Digital Social Hour - Tax Pro Reveals How Kardashians Write Off Their Entire Life | Grant Newell DSH #1053

Episode Date: January 3, 2025

Tax Pro Reveals How Kardashians Write Off Their Entire Life 🤯 Mind-blowing tax strategies from a former football player turned finance expert! 🏈💼   Grant, a Dallas-based tax pro, shares insider secrets on how celebs like the Kardashians legally write off their lavish lifestyles. mansion 👜 Learn how personal branding can be the ultimate tax strategy, even better than real estate! 🏠   Discover: • Why renting might be smarter than buying a home 🏡 • How to turn your passions into tax-deductible businesses 💼 • The power of documenting your life for tax benefits 📸 • Secrets to writing off luxury cars, trips, and more! 🚗✈️   Don't miss out on these game-changing tax tips that could save you thousands! 💰 Watch now and subscribe for more eye-opening conversations on the Digital Social Hour with Sean Kelly! 🚀   #TaxStrategy #PersonalBranding #FinancialFreedom #DigitalSocialHour #SeanKelly   #medicaldeductions #retirementplanning #financialeducation #yearendtaxplanningstrategies #yearendtaxtips   CHAPTERS: 00:00 - Intro 00:25 - Grant’s Life Update 02:55 - Overcoming Dark Times 04:55 - Living Paycheck to Paycheck 06:10 - Renting vs. Owning a Home 09:40 - Government Protection of Banks 11:21 - Grant Cardone Insights 12:41 - Trump's Tax Plan Explained 18:08 - TheStradman's Tax Situation 25:50 - Understanding W2 Income 25:55 - Tax Strategies for Personal Brands 27:19 - Documenting Your Life Journey 31:43 - Real Estate Fundamentals 34:40 - Moving to Puerto Rico 35:44 - How to Connect with Grant   APPLY TO BE ON THE PODCAST: https://www.digitalsocialhour.com/application BUSINESS INQUIRIES/SPONSORS: [e-mail]   GUEST: Grant Newell https://www.instagram.com/grantgnewell https://www.grantgnewell.com/   LISTEN ON: Apple Podcasts: https://podcasts.apple.com/us/podcast/digital-social-hour/id1676846015 Spotify: https://open.spotify.com/show/5Jn7LXarRlI8Hc0GtTn759 Sean Kelly Instagram: https://www.instagram.com/seanmikekelly/

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Must be 19 years of age or older to wager, Ontario only. Please play responsibly. If you have any questions or concerns about your gambling or someone close to you, please contact Connex Ontario at 1-866-531-2600 to speak to an advisor free of charge. Bet MGM operates pursuant to an operating agreement with iGaming Ontario. Pulled me out of that dark hole that I was in. Wow, shout out to her.

Yeah, I went through a similar journey. I was at a super low point and my fiance got me out. Yeah, I mean, they say that behind every successful man is a woman that pushed him. And I firmly say that behind every successful man is a woman that pushed him. Yeah. And I firmly believe that I've, you know, been a testament of that because of my wife pushing me to levels that I don't think I would have gone myself. Mm-hmm. All right, guys. Got Grant here today from Dallas, flew in. Luckily, he brought the suit because it's cold out today.

Yeah. It is a lot colder than I was expecting. Yeah. You think of Vegas. You think of desert heat. Exactly. I was thinking 100 degree heat, similar to Texas. But luckily, I brought a jacket. For real. What you've been doing out there in Dallas lately? So we're actually in the process of moving.

I just had a kid, seven months old now. Congrats. Yeah, it's been busy between a kid and moving. It's a lot. Where are you moving to? Out to the suburbs a little bit, more rural area, the North Lake. It's out by the racetracks.

