Tax Free Living w/ Carter Cofield

Save $40,000 As A Homeowner With the S.A.L.T. Deduction!

Mon, 09 Feb 2026 19:40:15 +0000

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Join us for the 5-Day Wealth Workshop and learn how to apply what you’ve heard on the show.

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Most homeowners hear about the $40,000 SALT deduction for 2026, but very few understand how it actually works — or why so many people will miss it entirely.

In this episode, we break down what changed, who truly qualifies, and the specific tax decisions that determine whether this deduction helps you or quietly disappears. If you own a home and expect to itemize, this is one of those rules you need to understand before you file, not after.

This isn’t about loopholes or aggressive tax strategies. It’s about understanding the tax code well enough to avoid leaving money on the table in 2026.

Timecodes

00:00 Introduction to $40,000 SALT deduction

01:27 What SALT deduction includes

02:35 Itemizing deductions vs standard deduction

03:07 Changes with the Big Beautiful Bill

04:22 Income phase-out limits explained

05:25 Who benefits from the enhanced SALT deduction

06:28 Real-world SALT deduction example

07:07 Who does not benefit from SALT deduction

08:03 Client case study: $10,000 tax savings

09:18 Key takeaways and CPA advice

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Trump Accounts : How They Can Change Your Child's Life Forever!

Mon, 02 Feb 2026 19:38:39 +0000

This is where the Melanin Money strategies come together.

Join us for the 5-Day Wealth Workshop and learn how to apply what you’ve heard on the show.

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Most parents want to set their kids up financially, but many don’t realize a brand-new, federally supported investment account even exists. Missing it could quietly cost their children hundreds of thousands — or more — over time.

In this episode, we break down what the Trump account is, who qualifies, how to set it up step by step, and how compounding can turn a small early start into generational wealth. If you’re a parent planning for your child’s future, this is information you don’t want to miss.

Timecodes

00:00 Introduction to the Trump account for kids

01:32 What is the Trump account and eligibility

02:02 How the account works and government funding

03:43 How to set up the Trump account

05:12 Filling out IRS form 4547 details

07:19 Recommended investment strategy

09:29 Dollar cost averaging and automation tips

10:00 Compound interest growth projections and benefits

13:07 Importance of generational wealth and closing remarks

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Your LLC Payment Method Is Triggering A Massive Tax Bill!

Mon, 26 Jan 2026 19:34:19 +0000

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Join us for the 5-Day Wealth Workshop and learn how to apply what you’ve heard on the show.

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Most LLC owners don’t realize that how they pay themselves matters more than how much they make. Paying yourself the wrong way can trigger higher taxes, weaken your liability protection, and create serious problems with the IRS.

In this episode, we break down how LLC owners should actually pay themselves, why common methods lead to costly mistakes, and what changes in 2026 make this even more important. You’ll learn the difference between distributions and payroll, how profits are taxed, and when an LLC might need a different structure to reduce unnecessary taxes.

If you own an LLC and want to keep more of what you earn in 2026, this is a conversation you can’t afford to miss.

Timecodes

00:00 Importance of paying yourself from LLC

00:42 Introduction and host background

01:26 Steps to properly structure your LLC

02:48 How to pay yourself: owner's draw explained

05:00 Taxation on LLC profits and distributions

06:30 Best practices for paying yourself and tax savings

07:31 LLCs and tax savings misconceptions

09:40 Using S-Corp election to reduce taxes

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2026 Is Not the Year to Miss These 5 Write-Offs

Mon, 19 Jan 2026 18:14:47 +0000

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Join us for the 5-Day Wealth Workshop and learn how to apply what you’ve heard on the show.

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Most LLC owners overpay the IRS because they miss deductions the tax code already allows. In this episode, we break down the write-offs that matter most in 2026 and why ignoring them can quietly cost you thousands.

If you own an LLC and want to stop leaving money on the table, this episode shows what to focus on before you file.

