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62 min Video

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Your 7 MUST Year End Things To Do In Your Business BEFORE End Of Tax Year.

 The BIG PICTURE – Carefully Review Your QB REPORTS FIRST and Make adjustments BEFORE reviewing this year’s performance and set new goals for next year, including Tenants, Loan Customers, and Property Management

URGENT – To Capture EVERY PENNY in Tax Deductions

– You MUST do this BEFORE midnight Dec 31

 How to determine your REAL Taxable Income in 3 minutes or less using Fred Flintstone’s 3 finger calculator (depreciation)

 “Unclassified” Report is magic for you

STEP 1 – Transforming Your CASH FLOW Report into a TAX SUMMARY Report

 1099s, 1098s, 1096s, 1097s, – All made brain-dead simple

 Balance Sheet – What is it and How to Use It Right Now for YOUR BENEFIT

 Capitalized Expenses – this monkey throws a big wrench in at tax time for most investors. See how to tame this monkey and maximize your tax benefit

 Principal Paydowns – done the simple way – how to make this process simple and easy along with the explaining the IRS new red flag of mortgage interest vs. interest.

 

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CLICK HERE FOR DETAILS ON THIS SYSTEM

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IRS 2020 Inflation Adjustments for Pension Plans, Retirement Accounts
The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions.
Highlights of 2020 Changes
IRA Contribution Limits: 
  • The annual limit on contributions to an IRA remains unchanged at $6,000. 
  • For individuals age 50 and over, the IRA “catch-up” contribution limit remains $1,000 (this limit is not subject to an annual COLA adjustment).
The contribution limit for employees who take part in 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan, has increased to 

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ARMs

Adjustable Rate Mortgages

18 min video

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Question from Stacey   (italicized green are Mike’s comments)
Hi Mike,
I’ve watched every video that I have access to, but I am still unclear on how to put in my private loan balances. 
For example, I purchased a property last year. 
I borrowed money from a private lender, (and deposited this money) put that in my (Operating Bank Checking Account) account and then paid (took a check) cash at closing. 
Stacey is describing how to pay cash at closing when buying a property when using a private lender who funded this purchase without it showing on a closing statement.
I entered the closing statement as (starting with) a check.
 
Where do I enter the $50000 loan I’m paying on every month? (I memorized a check I can send every month, but I don’t know where to put the balance of the loan.)
Watch this short video – Let me show you how to enter all of this in a few simple steps — it really is brain-dead simple when you use the Post Office Method of Accounting as your foundation
If I could have help with one of these properties, 
then I am hopeful  I could input the rest of them correctly. 
Please advise! Thanks!
Stacey
ANSWER:  

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How To Properly Enter a Cash Out Refi

or any Refinance
18 minute video

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10 Absolute Must-Read Real Estate Books for Investors

by Chad Carson | BiggerPockets.com

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Click to Order Your New “Landlording On AutoPilot” Book

 


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How To Set Up Your Escrow Accounts for Your Mortgage Payments

short 12 minute video shows you how to do it

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FLIPS and Rehabs

Question from Randy:

When I buy a house to rehab and flip,
I enter the expenses of the rehab,
Do I enter it as an repair expense?

I do a close out report and I am showing a Capitalized expense,
I do not know how It got there. Help Please

Randy



ANSWER from Mike

I enter the expenses of the rehab “Improvements”

– NO, NO, NO
– when you buy any property,
everything and anything you do to or on this property…
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QuickBooks Tax Time Documents

How To Go 100% Paperless as You Receive Important Tax Documents

then simply email your quickbooks pro file to your CPA.

 The Only Complete System for Real Estate using QuickBooks Pro

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