OK. We're finally moving out of the city. The city's just getting too crowded for us, and we just want some peace and quiet. Yeah. I feel like, yeah, in your younger years, city life is appealing. And then as you have a family and kids,

it's like, let me move out to the farms, right, you know Exactly. So it's you know and plus like I have a son So he you know just wants to run around and giving him more space to run around is you know What I want to give him a lot of that you've been in Dallas for a while. That's where I grew up I went to California for a little bit in college and then Oklahoma and then moved back to Dallas Gosh that was almost eight years ago now. Okay, so been in Dallas a while. Why'd you choose Cali for college? It was forced. I I was playing college football and I went to junior college out there in California and Then transferred from junior college out there in California, and then

transferred from junior college to Oklahoma State, finished out my career there, and then moved back to Dallas from there. Got it. You wanted to make it to the NFL. That was your goal? Yeah, that was the plan, but it didn't work out. Tore my shoulder up and actually went back to be a lifeguard.

Whoa. And actually went back to be a lifeguard. Whoa. My only plan was to go play NFL, and it didn't work out. And so then I went to go be a lifeguard. Ended up having shoulder surgery, so couldn't save anybody's life if they were drowning. I lost that job and then got into finance through a church pastor.

He said, you know, hey, you were good at math. Do you want to come do this job interview? And I did it. The owner at the time was a Harvard MBA, taught me everything he knew. And then, you know, it brought me to where I am now, which is running a tax and accounting firm. I love it, man.

I want to go back to that story of the shoulder tear. Was that the lowest you've been mentally in that moment? Probably when I had my shoulder surgery and I even lost my lifeguarding job. Oh, that was the moment. OK. When I couldn't even hold a job as a lifeguard after being a college graduate, you know, to me, I felt pretty low.

I was living with my parents, and between living at your parents and losing a job as a lifeguard, you feel pretty low at that point. Absolutely. But my wife, she was my girlfriend at the time, helped me get out of that hole, encouraged me to go take that job interview, which pulled me out of that dark hole that I was in.

Wow, shout out to her. Yeah, I went through a similar journey. I was at a super low point and my fiance got me out. Yeah, I mean, they say that behind every successful man is a woman that pushed him. Yeah. And I firmly believe that I've been a testament of that because of my wife pushing me to levels that I don't think I would have gone myself. Because sometimes we get in these comfort zones

that we're like, man, this feels good. I'm good. But whenever somebody is behind you pushing you, I believe in you. You can do more. You can do better. There's something inside of us that's like, man, I don't want to let him down.

100%. Especially when kids get in the mix, too. Oh, yeah. I sit down and I look at my son and I'm like, OK, I got to go even harder for him. My wife was one level and then my son is an extra level. Because my wife, if she was to be on her own, she could provide for herself.

My son, if he's on his own, he can't provide for himself. Facts. You're the only source there. So it's like this internal burning of like, I've got to go. Yeah. I've got to get it going. And I'm seeing a lot of my friends now, and people I know just have trouble raising kids

because of finances. Yeah. And it's sad to see. Yeah, and that's my book that I'm finishing up writing, Genetics of Wealth, 78% of Ameri- Looking for the ultimate online casino experience? Step into the BetMGM Casino app, where every deal, spin, and goal brings Las Vegas excitement

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BetMGM operates pursuant to an operating agreement with iGaming Ontario. Americans are living paycheck to paycheck. Jeez. And don't even have $1,000 in their savings account. I mean, that's an insane amount. When I did that research, I was shocked. Crazy. I knew that people's finances weren't in great spots,

but I was shocked that it was that high. I mean, you walk around and eight out of every 10 people you see don't even have $1,000 in their bank account. That's nuts. Which means one month's rent and you're done. One hard month and you're done, which is scary, especially when you have a wife and kids. It gets even scarier.

Oh, yeah. Yeah, that's why you need a safety net these days, because you don't know what's going to pop up. I've had random, I'm a homeowner now, and I've just had random stuff popping up. It's like, damn, average person wouldn't be able to afford this no and I mean I have a lot of clients that you know $40,000 here $20,000 here by owning a home and it's like whoa and you're like dude I put all my money on the down payment what is all this yeah

happened to me I had to dip into my savings because I wasn't prepared for all these additional expenses we just had to replace the fridge yesterday that's 2,000 bucks So the stuff like that's pretty normal as a homeowner, right? Right? Yeah, and that's for me. I'm a I'm a big proponent of renting oh, yeah, because for me it's especially during these times It's like, you know if you do the cost that it would be to own the home versus what it is to rent the home, I mean, it's astronomical.