Chapters

00:00 Introduction to missed LLC tax deductions

00:25 Overview of 5 key tax deductions for 2026

01:23 Big three tax-free wealth framework strategies

01:50 Strategy 1: The Augusta rule for home rental

05:14 Strategy 2: Employing your children for tax benefits

08:27 Strategy 3: 100% bonus depreciation explained

11:34 Strategy 4: Maximizing the QBI deduction

12:54 Strategy 5: Turning personal trips into business travel deductions

How to Pay Yourself Correctly From an S-Corp in 2026

Tue, 30 Dec 2025 17:00:00 +0000

This is where the Melanin Money strategies come together.Join us for the 5-Day Wealth Workshop and learn how to apply what you’ve heard on the show.Sign up here ⬇️https://www.joinwealthworkshop.com/register?el=video2122525&utm_source=direct_to_ticket&utm_medium=ytMany S-Corp owners get into IRS trouble not because they’re doing something illegal, but because they pay themselves the wrong way. In this episode, we explain how S-Corp pay actually works, why the IRS focuses on owner compensation, and what mistakes raise red flags.If you own an S-Corp or plan to set one up, this episode shows how to pay yourself correctly and avoid problems before they start.Chapters00:00 Risks of improper S-Corp owner salary00:23 Overview of paying yourself from S-Corp01:10 Step 1: Setting up payroll software01:55 Step 2: Determining reasonable salary02:40 Using Kohler payroll matrix explained04:26 Step 3: Payroll payment frequency05:38 Owner's distribution vs payroll salary06:49 Avoiding IRS audits and compliance tipsFollow us for more valuehttps://www.instagram.com/cofield_advisor/?hl=enhttps://www.instagram.com/georgeacheampongjr/?hl=en

You Gave the IRS $30,000 for Free (Tax Season 2026)

Tue, 23 Dec 2025 18:00:00 +0000

Book a strategy session with the team: https://www.cofieldspeaks.com/optinxdx5e5vf?el=video2112425A big tax refund usually means you overpaid the IRS. In this episode, we explain how a $30,000 refund happened, why it wasn’t luck, and what mistakes caused that money to be paid in the first place.We break down how income, write-offs, and filing choices can quietly work against you if you don’t understand how the system works. If you’re self-employed or a high earner, this episode shows why refunds happen — and how to stop giving the IRS an interest-free loan.Chapters00:00 Introduction to $30,000 tax refund secret00:36 Understanding tax refunds and overpayment01:14 How to keep your money instead of IRS01:44 Client case: W2 to 1099 contractor transition03:19 Three levels of tax saving strategies04:16 Turning personal travel into business deduction05:46 Home office deduction explained07:18 Vehicle expense deductions08:48 Tax-deductible education expenses09:44 Self-employed retirement account benefits10:22 Health insurance and HSA deductions11:22 Summary of all new tax deductions12:02 Client’s tax bill to refund transformation12:44 Using tax opportunity account instead of prepaying13:47 Call to action and closing remarksFollow us for more valuehttps://www.instagram.com/cofield_advisor/?hl=enhttps://www.instagram.com/georgeacheampongjr/?hl=en

Why December Is the Most Powerful Month to Lower Your Taxes

Mon, 08 Dec 2025 17:00:00 +0000

Book a strategy session with the team: https://www.cofieldspeaks.com/optinxdx5e5vf?el=video2112425December creates a unique financial window that doesn’t exist the rest of the year — and most people don’t realize what’s possible until it’s already gone. In this episode, we break down what makes end-of-year planning so powerful, how certain tax and business strategies only work in December, and why waiting until January can mean missing opportunities entirely.We also discuss how business owners and investors use timing, asset purchases, and specific deductions to shift how much they owe and how much they keep. If you’ve ever wondered why the smartest financial moves seem to happen quietly at the end of the year, this conversation explains exactly why December is different.Chapters00:00 Introduction to 100% tax write-offs00:22 Focus on vehicle tax deductions00:37 Host introduction and tax savings overview01:14 Year-end tax strategies preview01:43 Vehicle deduction myths debunked02:14 IRS requirements for vehicle write-offs02:48 Deductible vehicle expenses explained03:39 Bonus depreciation for heavy vehicles04:14 Challenges proving 100% business use04:44 Explaining the December loophole05:23 Proving business use for partial year06:00 Benefits of buying vehicle late in year06:20 Client example using December loophole07:11 Hiring spouse and vehicle purchase strategy07:58 Tracking business use with mileage IQ08:25 When to use December loophole wisely09:09 Call to action and subscription requestFollow us for more valuehttps://www.instagram.com/cofield_advisor/?hl=enhttps://www.instagram.com/georgeacheampongjr/?hl=en

