yay taxes 😭 #tiktokshop #tiktokshopaffiliate #tiktokshopaffiliatepilotprogram #ttshop #contentcreator

I'm going to owe roughly half a million dollars in taxes by the end of the year. So I went to the best CPA that I could find and the best entrepreneur that I could find and ask them what they would do if they were in my shoes. This is not financial advice but it's super interesting what they told me. They're very different answers. Basically the CPA gave me three different things he would be thinking about if he were in my shoes. Number one, file for an escorp already did this but once you do that you can put yourself, I'm going to put myself, I'm going to put my wife on a payroll. Being on a payroll really helps with the self-employment taxes for the remainder of your income that you're not paying yourself. You can also pump a lot of the money that you pay yourself into a 401k. The number two thing he told me is buy a super heavy car so that you can write that off inside of the first year after buying it and needs to be for business purposes. And number three, the most exciting is to get into rental real estate but it's so freaking hard to find a good deal nowadays. Short-term and long-term rentals are handled differently generally speaking you need to be the majority manager of the property but you should be able to accelerate the depreciation of that property of the purchase price within the first year if you get into rental real estate which can be huge. Imagine getting like an 800,000 dollar lake house. Okay not very sexy I know but then I talked to the entrepreneur. The entrepreneur made me think about it a little bit differently. He said if someone just now got into the TikTok shop do you think that you would mop the floor with them? I was like once in a while there's someone who just has an explosive start. They hit the ground running but yes generally speaking I'm going to have the advantage over someone who just started. So then he said the people who do rental real estate in your area are going to mop the floor with you. He said not only are you going to be competing against people who truly play ball in your area but also what's the opportunity cost of you carving out 20% of your time for the next month to find the right property I don't know. So then naturally I'm like what do you recommend then? And he was like it's simple invest in yourself. He then gave me just a couple examples that freaking blew my mind. He said do you have anybody coming over to your house to clean up after you when you're done shooting for the day? When you're done filming what happens? Does anyone come over to your place and tear down all those boxes for you or are you doing that every single week? Let's talk about creative ideation. Do you have anyone who's scouring YouTube or scouring Instagram for videos? Not even ads just videos that could maybe be inspiration for something that could go viral for you in your tech talk shop video. He's like you're super busy you might not even look at it every week but imagine just having a dialed saved folder of potential in spell and it's all being done for you. You guys none of this is the right answer none of this is the wrong answer but it's definitely worth thinking about we're heading into Q4 people have really high goals I know I do and how you spend your money is important so just want to share.