Like, the home that we're moving into, if I was to own that home, I'd pay an extra $3,000 a month in mortgage. That's just the mortgage. So I'm saving $36,000 before any other expenses. And if anything pops up, I call the landlord. He comes and fixes it. And if you do the math, it's like, wow.

Because the banks really own the home. You're either paying your rent to a landlord or you're paying your rent to the bank. Because the bank, as soon as you miss a payment, the bank's going to come take that home. Just like if I rent and I miss a payment, the landlord's going to come take the home. The difference is when something breaks, I call the landlord.

They come fix it. If you try and call the bank and say, hey, this broke and you all come fix it, they're going to be like, no way. I'm not fixing that for you. And so to like, especially in this country, the banks have been protected for everything. They'll get bailed out. Yeah.

I mean, they're going to get bailed out. Homes were built for the banks to make money. 100%. And if you look at a mortgage, you pay all your interest upfront, and then you start building equity on the back end. Because they don't even trust us to pay the mortgage long term. And so they're like, hey, I'm going to put all of our interest up front, rather than, hey, we'll space it out.

Because they don't even trust us to do that. And to me, it's crazy. Because I was raised, hey, you make a family, you buy a home, that's the American dream. And I'm like, cause I was gonna buy a home. And I was like, once I started doing the numbers, I was like, I can't buy a home. It just doesn't make financial sense to me.

You know, you put $200,000 down on a down payment and then, you know, you have to do all the repairs and you're like, man, I just dumped all my savings to buy this home. Which is what a lot of people do. And then they're like, I think it's about 1% of years what you have to pay in repairs. People don't have that. They furnish the home and they're like, I'm good to go.

And it's a scary reality. It's a scary thing that, my wife and I, I said, if we're going to buy a house, it'll be in cash. I don't have that cash, so I'm not buying a house. And because it just doesn't make financial sense. Yeah, with the interest rates, it doesn't make sense for most people. If it goes back down to 2, 3, maybe

it makes more sense for some families. But right now, it's like 7%, 8%. And the hard part is, is when it was down to 2, 3. Maybe it makes more sense for some families. But right now, it's like 7%, 8%. And the hard part is, is when it was down that low, the housing prices were inflated so high that it's like you're overpaying for a house. And at least it was in Dallas. In Dallas, I would look at homes, and they were $600,000 homes now going for $1.2 million.

And you're like, this is a $600,000 house, and people are paying $1.2 million? Even with the low interest rate, that still doesn't make sense. That's true, yeah. They were inflated because everyone from Cali moved over. Yeah. The housing market is one of those things. Real estate is a big thing, especially in tax as well.

Like, it's a big thing. A in tax as well. It's a big thing. A lot of people want to go into it. But really, what it is is the government's trying to protect the banks. That's why the tax code has so many advantages for real estate, because they want you to do business with the banks. They want you to make money for the banks. Yeah, because their incentives are aligned, right?

Exactly. Like if the banks make money, the government makes money. Exactly. So they want the banks to succeed. Yep, because the way the banks make money is off of the interest rates, federal interest rates. So they're like, hey, we're going to get our money from them. And so they want to keep that wheel churning. Right.

They don't want that wheel to stop. Yeah. Their interest rates on credit cards are pretty insane, too. Like, 40%, right? Yeah. Depending on your credit score, they can get up to 40%. Crazy. And people will run them up because they're like, hey,

I have a $20,000 limit. That's how much I have to spend. And it's like, no, that's. I always tell people, if you treat a credit card like a debit card, you'll be fine. Pay it off every single month. If you have it in your bank account, spend it. If you don't, don't spend it.

Yeah. Because credit card is the worst one. I think it's Mark Cuban that says, he said people ask him what the best investment is, and he said, paying off your credit cards. Because nowhere else are you going to find a 40% return on your money. I saw that. Yeah. Dave Ramsey's against credit cards, because nowhere else are you going to find a 40% return on your money. I saw that.

