Mitchell Baldridge @baldridgecpa Twitter profile | Pikagi

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Mitchell Baldridge

@baldridgecpa

87,592

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1,140

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935

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I help Business Owners and Real Estate Investors save tax and keep more of their hard earned money. Building Baldridge Financial @recostseg and @betterbkg

Houston, TX

https://t.co/KzdHswGkjX

Joined January 2015

Don't wanna be here? Send us removal request.

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@baldridgecpa

Mitchell Baldridge

2 days

A married maid in heaven - a high earning professional and an RE Pro spouse. Real estate pro status unlocks the ability to offset your ordinary income with the passive losses from real estate. It isn't about having your license, or a certain number of rentals. It is a bright…

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@recostseg

Melanie Baldridge

2 days

Limited partners or investors in real estate deals can absolutely benefit from depreciation. RE Pro Status supercharges this. If you or your spouse are an RE Pro, your LP investments can lead to depreciation offsetting both passive and active income. If you are not an RE Pro,…

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@baldridgecpa

Mitchell Baldridge

2 years

The only remaining stablecoin

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@baldridgecpa

Mitchell Baldridge

10 months

Owning a small business is the best tax deal in America. Whether it's a $10K side hustle or $10MM business, earning business income opens up amazing opportunities for tax savings and wealth creation. Let’s walk through how it works:

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Mitchell Baldridge

2 years

Owning a small business is the best tax deal in America. Whether it's a $10K side hustle or $10MM business, earning business income opens up amazing opportunities for tax savings and wealth creation. Let’s walk through how it works 🧵⬇️

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Mitchell Baldridge

1 year

The only remaining stablecoin

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@baldridgecpa

Mitchell Baldridge

2 years

TIL Donald Rumsfeld included a letter each year with his tax returns disclaiming, “I have absolutely no idea whether our tax returns and our tax payments are accurate.”

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@baldridgecpa

Mitchell Baldridge

1 year

As interest rates rise don’t forget to put extra cash to work in high yield accounts. Here are a few of my favorites:

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@baldridgecpa

Mitchell Baldridge

2 years

After advising hundreds of multi-millionaires, there's one thing they all have in common... They don't only think in terms of Return on Investment, but also consider RETURN ON HASSLE. Here's what that is, and how you can apply it to your wealth building strategy 🧵👇

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@baldridgecpa

Mitchell Baldridge

30 days

As you file your returns this tax season, consider including the "Rumsfeld Memo" - Donald Rumsfeld would attach this letter to his tax return each year. “it is important for you to know that I have absolutely no idea whether our tax returns and our tax payments are accurate.”

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@baldridgecpa

Mitchell Baldridge

1 year

The most incredible fact I have heard of the whole SBF/FTX Fraud - They never had a bank account.. Customer funds were deposited into Alameda Research, and a 'Due to FTX' was booked. They never got around to creating an FTX bank account and moving the cash over. Unbelievable.

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@baldridgecpa

Mitchell Baldridge

2 years

Real estate is one of the most tax advantaged investment strategies out there. Real estate pros buy property using leverage and bonus depreciate to perpetually defer taxes. This strategy is typically available for pros and not ordinary LPs. Short Term Rentals fix this: 🧵👇🏼

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@baldridgecpa

Mitchell Baldridge

2 years

It’s not what you earn, it’s what you get to keep. My 10 favorite tax hacks for business owners:

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@baldridgecpa

Mitchell Baldridge

2 years

It's January 9, 2022, and my crypto bookkeeping for 2021 is done, and my taxes are ready to file. I was dreading this process all last year, but now I have built a system for 2021 and going forward. Here is a thread on crypto tax prep that should save you time and money👇🏼

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@baldridgecpa

Mitchell Baldridge

2 years

The tax lifecycle of real estate: 1. Buy with leverage 2. Cost segregate and depreciate initial capital in 3. Stabilize and borrow tax free against asset 4. Enjoy low tax cashflow year over year 5. 1031 exchange into larger asset, repeat 6. Die and step up basis 7. Heirs repeat

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@baldridgecpa

Mitchell Baldridge

1 year

Incredible that student loan payments have been suspended since March 2020 What happens when these come back online?

