Real Estate Investing for Cash Flow with Kevin Bupp

Hey guys! Kevin Bupp here, and I wanted to welcome you to another episode of the Real Estate Investing for Cash Flow podcast, where our mission is to help you build, and maintain, massive amounts of cash flow, through income producing real estate investments. And our guest for this week’s show is, Certified Tax Coach, Certified Public Accountant, and published author, Craig Cody.

In today’s show we’re going to be speaking with Craig Cody, CPA about both my favorite and my least favorite, things in this world. Favorite one being real estate investing, and my least favorite is taxes. But, more specifically, we’re going to go into detail on very specific tax strategies on real estate investing that can help you keep more of that hard earned money that you’ve been making into your pocket.

As an added bonus, Craig is going to give you details on how you can snag a free copy of his book titled, Ten Biggest Tax Mistakes that Cost Business Owners Thousands, but you’re going have to listen until the very end to find out how to grab that free copy, okay? Before we get on the show with Craig, I’ve got a few laundry list items I’m going to quickly run through with you guys.

Without further ado, I’d like to welcome our guest for today’s show, Craig Cody. Craig, how you doing today, bud?

I’m doing great. Thank you very much for having me on.

Yeah, thanks for joining us. First and foremost, Craig, if you would for those who don’t know who you are and just want to learn a little bit more about your background, maybe take a few minutes, I’m going to pass the mike back to you. Take a few minutes and tell us a little bit more about yourself. How you got started down this path of being a tax consultant and CPA.

Oh, great. Yeah. I’m a Certified Public Accountant. I have a CPA firm. I’m a Certified Tax Coach. I’m a business owner. I’m actually a former New York City Police Lieutenant. In addition to the CPA, for the past 15 years, I’m a Certified Tax Coach. What a Certified Tax Coach does is we’re someone who looks to be proactive with clients. Most accountants, CPAs, are very good at putting the right numbers in the right boxes. They are reactive, they’re looking in the rear view mirror.

What we look at is for planning techniques and strategies to help our clients keep more of what they make. I’ve actually co-authored an Amazon best seller Secrets of a Tax Free Life. My latest book is what you mentioned The 10 Most Expensive Mistakes That Cost Business Owners Thousands.

Okay. Okay, very cool. I went on Amazon before we jumped on the phone. There has got to be thousands of books on taxes. Even as nichey as real estate investing and how to basically save on taxes. Right? How to keep more money in your pocket. I counted at least 20 titles, Craig, that had the word Tax-Free. Learn how to be Tax-Free. Or Tax-Free Wealth. There was a million different titles that had Tax-Free. Is that even possible? Is it possible to be tax free?

I think it’s legally probably not possible to be tax free. To be able to live, you need to make some money to live on and pay some taxes.

Sure, sure.

Short of having a huge loss in real estate, that’s not most people. Tax-Free is a bit of a misnomer, the idea there is you can plan to minimize your taxes and really keep more of what you make.

Okay. Tell me about the right timing. You kind of give the definition of what a Tax Coach is, but, what’s the right timing for someone like me? Or any of the listeners that are tuning in that are maybe just getting started as a real estate investor. Or are already seasoned, they own lots of different properties. I’m sure they probably have an accountant at this point in time. As you define tax coach, it’s completely different. A little bit more of proactive manner to how you approach things. What is the right timing to get involved with someone like yourself? From a business owner’s perspective.

From a business owner’s perspective it’s today. Not tomorrow, not next year because in order to do real tax planning it takes some time. You need to be able to carry out different strategies so you can actually reap the rewards of your tax planning. It’s not a whole lot. When you go to see your tax accountant or CPA in February, March, or April, there’s not a whole lot he can do for you then. If you go and you see him today and you talk to him about tax planning and he wants to be proactive, he can help you today. Unfortunately, most accountants and most individuals, business owners, they think of tax planning as I see my accountant and he tells me how much of an estimated payment to make. Tax compliant. There’s a difference between compliance and planning.

In the planning stages, does that also take into account even entity, entity formation? Choosing the right type of, whether it be an LLC or an S Corp or a C Corp, is that something that is involved with being a Tax Coach?

Yes, it’s definitely. Too often what happens is the client goes and they speak to their attorney. They say I’m going to do this, create something for me. That attorney likes to create LLCs. Or maybe that attorney likes to create corporations or S Corporations. If they just took a little time and communicated with their CPA and the CPA communicated with the attorney, you could find, what’s the best of both worlds? How do we do this to get the best legal structure. Also to get the best tax structure.

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Listen to the full episode here.