Interview With RMH (Reimer McGuinness Hess)

·37 min·3 clips

A cost segregation study turned $2 million of a building purchase into an immediate tax deduction, offsetting other income.

The episode begins with hosts Jason Bible and Robert Orfino introducing guests Mike Hewitt and Randy Reimer, CPAs from the firm RMH in Houston. They explain RMH's history, founded in 2006, and its focus on real estate and entrepreneurial clients. The discussion moves to tax topics, starting with the Employer Retention Credit, where Randy details qualification criteria even without revenue drops. Robert shares personal anecdotes about challenges during COVID and natural disasters. Mike explains cost segregation studies, using an example of a $3.5 million building where $2 million was deducted immediately. The hosts and guests explore 1031 exchanges, highlighting how they allow tax deferral and potential elimination of capital gains. They cover Section 179 deductions for assets like trucks and equipment. Advice is given on setting up LLCs for liability protection and when to consider S-corps. The conversation touches on retirement plans like cash balance accounts and deductions for home offices and cell phones. Throughout, contact information for RMH is repeated, emphasizing proactive tax planning. The episode concludes with a reminder to leverage all legal deductions.

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