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@baldridgecpa

Mitchell Baldridge

3 years

A fundamental tax concept that many people never quite catch that can cost millions in your life (and death). The principle of having a LIFETIME EFFECTIVE TAX RATE LETR - total tax you pay in your life / total income you make in your life Time to think big - 1/n

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@baldridgecpa

Mitchell Baldridge

2 years

It’s not how much money you make, it’s how much money you get to keep. Many people get rich young, but end up paying millions in taxes when they help family or transfer wealth. A thread on how to avoid that👇

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@baldridgecpa

Mitchell Baldridge

7 months

It’s not what you earn, it’s what you get to keep. Whether it's a $10K side hustle or $10MM business, earning business income opens up amazing opportunities for tax savings and wealth creation. My 10 favorite tax hacks for business owners:

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@baldridgecpa

Mitchell Baldridge

3 years

I spend a lot of my time in life thinking about personal finance and tax optimization. See my longer tweets in a thread of threads below. I’ll keep this pinned and updated as I continue sharing ideas.

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@baldridgecpa

Mitchell Baldridge

2 years

The number one question I get as a CPA: Should I open up an LLC? Choosing the right business entity costs a bit, but can save you millions over the life of your business. Time for a thread 👇🏼

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@baldridgecpa

Mitchell Baldridge

2 years

Reminder - you can take advantage of the overnight crypto dip. Crypto is an asset that allows you to tax loss harvest without being subject to the loss sale rule (for now..) Sell your crypto and buy it back, realize the loss. Here are 6 other year end savings tips - THREAD 👇🏼

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@baldridgecpa

Mitchell Baldridge

2 years

It’s not what you make - it’s what you get to keep. I have helped thousands of entrepreneurs save hundreds of millions in tax. A framework for tax planning:

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@baldridgecpa

Mitchell Baldridge

2 years

There's an old saying, "Money can be made in bull markets, but fortunes are made in bear markets." Buying the right asset once in your life can make you a multi-millionaire. As prices adjust, here are 7 strategies you can use to create a win/win and get the deal. /🧵

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@baldridgecpa

Mitchell Baldridge

8 months

Most great businesses end up as real estate businesses, and there's no mistaking why. If you start a great business that kicks off cash, and buy a bunch of real estate as a pro, you can end up with ALL CASH and NO TAX. There are wealthy real estate folks in every town who pay…

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@baldridgecpa

Mitchell Baldridge

10 months

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@baldridgecpa

Mitchell Baldridge

2 years

The checklist: - life insurance - long term disability insurance - umbrella insurance - correct liability limits on property & casualty insurance - named beneficiaries on qualified accounts and policies - a written will - powers of attorney - medical directives - named guardians

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Mitchell Baldridge

1 year

Making a lot of money is great, but keeping it is even better! Here are 5 strategies my small business clients use to take advantage of the US tax code:

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Mitchell Baldridge

2 years

Signs you are getting old: It starts pouring rain outside and your first thought is, “This will be great for the plants.”

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Mitchell Baldridge

1 year

It's not how much money you make - It's how much you get to keep. As we reach the end of the year, there are several things you can still do to lower your tax liability. This is the how and why of what to do before January 1-A thread 🧵

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@baldridgecpa

Mitchell Baldridge

2 years

I prefer Google Meet to Zoom

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@baldridgecpa

Mitchell Baldridge

1 year

The world will never be the same

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@baldridgecpa

Mitchell Baldridge

2 years

Planning Checklist: - life insurance - long term disability - umbrella - correct liability limits on property & casualty policies - named beneficiaries on qualified accounts and policies - a written will - powers of attorney - medical directives - named guardians for kids

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@baldridgecpa

Mitchell Baldridge

2 years

Girdley said if I post this link anything will go viral so here it is. — It’s not what you make, it’s what you get to keep. If you own your own business making 100k, you could save >6k in taxes. With a LLC taxed as an S-Corp. 🧵 📸 @mrmoneymustache

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@baldridgecpa

Mitchell Baldridge

1 year

What's the craziest tax fraud scheme you've ever seen? I once saw a business owner deduct their federal tax estimates on their business returns for years under the deduction line, "Taxes".

