Today on Tax Hacker Tuesday, Matt Theriault and Tim Berry share the 5 elements of the Tax Hacker Blueprint. Learn what the 5 elements are, the importance of taking steps in the right order (particular to your individual situation), and how to get your own customized Tax Hacker Blueprint.
What You Will Learn About the Tax Hacker Blueprint:
- How to get easy-to-follow steps for improving your tax situation
- How to protect your assets
- The 5 elements of the Tax Hacker Blueprint
- How to use your retirement plan to the fullest
- How to get optimal results using both investing AND retirement accounts
- The benefits of quarterly tax check-ins
- How to get your own customized Tax Hacker Blueprint
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Speaker 1: This is Theriault Media. Did you know that up to 50% of your lifetime income will be wiped out by taxes? What if you could stop this madness? Isn’t about time you play on a level playing field with the wealthiest one percent. Now you can. Tim Berry, attorney at law, shares here each and every week, current tactics and strategies that anyone can implement to hack the tax code, protect your assets and keep what’s rightfully yours. It’s time for Tax Hacker Tuesday.
Matt Theriault: Welcome to the Epic Real Estate Investing Show, it is Tax Hacker Tuesday, with my attorney and friend, Tim Berry. How goes it, Tim?
Tim Berry: It is going fantastic Matt. How’s it going with you?
Matt: It’s going wonderfully well over here. Each and every Monday at Epic we show you new and creative ways as well as time-honored ways of making money using real estate, and here on Tuesdays, Tim shows you how to keep it. If you have a question for Tim, you can go to taxhacker.com/questions and you can post it there.
Tim, we’re kind of jumping on the, to record this, kind of a special impromptu episode just based off of the response that all of our previous episodes have generated. You have a wonderful legal and tax mind, and you share a lot of great things with people, that they go, “Ooh, wow, that’s cool. That’s exciting.” But at the end of the day, people call in and say, “Hey, I want that one thing you talked about on episode such and such,” and you’re just like, “Well, that might not be the best thing for you to do right now, although it’s a great strategy and you can implement that later, it just might not be a good fit now. Let’s talk about this.”
One of the things that you offer people is their own customized tax action plan, which seems to be a good fit for most people, but still there’s other stuff to be done before that, and there’s stuff that once you have that done you’re going to need more stuff after that based on what your assets and income looks like to protect even more it. I know you do your best to customize it, but [inaudible 00:02:01] you need the whole tax hacker blueprint, so to speak, and you’ve put together this really cool thing, this five elements of this tax hacker blueprint, that can really just create custom blueprints for each people based on where they are, right?
Tim: Absolutely. Yes, sir.
Matt: Okay. You sent this over to me, so let’s talk about this so we can be of a better service and really preserve your time, because it’s valuable, particularly with the amount of people that are calling in and asking for your help. But also preserve the person’s time to make sure that they get exactly what it is that they need and not the how to put mobile home parks on a piece of vacant land and turn it into an air BnB and do the w2 backward reverse tax strategy, then wind it through paragraph three four three of Trump’s new tax plan.
Although it’s fantastic and it’s doable, it just might not be the first thing that you do or the next thing. These five points that you have in this Tax Hacker Blueprint. First one is a one on one consultation to establish where you are and where you want to go. It’s pretty self-explanatory, but kind of explain a little bit more what they should be able to expect on that part.
Tim: Well, what they can expect on that part is I pretty much ask people, “Hey, look, if we had a magic wand, and we could wave this magic wand, what results are you looking for?” Because I might have it in my mind, what we’re going to achieve, but they might have something in their mind of what they’re going to achieve, so I got to find out what are they looking for? What are they actually hoping for?
Now, Matt, I already know what you’re going to say. You’re going to say, “Oh, they’re hoping not to pay taxes.” So I guess I should say, what are they realistically hoping for and what are the points they realistically want to address. That’s what the one on one consultation is. It’s a way to find out what is somebody’s economic reality, and what are the neat things that we can do to help them achieve a better economic reality for them and for their family, really.
Matt: Right. Okay, so that’s just kind of laying the groundwork. This is what we got, these are the pieces we get to work with, and what neat things can we do with those pieces?
