1. Marc Brodnax, Owner Registered Tax Preparer & Wealth Manager
CORNERSTONE TAX GROUP
Marc Brodnax, Owner
Registered Tax Preparer & Wealth Manager

2. HOW MUCH MONEY WOULD YOU HAVE TO MAKE IN ORDER TO LIVE OFF THE INTEREST FOR THE REST OF YOUR LIFE?

3. $8.2 MILLION

4. WHAT WE DO Expense Management Reviewing & Paying Bills
Maintaining Records
Monthly Financial Summary
Cash Flow Statement
Tax Projection Report
Second Career Management
CTG prepares you for your “After Career.” You have planted a tree, watched it grow to its highest peak and now it is time to branch out. Here we are more than willing to help you explore and plant more seeds around your starting point as time progresses.
Marketing Management
Non Profits
Social Media Education
Speaking Engagements

5. FINANCIAL CHECKLIST Cornerstone Tax Group Marc Brodnax, Owner
@MHBSports
(310)
FINANCIAL CHECKLIST
Separate Your Credit Cards & Accounts
Monthly Meeting With An Advisor
Set Basic Financial Goals
Set Up A Fixed 2 Year Budget
Make Yearly Tax Projections

6. YOUR TEAM OWNER (You) CPA/TAX PREPARER/ENROLLED AGENT
REGISTERED INVESTMENT ADVISOR/STOCK BROKER
TAX ATTORNEY
INSURANCE AGENT

7. REPORTING TO GOVERNMENT AGENCIES
United States Treasury (IRS)
Franchise Tax Board (State of CA)
City of Los Angeles, Culver City for Business
CA Department of Tax and Fee Administration (CDTFA) Employment Development Department (EDD)
Los Angeles County Tax Assessor

8. 10 THINGS TO DO AFTER YOU INCORPORATE
Issue stock or membership certificates
Draft bylaws or operating agreement
Designate the company’s management
Obtain applicable business licenses
Register in additional states (if necessary)
Maintain a minute book
File amendments (if required)
File “Doing Business As” names (if required)
Maintain a registered agent
Hold annual meetings

9. INDEPENDENT CONTRACTORS VS EMPLOYEES

10. CLASSIFICATION: EMPLOYEE
Obtains a W-4
Taxes paid by employer (Medicare and Social Security)
IRS 1040
All income is taxed worldwide

11. CLASSIFICATION: INDEPENDENT CONTRACTOR
Obtains a W-9
You pay all taxes every quarter for social security and medicare
Keep good records of all income and expenses
Reporting income
Structure (S Corp, LLC, Sole Proprietor)
Forms (Schedule C, 1120, 1120s, 1065)
Separate business accounts

12. What Is Considered An Expense?
Office Space ($5 per sq.ft or max $1500)
Equipment
Phone lines
Mileage (XeroTax Touch)

13. BUDGETING
Manilla
Money Strands
Trim
Mint

14. Accountability and Goals
Strategic Financial Plan/Budget
Savings Account
Retirement/Benefits
6mo. to 2 Years Savings

15. STRATEGIC FINANCIAL PLAN
Bottom Up/Top Down Budget
Property Taxes
Baby Boomers (26%), Gen X (32%), Millennials (18%)
50% of all jobs will be in the gig economy by 2020

16. RETIREMENT/BENEFITS Tax Advantage Accounts IRA Solo 401k SEP IRA
Non Tax Advantage Account
Roth IRA
Health Insurance
Rule of 72
An investor who invests $1,000 at an interest rate of 4% per year, will double their money in approximately 18 years. 72 / 4 = 18

17. New Tax Laws vs Old Tax Laws
Tax Cuts and Jobs Act ( )
Corporate Tax Rate Decreased 35% to 21%
Top Individual Tax Rate Decreased 39.6% to 37%
20% Deduction Of Qualified Business Income
Allows Full Expensing Of Short Lived Capital Investments For 5 Years
Limits The Deductibility Of Net Interest Expense To 30% Of Earning Before Interest, Taxes, Depreciation And Amortization For 4 Years

18. 1040 & SCHEDULE C

19. ALTERNATIVE MINIMUM TAX

20. DOMICILE: noun, verb
A legal term that does not have the same meaning as residence. Some states (including CA) make a distinction and view them as two separate concepts. For tax purposes, domicile is the place where an individual voluntarily establishes his/her true, fixed, permanent home and principal establishment, and to which place he/she has, whenever absent, the intention of returning. It is the place in which an individual has voluntarily fixed the habitation of self and family, not for a mere special or limited purpose, but with the present intention of making a permanent home, until some unexpected event shall occur to induce an adoption of some other permanent home. (18 Cal. Code Regs (c))

21. OBAMA TAX RETURN

22. BUSH TAX RETURN

23. CAPITAL SUFFICIENCY
HOW IS YOUR BUSINESS GOING TO SURVIVE IF NO ONE PURCHASES YOUR PRODUCTS OR SERVICES?

24. QUESTIONS? Twitter: @MHBSports LinkedIn: Marc Brodnax
QUESTIONS?