How Income and Property Taxes Work in Your Land Business 2021 (LA 1433)

Transcript: Steven Jack Butala: Steve and Jill here. Jill DeWit: Hi. Steven Jack Butala: Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala. Jill DeWit: And I'm Jill DeWit, broadcasting from sunny Southern California and awesome, cool Arizona. Steven Jack Butala: Today, Jill and I talk about how income and property taxes work in your land business in 2021. Why? Because all week this week, Jill and I were talked into talking about the most boring things possible in the land business. What's not boring in the land business, making hoards of money. Jill DeWit: Boy, am I excited about this show. Steven Jack Butala: If I could write a topic and no one had any say in it, specifically our customer service people, here's the topic. This is how much money you're going to make next month. That's a whole topic. Jill DeWit: Oh, this is good. Do you know what mine would be? Steven Jack Butala: All you got to do are these three things and that's it. That's a whole topic. But no, we have to talk about taxes today. Jill DeWit: Wait, wait, wait. I want one. Mine would be, this is how to replace your income times two and cut your hours in half. I will show you. Steven Jack Butala: Here's another one. What to do with all the time that you're going to have when you're rich. Jill DeWit: Or what boat works best in X conditions? Steven Jack Butala: I like those. Let's take a look in Jill's garage. That's another show. Jill DeWit: That's right. That's perfect. You know what's funny? Seth did this a couple, like a year ago. Seth bought a new big house in Michigan, right? I don't know if you saw this, Steven. Steven Jack Butala: No. Jill DeWit: Okay. So Seth, bless his heart, got a new house in Michigan and he gave a tour of the house walking around like a selfie tour on his phone. And I'm like, this is hilarious. And I bet a lot of people were very intrigued by that though. He went through the living room, the kitchen, you could see the kids' toys in the corner. It was the funniest thing. And he goes downstairs, like it's a Michigan basement, and that's where his office is and it's really nice, and he shows the layout and everything. And I thought that was funny. So I'm wondering, should we do that, when you talked about the garage thing? We don't need to see the garage, but I don't know, maybe somebody would like to see the garage. It's kind of funny. Steven Jack Butala: Yeah. The garage I'm okay with. Jill DeWit: Okay. Steven Jack Butala: Because there will be 16 not so inexpensive cars in there when we're done. Jill DeWit: We'll work on that later. Okay. So did you set me up for the question? Steven Jack Butala: So before we get into it, let's take a question posted by one of our members on the landinvestors.com online community. It's free. And if you're a Land Academy member, please join us on Discord. Jill DeWit: I got so excited getting off-topic because we're both avoiding this topic. Steven Jack Butala: Actually, I should have said this before we started being negative, but I can save you some money on this episode here, I think Jill DeWit: Bob wrote, "Hey, Land Academy folks, we're wanting to bring on someone per task or on a part-time basis to help us get our mail out consistently. My wife, Carly, and I have scaled our business over the past year and it's currently more than we can keep up. If you have a knack for data, but don't like the rest of the business, let me know and we can chat further. Experience with RealQuest, compiling comps, pricing, and data scrubbing is a must. Here's my cell number. Evan, if you want, you can text me for a faster response. Thanks." There you go. There's Bob's job posting for the board. Steven Jack Butala: Bob, I just posted this exact job, exact job on the job board on Land Academy or Land Investors, so touché. If you get a good person, let me know, Bob. Today's topic, how income and property taxes work in your land business in 2021. This is the meat of the show.