Business & Entrepreneurship | The Kwak Brothers

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Pay Off Your Loan Or Invest? Know What’s Better For You

Time and time again, I see people choosing to focus either a mortgage or an investment but not both at the same time. But which option is better to start with? In this article, I will show you how you can invest AND pay off your mortgage without the diminishing effects of either process. I want to show you that it’s possible to pay off your mortgage and invest simultaneously. More often than not, such a decision often depends on your financial situation. While many people believe that paying off money is best since it saves on your interest payments, others may want to invest their extra

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BREAKING! The Eviction Problem Just Got WORSE 😧

The eviction moratorium has completely expired and the US Supreme Court ruled against the CDC wanting to extend the moratorium. In addition to this, recently the Federal Unemployment Benefit also expired this week and the Biden Administration has no intention of bringing the unemployment benefit back as the economy is starting to open up.  https://www.youtube.com/watch?v=uaTUQruQjKQ In this video, I’m going to unpack what this all means and how real estate investors could potentially benefit from the eviction

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June 2, 2020

EIDL Loan: What Can You Use it For? (Do’s & Don’ts)

INTRO Hey everyone, it’s Sam Kwak here and a lot of you guys have been asking me… Sam, what can I use the EIDL loan for? Can I pay off my mortgage with it? Can I buy a new truck? Can I buy new rental properties? Can I pay myself with it? Watch This Article in a Video: https://www.youtube.com/watch?v=wn69aTgE3Yg Well, in this article, we’re going to break down exactly what can you use the EIDL loan money for and what you cannot use it for. The CANs.. Okay, so let’s first break down what you CAN use the EIDL Loan money for: What You Can Use For: Business Operating Expensesa. Rent & mortgage payments (Not early payments)b. Payrollc. Virtual Assistantsd. Independent Contractorse. Accounts Payablef. Utility The CANNOTs… Now, let’s go into the list of what you can’t use the EIDL loan money for: What you Cannot Use For: Distribution of dividends to Owners, Loaning money to self, cannot loan to other businesses Expansion of Business Paying off mortgages early Buying new properties Buying a new car The Consequences How would SBA know and what are the consequences of misuse…The SBA requires strict bookkeeping, record keeping, as well as maintaing a ledger of receipts, invoices, ; pretty much all records of how the money was spent. The SBA has the right to audit your business books by making you hire a CPA to furnish the reports to the SBA. If the SBA deems that you’ve violated the loam agreement and subsequently you default, the SBA has the right to call the entire loan due. If SBA deems that you’ve lied, cheated, or misrepresented your business when getting the loan, you can be liable for a penalty of 100-150% of the loan amount. CONCLUSION So there you have it guys, hope this video helps with understanding what you can and cannot use the EIDL loan money for! If you liked the breakdown and want to see more updates, be sure to subscribe to our YouTube channel! And check out some of our other videos on buying rental properties and real estate investing!
January 24, 2020

Secret Tax Deductions for 2020

Tax Season is just around the corner! That could mean a lot of paperwork and stress… We invited one of our favorite Tax Professional, Steven Hamilton II, EA., to share his SECRET tax deductions for 2020. Watch the Video Version of This Article: https://youtu.be/YsAe46O0_-U 1. Take Advantage of Any Pre-Tax Deductions! There are pre-tax child care deductions and also retirement account contributions. Retirement Accounts such as IRA, 401(k), and Roth IRA are all great vehicles for tax savings while putting your hard-earned money to work! 2. If you’re a W-2 Employee and your Spouse is Self-Employed… There are tax planning strategies that allow for deductions such as medical expenses. Talk to your accountant about medical expenses reimbursements. 3. Home Office Tax Deductions: You can deduct your home office expenses such as computers, office supplies, part of the internet usage expenses, etc. Most individuals don’t know how to fill out the form correctly! Make sure you have a tax professional to help you! 4. If you have a Corporation or you’re a W-2 Employed Worker… Find out if you’re getting reimbursed for expenses. Make sure you create an actual expense reporting. 5. Take Advantage of Contributions to the IRA There’s a secret contribution method called the “Backdoor IRA” which involves in contributing into a traditional IRA then roll those over into a Roth IRA 6. Mega Backdoor Roth IRA – Using a company 401(k), you can contribute larger after-tax amounts to a 401K and then converting those amounts to a Roth IRA. That allows you to contribute $56,000 into a 401(k) Plan 7. Homeownership – You can deduct your mortgage interest and potentially your property taxes. You can use your home as a place of meeting or an event for your business. Take advantage of these loopholes. 8. Business ownership: This can mean driving for Uber, Lyft, or even hosting for Airbnb. You have to have a profit from the business. There are a ton of tax deductions in the world of business ownership. 9. Investing in Rental Properties: You can create income and wealth through rental properties but you can do a lot more of tax deductions through rental properties.