Dave Ramsey's against credit cards, too. Yeah, and I'm not against credit cards. I think credit cards are great. I mean, you're losing out on money if you don't use them, but it's incorrectly using them. Right. It gets people into trouble. Yeah, I feel that.

So you agree with Grant Cardone, then, about renting. That's interesting. Yeah. Yeah, and I actually am an investor with Cardone Capital. Oh, nice. So the money that I was going to pay on a down payment on a home, I actually put it into there. I get the tax deduction each year for owning the real estate.

And I get the cash flow that he pays out every single month. Oh, nice. So to me, I was like, wow, I mean, that cash flow pays my rent. So now I don't even have to cover that, because it's paid for by the rental properties. And that's a great feeling when you could live off your passive income.

That should be everyone's first goal, right? Yeah. Yeah. Get to that level. I mean, and it didn't make sense to me at first until the check started flowing in. And then you're like, wow, this makes sense. If this can eventually cover what I'm paying in rent,

then I don't pay anything. And if any repairs happen, they're not on me. So I can sit there and I can go out and go on a vacation and not have to worry about, man, am I going to need that couple thousand dollars I just spent on vacation? I don't need it, because if a repair goes off, it's not my responsibility.

And so to me, it's a nice financial freedom is being able to live stress free. That to me. Absolutely. Trump just won a couple days ago. Is that going to be good for taxes, you think? Yeah. Well, I mean, if he gets things passed through,

he'd propose 15% corporate tax, which as a tax professional, that changes things a lot. Because currently, S corporations is what a lot of people talk about, what's good for people. But now, capped at a 15% tax rate, if you do US business, I mean, that's a game changer. Once you reach a certain threshold,

the S corporation doesn't really make sense, because you're passing it through to yourself. You're paying too much in taxes. You're taxed at the income rate, active income rate, rather than if you're capped at 15%, you can make $100 million and all you're going to have to pay is $15 million taxes. Because right now it's what, like 30 something percent?

No, right now it's at 21%. Oh, 21%. Because Trump put that in place, but he's even proposing making it even lower. Wow. And so that becomes a huge incentive, especially for people that want to keep a lot of cash in the business. Some people are like, hey, I'll move it around,

put it in different things. It won't make that big of a difference to those people. But those that are like, hey, I want to keep a cash reserve, like if Apple decides to move all of their stuff domestic, that's a huge gain for them because they keep a lot of cash. But if you do work overseas, he said he's going to keep you at 20.

But if you bring everything domestic, so he's trying to bring the jobs back into America, which is important. And a lot of people are upset that he would lower the tax rate. But he's saying, hey, look, I'm trying to bring more jobs, which will then be taxed at W-2 taxes. People pay W-2 taxes on those jobs that they're bringing in.

So the government is going to get their money still. Yeah, yeah. It's just a different way of doing it. He's trying to move people, incentivize people to move, like get people back in the workforce. Makes sense. So that's the side of the argument you don't hear because you see these liberals talking

about tax the rich and Trump wants to lower them, but they don't hear the other side of why he wants to lower them. He's going to make money with the way you just said to exactly and I've never been a proponent of you know taxing the rich because you know if you think about it like You're middle class lower class and you you know find something that you finally get your big break And you make a big a large year. You know let's say you make a million dollars. Yeah And you're like hey, I've finally gotten my break.

Well, if you're taxing the rich, now you're going to undercut that. And now you're back into the middle class because you got taxed so hard that your great year turned into just an average year. And to me, that's not fair. I'm like, hey, look, if you have your great year, go out and continue to build and grow that business.

What you've done here, you've got your own studio. You're expanding your business. You're hiring people. You have people. That's what it should be about. It shouldn't be, hey, let's try and undercut Sean. As soon as he starts to reach that level, let's start taxing him harder so he stays down.

To me, that doesn't make sense. I'm like, we should be encouraging those people who are growing and incentivize them to keep growing. Hire people. Continue to make success in what you're doing and not say, hey, we're going to take 37% of what you make. I mean, if you live in New York or one of these states that has state income, it's even higher than that.