Tim: Matt, I thought I was so much more eloquent than you, and then you just say, “So, we’re just going to lay out the groundwork,” after I just spent five minutes rambling on. Thanks a lot, Matt. I appreciate that.
Matt: No, I [inaudible 00:04:13] question, you tell them what they expect, and I sum it up. That’s how it works.
Tim: I bill by the word, Matt. You’re killing me. Laying [inaudible 00:04:18] on the groundwork. I couldn’t bill enough on those words there.
Matt: Yeah, I went to interview school 101, and they just said, you know, tell them what you’re going to tell them, then tell them and then tell them what you told them.
All right, so that’s the one on one consultation. That’s where it begins.
Matt: Next step is we actually talk about the custom tax action plan that’s organized into easy to follow steps so they can keep all of the money that’s rightfully theirs. Can you expound on that, and then I’ll go ahead and crush it later.
Tim: [inaudible 00:04:49] Man, really tough crowd.
Matt: All right, so what’s the custom tax action plan?
Tim: The custom tax action plan is after we’ve talked to them and reviewed their information of their past tax returns, then we come up with the most actionable items that they can utilize right now, to get the biggest bang for the buck. Really, that might be a let down to some people in the format because we just send over a PowerPoint, but way back when I would send something that’s 80 pages and say we could do this, we could do this, this, this, this.
To paraphrase a wonderful thing over the internet, ain’t nobody got time for that. Now we just give maybe 20 pages of a PowerPoint, short to the point, saying do this and you’re going to save X, Y, Z dollars, guaranteed by law.
Matt: Got it, so that’s where the easy to follow steps, comes in a form of PowerPoint, simple, do it now, and this is what you get.
Matt: Next is, their asset protection plan. Again, organized into easy to follow steps so they know how to protect everything that they want to be protected. What does that look like in more detail?
Tim: Once again, short, to the point, diagram showing how they should move assets, where they should be holding the assets, because the thing that’s madness to me is I see a lot of people with hundreds of thousands of dollars of equity in real estate or inside other assets, and they have it in their own name. Now if you get involved in a lawsuit, what can happen? You can lose it all.
Matt: The bad guys get it, right?
Tim: Yeah, the bad guys get it. You just got it right on the head. Exactly, so we show you how to protect those assets from the bad guys.
Matt: And you say how to protect everything you want to be protected.
Tim: Well, in some cases, some people say, “Hey, I have a nice car, I want to protect my nice car.” And I’m saying, you know what? We don’t want to put that in with everything else because cars generate liability, they’re kind of a toxic asset so to speak. We don’t want to combine those inside there, but the bulk of the assets are protected and you can sleep a lot better at night with.
Matt: Got it. The real fortune is preserved.
Tim: There you go, Matt. You’re wiping out [inaudible 00:06:50].
Matt: This was not planned.
Tim: Sure it wasn’t.
Matt: All right. Next step is the accelerated retirement strategy, so you can enjoy life while you’re still young enough to do so. Accelerated retirement strategy.
Tim: Matt, I’m not going to say a word. I’m going to let you explain it.
Tim: Let me hop in real fast.
Matt: Yeah, please do, I was like, uh-oh. Now I’m stuck. This is your plan, not mine.
Tim: I know, I know, I know. Here’s the other mind blower to me is most people don’t fully utilize the retirement plans, and retirement plan to me is tax planning nirvana. You’ve got an area where you can invest in a tax-free environment, you might even be able to pull those assets out completely and totally tax-free. You got this wonderful thing that eliminates taxes, and it also has asset protection. Why wouldn’t more people be utilizing these things and it just comes down to they don’t know about it.
What we do is we educate people about all the phenomenal benefits of these retirement plans so they can get that tax free growth of their assets and asset protection.
Matt: Before I met you, Tim, I was very much, somewhat against, no I was very much against, tax retirement plans as a primary or the first investment strategy. Meaning that I’m very much a proponent of generating enough passive income to pay for your expenses, and then let the excess passive income that you create on top of that, now put that into a retirement account. That’s always been my formula for-
I still subscribe to that. I still think that’s the best way to go about it, but what I learned from you is that you can still use a lot of these different retirement vehicles and get the best of both worlds to create that passive income for yourself now as well as keeping everything in a tax protected environment simultaneously.
