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Self employed invoice for Purchasing

[Music] chris is with us cleveland ohio hi chris what's up hi dave thanks for taking my call i'll try to be as brief as possible um my question is my wife and i over the last two and a half years have really focused in on the steps and have been in the situation where now we financially were able to pay off the house last fall we have no credit card debt and it seems to me at this point where our income levels are she had recently gotten promoted about two years ago that now we're getting just absolutely at the end of the year crushed and having to write big checks for taxes and i guess my question is i mean is is potentially looking into an llc with some rental properties even something that should be on the table to even look at well an llc doesn't change the taxes at all you can own the rental property in your personal name yeah well tax wise it doesn't change the taxes one bit protection wise it's good to put rental property in there from a risk management standpoint somebody falls and breaks their face on that property then they can sue only the owner of that property which happens to not be you have to be an llc so they don't come take your personal vehicle so from a risk management standpoint i no longer own anything i'm completely poor a company that i own owns everything you know so i've got this stack of llc's it's ridiculous my cars are even owned by llc's now so uh but that's just because you know i'm now i'm at a point that i'm a target for lawsuits uh because it's like oh dave ramsey bumped into my car you know so it's easier than winning the lottery who needed a job so um anyway but you're not gonna quite be that way with one rental property of course we're gonna tell you to pay cash for the rental property or not buy it and don't do things that don't make economic sense only for tax reasons okay and if you get tired of paying taxes and mad about paying taxes like i have and like you are you can go that way and i have found myself tempted to enter into things that really don't make any sense except the fact that they are a huge tax write-off and so i i don't do i would rather just give it a charity and then you can write it off you know then i would go lose it and do something bogus that gets me in a bind later in order to get a write-off so as long as you're paying cash for the rental yeah throw it in an llc for risk management doesn't change taxes same depreciation schedule either way it's all passed through on an llc it still lands on your personal return doesn't change the stinking thing as far as that goes but yeah it's okay to start talking about doing that um and it is one of the benefits of owning some real estate and i'd talk with a tax pro if you don't have one already you can jump onto ramseysolutions.com but working with one of those elps they can look at your whole situation and go oh here's a spot you missed here's a spot we can save you on taxes here's how to lower your taxable income so that could help if you're not already working with a pro yeah and this idea that the rich don't pay taxes um is 98 hogwash i pay so much in taxes i can't breathe i pay more in taxes in a year than i made in the first 10 years of my working life wow i mean so the idea that rich don't pay taxes absolutely and i'm really good at this stuff so it's just asinine that you know well warren buffett's secretary pays at a higher rate than he does yeah he lives off capital gains which is a 15 rate but it's 15 of a billion and he's not he the only thing he has are investments he has no earned income only investments so at a higher rate yes but the secretary doesn't have a billion dollars that she's living off of and so she's paying ordinary income so that's just a bogus argument too well that's not fair it's absolutely fair it's the tax code sorry boys and girls