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@baldridgecpa

Mitchell Baldridge

9 months

After advising hundreds of multi-millionaires, there's one thing they all have in common... They don't only think in terms of Return on Investment, but also consider RETURN ON HASSLE. Let's walk through a simpler path to growing wealth:

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@baldridgecpa

Mitchell Baldridge

3 years

A lot more clarity today around the American Families Plan, releasing details of the 2021 tax reform. These changes will impact individuals (cap gain and ordinary rates), corporations, estate and gift tax, along with international taxes as well. See a summary🧵 below ⬇️

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@baldridgecpa

Mitchell Baldridge

2 years

One of the most under-utilized tax breaks for high income earners: Donating appreciated assets. Whether it be stocks, crypto or even collectibles, donating, rather than selling these assets is a true win-win-win. Time for a thread 🧵👇🏻

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@baldridgecpa

Mitchell Baldridge

10 months

Any time I consider selling covered calls I remember: 1. There are billion dollar buildings in NYC full of literal geniuses with super computers spending 90 hours a week trying to make $ at this 2. Anything I ever make with my 'strategy' will be totally wiped out by one gap up

@optionscjp

Options selling with Christian

10 months

I think if someone had $200k cash and sold options with it, that’s enough to probably never work again. Given a frugal lifestyle and playing their positions right.. You could make $5k-$10k per month no problem. And it would compound.

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@baldridgecpa

Mitchell Baldridge

2 years

The #1 rule of business - don't run out of money. Having a working capital cycle that works for you can help you win the game. Let me tell you a story..👇🏼

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@baldridgecpa

Mitchell Baldridge

1 year

I have a client that made $6MM last year at his W-2 job who is taking the standard deduction on his return Tax benefits are geared toward business owners, and it’s not even close.

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@baldridgecpa

Mitchell Baldridge

10 months

The taxable brokerage account is under appreciated and under utilized. No limitation on how what you can put in Little compliance or maintenance Access to tax loss harvesting Access to capital gains rates (can be 0%!) No need to wait until you are 59.5 to pull out the money

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Mitchell Baldridge

1 year

I don’t fund an HSA or buy I-Bonds The #1 metric I look at in tax planning - Return on Hassle How much work is this going to take, and what is it going to save me?

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@baldridgecpa

Mitchell Baldridge

3 years

As a financial planner we find our clients are consistently underinsured. Umbrella insurance is an important part of your financial tool kit. Living up to its name, it sits on top of all of your other property and casualty policies providing additional coverage. ☂ 🧵👇🏻

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@baldridgecpa

Mitchell Baldridge

2 years

PSA - no matter what side you’re on.. You have more in common with your neighbor who votes for the ‘wrong’ candidate than you do with the candidate you vote for.

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@baldridgecpa

Mitchell Baldridge

10 months

One of the best parts of owning a small business is the tax write offs and deferral opportunities that open up for you. You can effectively earn less, but come out ahead through tax savings. Here are a few 'tax levers' that we consider for ever client of @betterbkg :

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@baldridgecpa

Mitchell Baldridge

3 years

The checklist: - life insurance - long term disability insurance - umbrella insurance - correct liability limits on property & casualty insurance - named beneficiaries on qualified accounts and policies - a written will - powers of attorney - medical directives - named guardians

@moseskagan

Moses Kagan

3 years

Public service announcement for the youngs: Stop procrastinating & go buy $1-2MM of term life insurance. It’s cheap AF & your family will thank you. (This msg brought to you by my colleague, who let slip that he doesn’t have a policy.)

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Mitchell Baldridge

10 months

Most employees have a home office they can't deduct. Biz owners deduct phone bills, dues, travel, education and legal that would be spent regardless. The other deduction opportunity is business use of your personal assets including the busienss use of your car and home.

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@baldridgecpa

Mitchell Baldridge

10 months

Employment taxes - Employment taxes are 15.3% - Save by opening up an S-Corp and paying yourself a reasonable salary. Business owners are able to bifurcate their employment from their ownership and pay themselves salary, often times saving thousands in employment taxes.