Cali. Yeah. I mean, that's why a lot of people move. That's why I must move Tesla out of California. He's like, I'm paying a ridiculous amount in taxes. 50%. You know, you moved to Texas, and you don't have any of that. Yeah.

So to me, it's about the people who are generating jobs are going to help. Because I mean, a lot of people don't realize the cause and effect. You know, if you start taxing Amazon higher, they're not going to just say, OK, we're going to just take this tax hit. They pass it through to us.

They pass it through to the average American, and they are going to raise take this tax hit. They pass it through to us. Pass it through to the average American, and they are going to raise the prices. Now your toilet paper that you bought on there for $10 is now $20 because they're getting taxed harder. So they're like, all right, well, we got to raise the prices. They don't just say, all right, we're going to take this tax. No, not at that level. Exactly.

Because their margins are already thin at that level. So if they get another tax They're gonna charge more for sure exactly and so that's what you know People don't think about those sort of things they just you know want to tax the rich because they make money Yeah, I'm like you don't realize they're not going to just take that tax it They're paying they're paying people like myself to find all the tax loopholes to make sure that they don't have to pay that. Yeah, the super wealthy don't even pay to begin with,

so it wouldn't work. Exactly. Yeah, there's so many loopholes. Yeah, and the tax code is longer than an encyclopedia. That's crazy. There's so many things that you can do when it comes to the tax code that I'm like they're gonna they're gonna find a way yeah they're not just gonna take it yeah I'm pumped for Trump

to bring back the 100% write-offs for vehicles and airplanes and stuff yeah yeah and that I've actually I saw something the other day I had a client send me something about I think his name was the Stradman. I've heard of him. The car guy on YouTube. Yeah, yeah, yeah. And he had posted this thing about he got hit with a half a million dollar tax. Whoa.

He got audited, and they fined him half a million dollars because of the car. So in the video, he talked about how he had one of those big jeeps with six wheels. And he's like, this one's over 6,000 pounds. And then the Aventador was under 6,000 pounds. But his tax person had told him, hey, you can take the full 100% deduction for this car because you're using it for business purposes.

You need it to generate money. And with those things, you have to be careful with the special exemptions. And where they got it wrong was he was told that, but in order to be able to do that, you have to have no other ways to make money. So he talked about a hearse driver. Well, the difference between him and a hearse driver is,

they have that hearse, and they have to drive that hearse to be able to do their job, or else they don't have a job. But in the video, he proved the IRS's point. He showed, I made $10,000 off of the Jeep. I made $20,000 off of the Aventador. But what he showed was he was making money off of the other one. So the Aventador wasn't needed, necessary for him

to run that business. So he should have taken the regular deduction. Wow. Which is what they ended up fining him for. And you know, you have the fines and the interest and all that. So he had to pay half a million dollars that if he had just done it correctly, he probably would have paid half of that, maybe.

And that sucks, because you put your trust in these accountants. Exactly. Because you don't have the time to study all those tax codes yourself. No, no. And for me, I try to tell all my clients, I say, I'm not going to tell you no.

I'm going to tell you what you need to make it a yes. And then you can decide whether or not you want to make it a yes or not. If you can't answer, if you can't do ABCD, then you shouldn't do it. And I think too many people in my industry just want to make the people happy. And in reality, you're their bodyguard.

You're their financial bodyguard because his person did not protect him. And his accountant sure didn't pull out his wallet when that half a million dollars. Definitely not. He didn't say, oh, that's my bad. I told you wrong. Here, let me cut the check.

They don't. And so to me, I was telling my client last night at dinner, I said, I am your financial bodyguard. I'll tell you, hey, stay away from this, go over here. But if you venture into that, I warned you. And a good bodyguard tells them, hey, don't go here, go here type of thing. And so I always tell my clients, I tells them, hey, don't go here, go here type of thing. And so I always tell my clients, I'm like, hey,

if you want to do this, you need to do X, Y, Z. And on the car one, I had a client that loves cars. He's a big car guy. And he's like, I want to buy cars, but I don't want to rent them out on Turo, all this stuff that people will tell you, OK, if you want cars, you can do this. So he has a podcast where he wants high net worth people

to come to him. And so I said, OK, in order to do that, you're going to have to, you can't just be like, hey, Mark, Mark Cuban, here's $100 Amazon card. Will you come on my show? He's going to be like, I don't need that. But if you're like, hey, Mark, I've got a suite at the Mavs game for you.

