew joins us today to discuss reducing taxes legally and why tax planning and strategy are so important.
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Dont see an actual episode play jack?
What a shitty day! Matt and I had to record the damn thing TWICE now this, anyway it is fixed now.
Lol shit happens, no biggy. Its up now. Much appreciated. Thanks Jack. Look forward to your shows everyday
Thanks Matthew for doing the episode, it was very informative.
Am I understanding this correctly:
If I set my growing side hustle/business up as a corporation and transition into this corporation as an employee, on paper I am basically just quitting my job and working for somebody else?
This would make transitioning to self employment easier on paper when going for a mortgage or loan. Thoughts?
I have done this and the mortgage co could tell I also owned the business. They required the business tax returns alongside mine for a home loan. This was in 2007 when money was easy right before the 2008 crash.
I would reach out to a random loan shark and ask how they process this sort of transition.
Hey Nicole!
So from what I understand a mortgage company is going to want to see either two years of books for a soul proprietor or one year of books plus one year of your prior employment.
My girlfriend and I bought our first fourplex using my credit as I have a W2 slave job and she is the entrepreneur with two start ups. So on paper I need to meet the requirements for a loan.
Fast forward a couple of years and now we are ready for a second property except that at some point I would like to no longer being employee. That may create a problem because it would mean at minimum a year worth of business before a bank would offer a loan to me. Going S Corp and me be the employee would change that.
Of course it could be another year or two before real estate actually becomes reasonable again so maybe now is the time to take the plunge instead of waiting.
No one said being an adult would be this difficult 🙂
Derek, if you go from a W2 employee to W2 employee of your own company the mortgage underwriter is going to consider you “self employed” and basically add your W2 income to the net profit of your company tax return.
Not necessarily. If you are s sole proprietorship may be. If you are a legit employee of a company you happen to own and are running a real payroll for yourself, you are an owner and you are employed.
I will also depend on a few things including how you submit your mortgage application. In this case I think you will end up right but I want to be clear, being employed by your own company is still employment.
The problem here is really the age of the company. Also the S Corp here will set off an underwriter to dig deeper as well.
However I have obtained a standard FHA mortgage in the past simply sending in my proof of income from my own company. It was a hell of a lot less of a pain in the ass then when I did it as a “self employed” applicant.
That was not really hard it was just a lot of letter writing, including one from my CPA saying I was in fact self employed, one from me saying the same thing, then I shit you not a second one from me saying I wrote the first one from me.