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@baldridgecpa

Mitchell Baldridge

2 years

Most employees have a home office they can't deduct. Biz owners claim phone bills, home office utilities, dues, travel, education and legal that would be spent regardless. The other deduction opportunity is business use of your personal assets including auto and home use.

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@baldridgecpa

Mitchell Baldridge

2 years

@RohunJauhar This is what true leadership looks like

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@baldridgecpa

Mitchell Baldridge

2 years

One of the best parts of owning a small business is the tax write offs that become available to you. You can effectively earn less, but come out ahead through tax savings. Here are a few of my favorites:

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@baldridgecpa

Mitchell Baldridge

3 years

One of the best opportunities out there in the tax code is the tax credit. Rather than a deduction that saves you tax at your marginal rate, a credit is a dollar of tax reduction (or more!) for a dollar spent. One of the best credits out there is the R&D Tax Credit Thread ⬇️

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@baldridgecpa

Mitchell Baldridge

6 months

Any serious business school curriculum should include Tiger Mike's memos

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@baldridgecpa

Mitchell Baldridge

10 months

Last September I sent my buddy a 6 minute video about implementing good/better/best pricing in his service business. Since then he has doubled his revenue through the same customer set, and has made 80k/month the last 3 months. Some thoughts on his massive growth:

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Mitchell Baldridge

9 months

A fundamental tax concept that many people never quite catch that can cost millions in your life (and death). The principle of having a LIFETIME EFFECTIVE TAX RATE LETR - total tax you pay in your life / total income you make in your life Time to think big - 1/n

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Mitchell Baldridge

10 months

My core thesis - 1. Business Ownership is the path to becoming wealthy and saving tax in America 2. Real estate is the way regular folks can defer tax at scale in America 3. Return on Hassle - Spend your time and resources working on big things with unlimited upside

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@baldridgecpa

Mitchell Baldridge

6 months

@Molson_Hart Move the tv into your garage

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@baldridgecpa

Mitchell Baldridge

10 months

Business Expenses - Business income opens up an opportunity that W-2 employees don't have - bonafide business expenses. Of course direct costs incurred are deductible, but there are expenses you already have! Creating business income unlocks pre-tax purchasing power.

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@baldridgecpa

Mitchell Baldridge

2 years

Employment taxes - Employment taxes are 15.3% - Save by opening up an S-Corp and paying yourself a reasonable salary Taxpayers are given the ability to bifurcate their employment from their ownership and pay themselves salary, often times saving thousands in employment taxes.

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Mitchell Baldridge

3 months

The ugliest tax return I have ever seen - A guy that deducted his federal income taxes on the "taxes" line of his Schedule C Did it for years..

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Mitchell Baldridge

1 year

Traders in December

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@baldridgecpa

Mitchell Baldridge

3 years

QBI deduction optimization is a great end of year planning technique For high income SMB owners. When used correctly, optimizing has saved my clients tens and hundreds of thousands of dollars annually. If you are already on it then good for you. If not - thread incoming👇🏻

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@baldridgecpa

Mitchell Baldridge

2 years

Business accounting cheat sheet: 1. Have a separate bank account and credit card 2. Have as few accounts as you possibly need 3. Don’t put personal expenses on your business cards This is the foundation for being able to outsource your accounting and get better information

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@baldridgecpa

Mitchell Baldridge

9 months

The perfect business: - $1 mm/year - 95% margins - 95% recurring revenue - no employees - no customers - no assets - negative working capital - no inventory - no cac - no competition What else am I missing? How does your business stack up?

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Mitchell Baldridge

3 years

Tax free income is hard to beat, right? Tax exclusions are one of the best outcomes you can create. The most common example is an exclusion on your residence - 500k after 2 years! Qualified Small Business Stock provides a less known, much bigger opportunity. /THREAD👇

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@baldridgecpa

Mitchell Baldridge

4 years

Going to try my hand at the long form thread - very open to ideas and feedback: — This is what I am starting to do in my life, and a great tax strategy for business owners and even high income W-2 folks. Here’s how and why:

@baldridgecpa

Mitchell Baldridge

4 years

@sweatystartup Generate cash and tax income from service business. Generate cash and tax loss from real estate (as a pro). End up with all cash and no tax.