I've got a Rolls Royce whenever you get here that you can use up until the podcast. He might be like, wow, OK, this is rolling out the red carpet. That might be incentivizing. Smart. So we had him. He bought five cars. And whenever he we had him, he bought five cars. And whenever he invites a guest, he

invites them to come out to a Rangers game. He has a suite. They'll go to the game. He says, hey, here's our list of cars. So he lists them out. Now there's proof. There's written proof that these are business cars. He says, hey, here's the cars that we have.

Let us know which car you want to be dropped off at the airport. So they choose the car. It gets dropped off at the airport. They take it. They drive to the game. Then they'll drive to the podcast the next day with it. They get it while they're there.

They drop it off whenever they get to the podcast. But now all those cars can be written off because they're business use. Wow. And so that, I tell people, is getting creative with the tax code. Because now we're able to write off a ranger suite at the ranger's game.

So he pays whatever the fee is for the year. That ain't cheap. That gets to write off because it's marketing. It's trying to get people in. In order to get high net worth people, you can't, like I said, you can't just toss something light at them. Yeah, dinner's not enough for those people.

Exactly. You have to roll out the red carpet for them. And, you know, and then still, you may still get turned down even at that point. But, you know, at least you're giving yourself a chance. It's now, you know, ordinary and necessary, which is what the IRS says you need in order to write stuff off.

And all those cars now get to get written off. Brilliant. So they don't even have to be 6,000 pounds. Nope. Wow. That's awesome. Yeah. So that's one of those things where you have to be... And it's documented. And that's the big thing is it's documented who goes to those games.

It's documented who uses the cars. Documentation will get you out of the lot. Yeah, because if you get audited, they're going to be asking for that first. Exactly. Exactly. And a lot of times, they won't even go through long audits if you have good paper trails.

Oh, yeah. If you have good accounting, if you have good receipts, if you have good contracts, they're like, all right, we're not going to waste our time here. Smart. But if they're like, hey, let us see your operating agreement, you're like, oh, I don't got one, then they're going to be like, OK, our time will be,

we'll get our money's worth here. But if you're like, here's our operating agreement, here's all our receipts, here's our accounting, it's clean, it's easy to find, then they're like, all right, we're not going to waste our time. We'll go find somebody that is not organized, which there's a lot of people who are unorganized, and they get a lot of money from them.

Oh, I bet. And so I always tell people, I'm like, if you have good contracts, and you have good receipts, and you have good accounting, a lot of times, you'll be done in a couple days. That's why I don't cheap out on it. It's one of those things as entrepreneurs, you want to get the best deal on.

But I'd rather have peace of mind. Exactly. Because you don't want them to knock on your door and half a million dollars go out the window. Because it was, you know. That would ruin the business, honestly. Exactly. And that's, you know, I mean, lucky for him,

he had the money and it didn't ruin his business. But to a lot of people, half a million dollars in back taxes ruined them. Oh, yeah. Except they could take liens out and who knows what else they could do. Exactly. They got a lot of power.

Yeah. I mean, they can have access to your bank accounts. Really? Yeah. If it gets that bad, they can have access to your bank accounts, garnish your wages, all that. Damn. That's crazy.

Yeah. Are you dealing with a lot of athletes since you got a football background? Not as many, because it's hard. They get paid W-2. And so the majority of the incentives that you can do is through stock market and real estate. For us, we work a lot with personal brands

and being able to have serial entrepreneurs have multiple ventures. And we can spread out what we need through those. So influencers and things like that, we get a lot of those. Because I say the Kardashians, they laid out the greatest tax strategy of all time. And people didn't realize it. But whenever you look at it, all their trips

to Gucci, Louis Vuitton, their house, everything that they ever did was a tax write-off. Wow. Because they were write-off. Wow. Because they were on the show. Crazy. In order to do the show, in order to get people to watch the show, they had to go shopping on Rodeo Drive.