Turn Holiday Trips Into Tax Deductions (Most People Do It Wrong)

Mon, 24 Nov 2025 17:00:00 +0000

Book a strategy session with the team: https://www.cofieldspeaks.com/optinxdx5e5vf?el=video2112425Most families spend thousands on holiday trips — and never realize the IRS would have covered much of the cost. In this episode, we break down the exact strategy business owners use to turn normal vacations into legitimate, tax-deductible board meetings. From flights and hotels to meals and Airbnb stays, the tax savings can be massive when the rules are followed correctly.You’ll learn how the “Board of Advisors” strategy works, what documentation you need, how to pass the IRS’s primary purpose test, and how one trip created over $12,000 in deductions. If you want to travel more, spend less, and use the tax code the way it was designed, this is the breakdown you need before booking your next family vacation.Chapters00:00 IRS can help pay for family vacations00:30 How to implement tax strategy this holiday01:18 Small business owners missing deductions01:45 Create a board of advisors for deductions02:30 Host board meetings anywhere worldwide02:50 Flights, hotels, meals tax deductible03:24 Primary purpose test for business trips04:44 Documentation needed for tax strategy06:57 Case study: board of advisor vacation08:15 Conducting business meetings with AI notes09:24 Tax savings from deductible expenses10:21 Building generational wealth with strategy10:46 Call to action: subscribe and shareFollow us for more valuehttps://www.instagram.com/cofield_advisor/?hl=enhttps://www.instagram.com/georgeacheampongjr/?hl=en

How One Wrong Move Can Cost Your Children Six Figures

Mon, 10 Nov 2025 17:00:00 +0000

Join us on November 22nd as we host out 1 Day Workshop from 10am - 5pm EST as we teach you not only how to build wealth but to save on taxes 👇https://www.joinwealthworkshop.com/register-now?el=video2111025Most parents don’t realize this — but one decision about your home could cost your children $180,000 or more in unnecessary taxes.In this episode, Carter Cofield breaks down one of the most misunderstood parts of estate planning: the powerful “step-up in basis” rule that determines whether your kids inherit your home tax-free or inherit a massive IRS bill instead.Using real examples and simple explanations, he shows how wealthy families use living trusts and timing to protect their estates — and why gifting your home early is one of the most expensive mistakes you can make.If you care about protecting your family’s future, this is a video you cannot afford to skip.Timecodes00:00 Costly tax mistakes in home inheritance00:25 Passing your home right vs wrong01:01 Gifting home early can cause big taxes01:30 Understanding step up in basis explained02:56 Example: gifting home vs inheritance04:04 Using revocable living trust benefits06:25 Steps to pass home tax-free07:13 Summary: avoid tax by waiting to inheritFollow us for more valuehttps://www.instagram.com/cofield_advisor/?hl=enhttps://www.instagram.com/georgeacheampongjr/?hl=en

LLC Owners: You’re Losing $10K+ in Taxes Every Year (Fix It Now!)