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Mitchell Baldridge

10 months

Benefits - SMB owners are able to provide benefits for themselves including medical and retirement. Even better when the business is a solo enterprise. Medical reimbursement plans, SEPs, 401ks, DB Pensions offer potentially hundreds of thousands in tax savings & deferrals.

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@baldridgecpa

Mitchell Baldridge

2 years

Business Expenses - Business income opens up an opportunity that W-2 employees do not enjoy - bonafide business expenses. Of course direct costs incurred are deductible, but many expenses exist in your life already. When you have business income you get to buy before tax.

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Mitchell Baldridge

10 months

Business Assets - There is also the opportunity to own your own real estate with your business. Owning your RE direct in your business allows the expenses to be deductible and/or qualify for 199A - follow @recostseg for more! Business SUVs also qualify for bonus/179

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@baldridgecpa

Mitchell Baldridge

2 years

Let's start by defining the term - Return on Hassle (ROH) -- The amount of money you will save or earn divided by The time, money, and brain damage it takes to get there As your net worth and tax burden grow, you can spend more on the denominator to drive the numerator

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Mitchell Baldridge

8 months

Everyone loves tax deferred accounts. Your 401k, IRA, 529s and the like all offer a great incentive. Tax Deferred Compounding! One of the tradeoffs is you have to plan for Duration Risk. Every one of these accounts has to be optimized and planned around. Let's talk about it -

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Mitchell Baldridge

6 months

Did you know you can move to Puerto Rico and pay NO TAX on dividends, interest and capital gains? Beyond that you will pay 4% tax on all of your business income and earnings. This is probably the best example of the concept of Return on Hassle.

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Mitchell Baldridge

8 months

It’s not what you make - it’s what you get to keep. I have helped thousands of entrepreneurs save hundreds of millions in tax by planning ahead. My favorite framework for tax planning uses three mechanisms - 1. AVOID 2. DEFER 3. MINIMIZE Let's dig in and save: Rule #1 -…

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Mitchell Baldridge

4 years

@sweatystartup Generate cash and tax income from service business. Generate cash and tax loss from real estate (as a pro). End up with all cash and no tax.

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Mitchell Baldridge

1 year

Reminder - If you are young and healthy, term life insurance can help your family during one of the worst experiences life can bring. And it’s not expensive..

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@baldridgecpa

Mitchell Baldridge

2 years

99% of business bookkeeping is having a business credit card and not putting your kids' haircuts on it.

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@baldridgecpa

Mitchell Baldridge

2 years

Over-working and playing status games - Money is designed to help you live a good life. Once you have won the game, it might be better to focus on other areas. Too much of anything can make you sick.

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Mitchell Baldridge

3 years

I was at the Whataburger today in Houston and overheard a patron talking to his colleagues about how his startup saved 100k via an underutilized tax credit. Then he said he read it from some guy on Twitter named “Baldwin” CPA. I smiled, grabbed my burger, and walked away.

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Mitchell Baldridge

10 months

95% of building savings is systematically hiding money from yourself before you realize you could spend it.

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Mitchell Baldridge

10 months

Other - Many other ways to save are out there. - Choosing your entity type, year end, accounting methods - R&D credits - Qualified Business Income Deduction (~29% tax rate) - Hiring your spouse/kids to work in your business Just to name a few.

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@baldridgecpa

Mitchell Baldridge

2 years

Business Assets - There is also the opportunity to own your own real estate in your business or alongside (see my pinned tweet for more..) Owning your RE direct in your business allows the expenses to be deductible and/or qualify for 199A Business automobiles also qualify!

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@baldridgecpa

Mitchell Baldridge

2 years

Benefits - SMB owners are able to provide benefits for themselves including medical and retirement. Even better when the business is a solo enterprise. Medical reimbursement plans, SEPs, 401ks, DB Pensions offer potentially hundreds of thousands in tax savings & deferrals.