People wouldn't watch if they went just up the street to the gas station. But everything they did, the house, the cars, the purses, the clothing, all of it, 100% written off. Wow. Because they made their lifestyle the business. And that's where I kind of had that unlock was,

wow, people can live their lives and write off on the taxes. That's better than any real estate deal you can do because you're just living your life and all of it becomes a tax write-off. I mean, Gary Vee was another one. He didn't realize he was doing a tax strategy either. But he said, document your whole life, and let that become your business. Because then you can say, like The Rock.

I think he's the biggest personal brand, and I think that probably is. He started so many different businesses. He started Energy Drink and then he did. Alcohol. Yeah, I mean, he does everything. Because he has a personal brand, he can do something random off the wall

and people are going to buy it because he built that personal brand. But he can now write off his whole lifestyle. He's like, I like to drink tequila. Let me start a tequila brand. So now, anytime he goes now write off his whole lifestyle. He's like, I like to drink tequila. Let me start a tequila brand. So now, any time he goes and drinks tequila, it can be used as research. That's awesome.

So it's crazy that I tell people, figure out what you like to do, and let's figure out how to make a business. Because then you can keep doing that, and you don't have to pay taxes on it. I love that. So building a personal brand is one of the biggest tax writers you can have done for people watching this.

To me, it is the greatest tax strategy of all time. Better than real estate, better than anything you can do, because you're just living your life. That's what you want. You want to just be able to live your life and not have to pay taxes. That's great. Imagine going on a cruise or vacation,

and you could write off some of it. You could write off all of it if you're documenting it. Really? So if you're just posting content on social media about it? Yeah. Wow. If you're posting about, hey, I'm on this Royal Caribbean cruise, and you're posting, hey, look at this room, all this,

that's a tax write-off. I need to start doing that. Yeah, because you're there. And let's say you decide you want to rent out one of the rooms and film a podcast on the cruise. Now that trip is you film one podcast a day, the whole thing's a write-off now. Wow.

You just have to do business each day that you're there, and the whole thing can be written off. Crazy. What if it's just a business call or a meeting? Those ones are a little bit tricky, as long as you take meeting minutes or things like that. But in order for those ones to be there, the government might say, hey, did you really

have to be on a cruise ship to have that kind of thing? But if you do the podcast, if you bring some equipment, just do like a light podcast there, then they're like, well, yeah, you had to be there because you're filming it. And those ones, I tell people, I'm like, if they can't knock that you had to be there, you're solid. You know, because you post this on YouTube that, hey, we filmed this on the cruise ship.

They can't argue with it. You documented it. It's out there. That'd actually be a cool idea. Just bringing a pod studio to a cruise and like interviewing random people I meet there. Exactly. That'd be funny.

Yeah, I think it's what, the Hard Knocks guy where he just goes. Oh yeah. All of his stuff. School of Hard Knocks. Yeah, he gets to write off all those trips because all he does is he just goes, walks out, finds people, now the whole trip, completely write off.

Yeah, Daniel Mack does that too. Yeah. What would you do for a living? Exactly. Yeah, interesting. And I mean, the thing is, is a lot of people don't even realize they're laying out these great tax strategies for people.

They're just doing it. And I'm like, oh, wow, that is a really great strategy if you just put the pieces together. Well, not a lot of people are on top of it like you. Because a lot of these accounts are on the older side. They don't know about this social media game, these personal brand write-offs. That's not like a common thing, you know?

No. And I mean, a lot of times, I mean, the thing is, is people will just go off of real estate. A lot of people, they'll be like, oh, we work with real estate investors, because it's an easier one. You get the depreciation and all that stuff, and then it's like, hey, this is an easy one. But it's harder to dig in the tax code to find,

like I laid out with the cars and the suite. That one takes a lot more time. I have to do some digging. I have to find what sort of documentation we need rather than like, all right, I just appreciate this real estate asset. It's a lot easier. You can run through a lot of people with that.