Tim: Oh, yeah, absolutely, and I agree with you, Matt. Many times if you’re going to be doing buy and hold real estate, it makes sense to do that outside of the retirement plan, but other times whenever you’re generating excess income, why wouldn’t you use this tax-free environment with the asset protection. That’s why I love them so much.
Matt: Right, right. Perfect. All right, and then the fifth element of this is a quarterly check in to keep you on track towards your goals. But why do they need a quarterly check-in?
Tim: Well, let’s be realistic. Whenever I start rambling on about this stuff, it’s Greek to most people. They don’t have a clue what I’m saying, even whenever you try to put it in as simple to understand manner as possible for them, there’s still going to be some little hiccups, some little misses and all of that. What we want to do is we want to make sure that people stay on track and it’s the right track. The way to do that, we have that initial consultation, we come up with a tax action plan, then we implement and then we make sure each quarter that the implementation’s on track, and if things have changed, everybody’s life always changes, if things change, how do we change and adapt their current structures to give them the most bang for the buck.
Matt: It’s kind of like you got your own personal CFO you can check in with each quarter.
Tim: Great way of putting it. Exactly.
Matt: Yep, see I’ll step on it all over again.
Tim: All right.
Matt: All right, so you got the one on one consultation. You got the custom tax action plan, you’ve got the asset protection plan, you got the accelerated retirement strategy, and then you got your quarterly check-ins. I know you don’t work for free. What would someone expect to pay for this level of service, Tim?
Tim: Well, you know it really depends on who they’re going to go to. There’s some people out there, they’re going to their H&R Block, they’re using Turbo Tax, and they’re griping about the level of service and advice they’re getting. You get what you pay for. Other people, they might go to a fancy dancy law firm and it’s going to cost you tens of thousands of dollars. Typically we charge three thousand bucks to do this each year, but we’re charging fifteen hundred dollars for the first year, and then the three thousand going thereafter.
If we can’t save you at least twice as much as we charge, we’re not going to charge you. It’s just that simple. In my mind, this is just an absolute no-brainer. You have nothing to risk.
Matt: Got it. All right, so for three thousand bucks a year, you get all of these services, these five points. You get the quarterly check-ins, you get to talk to once a quarter, and you’ve got a special introductory year offer for half that, half price at fifteen hundred bucks, and if you don’t save them at least two times as much of that in their taxes, they don’t pay a darned thing. Is that right?
Tim: Yeah, that’s right. You hit it right on the head. If we can’t give people a 200% return on their money, don’t use us.
Matt: I love it. All righty, so anything else new and exciting going on in your world there, Tim?
Tim: That’s about the most excitement. I mean, Matt, I’m a tax attorney. Do I look like I’m an exciting guy? I have no excitement in my life.
Matt: Well, for this subject, you make it about as exciting as I think it could possibly need to be made.
Tim: Thank you.
Matt: But, boy, when you see the bottom line, there’s cause for celebration right there. All righty, so whenever you’re ready to have Tim customize a Tax Hacker Blueprint for you, to minimize the amount of the hard-earned income that you send to Uncle Sam each year and how to protect and keep more of it, go to taxhacker.com, download Tim’s free book, How To Take Advantage of Five Loopholes in Trump’s New Tax Plan, and so you get that book, and then after you’ve done that you’ll have the opportunity to schedule some time with Tim and either he or one of his team members are going to get on the phone with you for a short five, ten minute call to assess your situation.
During that call, just tell them, “Hey, I want my Tax Hacker Blueprint.” They’ll know exactly what to do, they’ll take it from there, and it’s as simple as that. Taxhacker.com and just follow the steps and say, “I want my Tax Hacker Blueprint.”
All right, so that’s it for Tim and myself today on a special episode, and we’ll see you next week for another episode of Tax Hacker Tuesday on the Epic Real Estate Investing Show.
Speaker 1: That’s it for today, as we dream of a tax system that works just for you, but until then, you have Tim Berry. See you next Tuesday for another episode of Tax Hacker Tuesday.