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@baldridgecpa

Mitchell Baldridge

3 years

A lot of folks reach out to me in the process of buying their business looking for help on due diligence. I admittedly stand in the “don’t buy, build” camp for the most part, but have had many clients and friends do well ignoring my bias. Some thoughts on buying -

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Mitchell Baldridge

2 months

People ask me often what is the best way to save money on taxes. My answer is always the same: All tax savings strategies eventually lead to real estate. Become a real estate professional, buy real estate, depreciate it, use losses to offset other gains. Bonus depreiciation…

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@baldridgecpa

Mitchell Baldridge

1 year

A boring accounting principle that wealthy folks love. The Deferred Tax Liability: I worked in corporate tax before I started my own firm, and never understood how this concept would translate and shape to how I think about tax planning. Especially in a high interest…

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Mitchell Baldridge

3 months

It’s pretty simple really - “Just run your business as if: 1. You own 100% of it; 2. It’s the only asset in the world that you or your family have or will ever have; and 3. You can’t sell it for at least a century” - Warren Buffett

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Mitchell Baldridge

2 years

2 types of people in this world - 1. Those that if left to their own devices will basically take no deductions. 2. Those that will try to deduct their dog's haircut.

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Mitchell Baldridge

1 year

@chernobelskiy Government guarantees and no bankruptcy allows this👍

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Mitchell Baldridge

4 months

18 months ago, my business was stuck. Revenue was flat because we couldn’t find great talent to meet demand. Since then we have hired over 50 people in our portfolio companies and doubled our revenue. All with just one shift in my hiring approach. Steal my hiring blueprint:

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@baldridgecpa

Mitchell Baldridge

4 years

Owning and operating a SMB is the best tax deal in America. — Whether you have a $10,000 side hustle or $10MM enterprise, earning business income opens up amazing opportunities for tax savings and wealth creation. Let’s walk through how it works (thread below ⬇️)

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@baldridgecpa

Mitchell Baldridge

10 months

Reminder - your life events will drive your tax rate. This presents a huge opportunity: Defer during high earning years. - Save into 401ks/IRAs - Buy/depreciate property - Give to charity/DAFs Recognize during low earning years: - Roth contributions/conversions - Tax…

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@baldridgecpa

Mitchell Baldridge

17 days

RIP business owners this week

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Mitchell Baldridge

3 years

Most of tax planning is time and rate arbitrage. Pay the tax you owe at the lowest rate possible as far into the future as you can.

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@baldridgecpa

Mitchell Baldridge

3 years

One of the biggest pitfalls I see with new SMB and Solopreneur clients is bad bookkeeping. Bad books show up in many way, but ultimately carry the same nasty effect: They screw up your business. More on the root cause and potential solutions in a THREAD on bookkeping! 🧮 🧵👇🏼

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@baldridgecpa

Mitchell Baldridge

3 months

People love to knock lifestyle businesses where you ‘own your own job’ I have met hundreds of people over the past few years that make >250k, set their own schedule, and mostly do work they like Is that something we should look down on?

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Mitchell Baldridge

3 months

@ClintFiore Always preferred Hagen Dazs. It checks out.

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Mitchell Baldridge

5 months

Being willing and able to sit in uncertainty is a superpower Most people hate it so much that they will rush to sub optimal outcomes

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Mitchell Baldridge

2 months

My core thesis - 1. Business Ownership is the path to becoming wealthy and reducing taxes 2. Real estate is the way regular folks can defer tax at scale in America 3. Return on Hassle - Spend your time and resources working on big things with unlimited upside

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Mitchell Baldridge

2 years

@MrJacobEspi It’s a matter of life and death

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Mitchell Baldridge

8 months

Exciting news - My friend @HambrickScott and I have been working on a podcast! It’s called Stupid Tax - covering taxes, small businesses, and a whole lot more. Episode 1 kicks off this week. Available wherever you get your pods.

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Stupid Tax: Stupid Tax: A Show About Small Business

Welcome to the Stupid Tax podcast, a show all about small business. The world's most famous accountant, Mitchell Baldridge, and lifetime small business owner Scott Hambrick dive into all aspects of...

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Mitchell Baldridge

2 years

Other - Many other ways to save are out there. - Choosing your entity type, year end, accounting methods - R&D credits - Qualified Business Income Deduction - Hiring your spouse/kids to work in your business Just to name a few.

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