Mon, 27 Oct 2025 16:00:00 +0000

Finally, The Step-By-Step Blueprint To Build Tax-Free Wealth So You Can Reach Financial Freedom FASTER: https://www.joinwealthworkshop.com/register?el=video2102725&utm_source=direct_to_ticket&utm_medium=ytCertified CPA Carter Cofield is here today with probably our best episode yet of Tax-Free Living! Figuring out how to change your LLC to an S-Corp is such a hotly requested topic, that we decided to make a STEP-BY-STEP walk-through! Carter breaks out the official documents themselves and goes over everything you'll need to do to not only switch over, but save THOUSANDS in taxes at the same time!--- What's up family and millionaires in the making! 💰 Thank you for tuning in to this video, be sure to LIKE and SUBSCRIBE to the channel for more and upcoming valuable information! Chapters00:00 Introduction to upgrading LLC to S corporation01:19 When to upgrade LLC to S corporation02:20 Why upgrade to S corporation saves taxes03:46 Self-employment tax savings explained04:55 Filling out IRS Form 2553 walkthrough06:34 Important IRS deadlines and election rules08:46 Signature requirements and form submission10:56 Summary and encouragement to DIY upgrade

Most Families Lose Their Wealth in One Generation — Here’s How to Stop It

Mon, 13 Oct 2025 20:31:37 +0000

Book a strategy session with the team: https://www.cofieldspeaks.com/optinxdx5e5vf?el=video2Most people spend their entire lives building wealth — only for their kids to lose it.In this episode, Carter Cofield breaks down the most powerful wealth strategy of the 1%: Buy. Borrow. Die. It’s how the wealthy build tax-free, debt-free wealth that keeps growing — even after they’re gone.You’ll learn how billionaires like Elon Musk and Jeff Bezos use this exact playbook to access millions in cash while paying zero taxes… and how you can apply the same principles to protect your family’s future.From step-up in basis to life insurance leverage, this episode walks you through how to make your money outlive you — and finally build the kind of generational wealth that lasts forever.If you’re serious about building a legacy, this might be the most important video you ever watch.Chapters0:00 Introduction to buy, borrow, die strategy1:03 Mindset differences on purpose of money2:31 Buy: acquiring appreciating assets3:01 Borrow: accessing cash tax-free via loans4:11 Die: step up in basis and tax benefits6:08 Using life insurance to cover debt7:18 Real client example of strategy success10:13 Encouragement to apply strategy

LLC Owners Are Paying Themselves Wrong — And It’s Costing Them Thousands

Mon, 29 Sep 2025 22:11:43 +0000

Book a strategy session with the team: https://www.cofieldspeaks.com/optinxdx5e5vf?el=video2Most LLC owners are unknowingly paying themselves the wrong way—and it's costing them thousands in taxes and creating unnecessary risk with the IRS. In this episode, CPA Carter Cofield breaks down the #1 mistake he sees business owners make when taking money from their company, and what to do instead to stay compliant, avoid audits, and keep your books clean.You'll learn why payroll is the wrong strategy for single-member LLCs, how to correctly use owner’s draws, and how one simple misstep nearly landed a client in hot water with the IRS. If you’re running an LLC and want to avoid back taxes, penalties, and confusion, this video could save you thousands.Chapters0:00 Common LLC owner payment mistakes00:27 Importance of correct LLC owner payments00:57 Small business tax advantages overview01:55 Why LLC owners should not run payroll03:56 LLC tax classifications and payroll rules04:56 Proper way: owner's draw explained05:52 Benefits of paying yourself correctly06:46 Summary and next steps for LLC owners

How Your Kids Can Legally Save You Thousands in Taxes 2025

Mon, 22 Sep 2025 10:30:00 +0000

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Want to save thousands in taxes using strategies most parents miss?

In this episode, tax strategist Carter Cofield reveals 5 legal and proven ways your kids can help you slash your tax bill in 2025.Learn how to:

- Maximize the Child Tax Credit (worth up to $2,200 per kid)

- Get reimbursed for childcare expenses and summer camp- Legally put your kids on payroll and shift income into a 0% tax bracket

- Use a 529 Plan to save tax-free for education or a Roth IRA- Deduct medical expenses you’re probably missing

These aren’t loopholes — they’re IRS-approved, and time is running out to use them before year-end.

Chapters

0:00 Introductions

0:47 Child Tax Credit

3:37 Child & Dependent Care Credit

5:57 Hire Your Kids

8:08 529 College Savings

10:26 Medical Expenses