But it takes a lot more time to figure out, hey, let me do this. Let me research, figure out how we can do this. Yeah. How does a real estate one work? So I mean, real estate, me do this. Let me research, figure out how we can do this. Yeah. How does a real estate one work? So I mean, real estate, you buy a piece of real estate. And what a lot of people will do is they'll do cost segregation studies, which

is where you break down the asset into its individual parts, like the plumbing, the electrical, those sort of things. And you say, OK, I can depreciate the electrical in five years rather than 30 years. So that amount gets depreciated faster, and it becomes a bigger one. It's typically around 30% of the asset.

So just for easy math purposes, if it was $100,000 real estate, you could write off about 30% in the first year. Just for owning the real estate? Right. Oh, wow. But you have to do that cost segregation study, which sometimes will run you about between $5,000 and $15,000. It has to be a decent piece of real estate in order to be like,

I mean, a lot of people do it on big ones, like over a million dollars. Because it's like, you're going to pay 15 grand to have that done. You better get a lot more than 15 grand in a tax write-off. Wow, I might have to look into that one then. Yeah. Because my house is $2 million.

But I only put down 20%, so I don't have the full equity. Right. But if you're using that house for business purposes, and it's a business asset, that cost segregation study can be done breaking off the individual pieces. Got it. So like I said, the plumbing. Let's say the plumbing is $200,000 in the house,

throughout the whole house. And it's going to depreciate faster than the electrical. Let's say it goes five years. Now that $200,000 is now broken up into 40,000 pieces over the next five years. So that's where you can get those breaks. And a lot of people use it on W-2 people, because they don't have any business expenses.

They'll say, OK, go out and buy this rental property, and we'll do a cost segregation study on it. So that's the big one for a lot of real estate professionals is the cost segregation study. And if they didn't do it in the past, you can do what's called a look back study as well, where they'll take one's, I think it's like 1987. You can go back far and do them from there.

And a lot of people say, hey, let me get this for you. And so they'll get big tax deductions in that first year because they went back. If you had 1987, you got like 30 years right there, or even lower than that. 35? Yeah. You've got a lot of years of depreciation

that you can write off for that in that first year. And so that's where people win you over in the first year. That makes sense. Have you had clients try to move to Puerto Rico? I know that tax strategy, but I haven't had any clients that have actually wanted to do it. Yeah, it doesn't seem worth it. What does it look like?

And I'm like, you got to live there for, what is it, six months and one day or something, more than half the year, just barely more than half the year. And a lot of people are like, I'm dying to come back to the US. I haven't heard many positive stories. Exactly. So to me, I always look at people are like, I'm dying to come back to the US. Yeah. I haven't heard many positive stories. Exactly. So to me, I always look at it's like,

is it a bigger hassle than what you're going to get out of it? And do you really want to be tax-free and have to live in Puerto Rico for 50% of the year? I don't know. Maybe you do. But for most people, they're like, I want to live in the u.s. Yeah, I could see moving states I've done that I've moved from Cali to Vegas. Yeah, but moving yeah moving countries is yeah, that's a whole nother level Yeah, because I mean it's totally different living you know moving from state to state. It's like it's still America

But you move to a different country, and it's totally different. Yeah, absolutely Well grant what's next to you man? Where can people watching this get your services and it's totally different. Yeah, absolutely. Well, Grant, what's next for you, man? Where can people watching this get your services and learn more about you? Yeah, so they can find us at AbundantX.com, which is my tax and accounting firm. They can also find me on Instagram, YouTube, Twitter, at Grant G. Nooy. Perfect. We'll link it below. Thanks for coming on, man.

That was awesome. Yeah, thanks for watching, guys. Check out the links. See you next time. Bet MGM is an official sports betting partner of the National Hockey League and has your back all season long. From puck drop to the final shot, you're always taken care of with the sportsbook Born in Vegas. That's a feeling you can only get with Bet MGM.

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