Post

How to get URL link on X (Twitter) App

On the Twitter thread, click on or icon on the bottom
Click again on or Share Via icon
Click on Copy Link to Tweet
Paste it above and click "Unroll Thread"!
More info at Twitter Help

Codie Sanchez

@Codie_Sanchez

May 4, 2021 • 8 tweets • 3 min read • Read on X

Scrolly

Best way to make more $$, keep more of what you make.

If you own a property and pay taxes on it... You're gonna wanna read this bad boy. (earmuffs govt)

How to apply for and get agricultural tax credits by selling $1500 plants a year?

If you own a home in Texas let's say it's worth $1M.
You're paying almost $20k a year in property taxes. Yikes.

So when my bud Cody told me I'm an idiot and forgot something I listened....

He said you could get 25-75% off your tax bill by selling some leafy greens...

@baldridgecpa

Since Cody is no slouch - he runs multiple 7 fig businesses while hunting something like 200 days a year, my ears perked.

HE HAS IT FIGURED THE F OUT.

*then let us know what we missed* @baldridgecpa since you're the man on taxes!

So here's how I see it:
- You can do this w/ animals but ya know... those are work
- For a nursery you sell $1500 worth of plants a year to get the credit
- Aka not much to turn liability = asset
- could be a whole post on layering rev streams & tax credits on your casa

How Cody's playing it:
- Aspens in Montana (his home) sell for $400
- In Oregon sell for $100
- See if shipping costs/allowances are reasonable
- Then get pre-orders for trees in MT
- Ship when order big enough
- 300% arbitrage
- & write off his VERY large ranch property

How I'm going to play it?
- we're building a tiny house on 1 property
- I'm gonna add a tiny greenhouse ($600 on amazon)
- I inked a deal w/ my mom in law, she's the distributor
- started an etsy shop, she's gonna sell sucky's to the masses
- We need a name - ideas??

Long story short if I can make $20k from growing plants I now pay hundreds for a month... just call me Farmer Sanchez.

Also, we're dropping a thread a day for the next 30 days (generally on cash-flowing business ideas) so make sure to SMASH that follow button so you don't miss ANY of these

And check out my newsletter, link in bio ;)

• • •

Missing some Tweet in this thread? You can try to force a refresh

This Thread may be Removed Anytime!

Twitter may remove this content at anytime! Save it as PDF for later use!

More from @Codie_Sanchez

Codie Sanchez

@Codie_Sanchez

Apr 23

This is Bill Perkins.

He's worth 100s of millions, a hedge fund manager, poker player, asymmetric thinker...

And my smartest mentor.

Steal his 7 principles on how the rich think differently:

1. You Have ZERO Risk

Most people are afraid of risk because their egos can’t stand looking like an idiot.

I remember being slightly mind-f*cked by Bill's idea that educated people have no actual financial risk.

Listen to him explain it here:

2. Don’t Get Attached To Your Ideas

You need people in your life to give you a reality check from time to time.

One time at Bill’s house, I was in the midst of sharing a new business idea when he interrupted me to ask:

"Has small infected your thinking?"

Read 10 tweets

Codie Sanchez

@Codie_Sanchez

Apr 22

The system is designed to keep you comfortable, not wealthy.

This financial autopsy of a 36-year-old couple earning $350k proves it.

Look at these numbers:

I just analyzed this financial autopsy of a couple in the Detroit suburbs:

- 36 years old
- $350K combined income
- $700K retirement accounts
- $900K mortgage

Looks like the American Dream on paper... Let’s look at the monthly

Monthly income:

1. Wife: $7.2k ($3.6k x 2 per month)

(Salary is $150k/yr. After taxes, her take-home is ~$86k/yr)

2. Husband: $7k - $12k

Total: ~$17k per month

Read 18 tweets

Codie Sanchez

@Codie_Sanchez

Apr 9

Stressed about what you pay in taxes?

Start a business.

Whether you run a VC-backed startup or freelance on the side, the US tax code favors business owners over everyone else.

Here’s everything you should know:

1 - Business Expenses

You can take a deduction for anything you use to run your business.. internet, phone, software, conferences (including travel)

Business owners can also deduct their home office square footage from their rent or mortgage (which W-2 employees cannot!)

2 - Solo 401k

If you have no employees, you & your spouse could each get a $70K tax deduction by setting up a Solo 401k!

Unlike a corporate 401k, you fully control this &can invest it in (almost) any asset

You can even use it to fund a Roth IRA!

Read 13 tweets

Codie Sanchez

@Codie_Sanchez

Apr 5

Business scaling isn't rocket science.

But it is a science.

After working with 100s of companies, I can tell you the difference between the ones that plateau and the ones that explode comes down to these 3 levers:

Every scalable business needs:

- The right people (who)
- The right systems (how)
- The right focus (what)

Miss any one, and you'll hit a ceiling.

Let's break down each piece (and I'll share what most get wrong):

1. Let's start with PEOPLE

Most owners hire too fast, fire too slow, and expect a miracle in between.

A bad executive hire will cost you $200-300K+ and waste 6-12mos of momentum.

But get it right? You start to own your business instead of being owned by it.

Read 15 tweets

Codie Sanchez

@Codie_Sanchez

Mar 29

Build your business so it’s sellable… and you’ll never be forced to sell.

This is the map for a business that runs without you (& attracts serious buyers):

Most people run their business until they're miserable. And then try to sell.

Don't be most people.

First step…

Your goals and objectives will tell you what you want out of the sale.

"Codie, my goal is to sell for as much as possible. Duh.”

Which is sort of true…

But what you’re really after is making a lot of money without having to stay at your company until you die.

Read 15 tweets

Codie Sanchez

@Codie_Sanchez

Mar 12

MBA graduates are no longer interested in employment at Goldman or Google.

They want ownership.

First wave was startups. Next wave will be acquisitions.

Here’s why buying businesses is the new gold rush:

Building = years with no profit.
Buying = cashflow from day one.

When you buy a business, you're not gambling on potential.

You're getting proven profits, existing customers, and someone else's 10,000 hours of work... Made yours overnight.

The best targets? Boring businesses nobody talks about at parties.

Laundromats. Property management. Plumbing. HVAC.

They're not sexy, but they've been making people rich for decades while trendy startups (like your WeWork’s) incinerate cash.