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Word is Out

Today The Wealthy Accountant has been exposed in his first ever podcast! (Why am I talking in third person about myself?) In January at Camp Mustache SE Jonathan asked me if I would do a podcast with ChooseFI. Brad loved the idea too. I agreed. A month ago the podcast was recorded. Then, through the magic of editing, Jonathan and Brad made me look good. Thanks guys!

Today is Memorial Day in the States and my intention was to take a day off from my publishing schedule, but with the podcast out I wanted my kind readers to have a chance to enjoy the podcast.

Enjoy, everyone. I’ll be back Wednesday with a Camp Mustache IV roundup.

P.S. I enjoyed doing the podcast and am open to doing more for other podcasters too. (Brad and Jonathan nailed me down for additional podcasts for ChooseFI.)

Jonathan Mendonsa

Thursday 1st of June 2017

I had a follow up question on leasing a room in your house to your S-corp. Does that transfer the tax liability to your personal tax filing. i.e. you deduct $6,000 as a business expense in rent. but now you have 6,000 that you have to claim as income on your 1040. (25% marginal tax bracket) ...

am I understanding that right?

Keith Schroeder

Thursday 1st of June 2017

Jonathan, the business deduction is income on the personal return. You also now deduct a pro-rata portion of the mortgage interest, property tax, insurance, repairs, et cetera. Your understanding is right. The advantage is smaller with an S corp, but opens up possibilities for future tax savings. That is a much longer story for another day.

M Bowden

Tuesday 30th of May 2017

Interesting comments regarding the Roth conversion ladder being low hanging fruit. I've always wondered about that reading Mad Fientist.


Monday 29th of May 2017

Great podcast! Question in regards to LLC to S Corp: Why not do this with an LLC which is in place for property rental ownership and management? Thanks!

Keith Schroeder

Monday 29th of May 2017

The explanation is long, Heath. The short version is you never, ever, ever, ever, EVER put real estate inside an S corp (or LLC treated as an S corp.). You could end up a personal holding corp and other nasty surprises when the property is sold. I need to write a post focusing on why you don't do this. It takes time to flesh out. I'll add it to my queue.