As we approach the end of the year, as real estate investors, it’s an opportune time to take stock of your portfolio and start thinking ahead to tax season. In our business, we recently had a consultation with our accountants to estimate our taxes for the year.
On this episode, Natali and I are discussing how to think about your tax preparation throughout the year, and the importance of teaming up with a real estate friendly accountant in order to reap the most benefits of being a real estate investor. We’re talking about deductions, depreciation, charitable donations, and more! Join us for episode 93 of Investing in Real Estate.
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Our favorite tax accountant, Tom Wheelwright, likes to say, “if you’re a real estate investor and you’re paying taxes then you’re doing it wrong.” Real estate investing is one of the best ways to mitigate your overall tax burden.
However, there are certain things you need to know in order to take advantage of all the great tax benefits. That’s why we recommend two things: reading Tom’s book, Tax-Free Wealth, and teaming up with an accountant who knows the ins and outs of real estate investing.
When you estimate your taxes at the end of the year, if you find that you still need to lower your tax burden, there are a few things you can do. For example, you could purchase more investments, make purchases on behalf of your business, or donate to charity.
Ideally, you want to plan ahead throughout the year and forego the “end of year scramble.” But if you haven’t already calculated what you will owe in April, now is a great time to do it. There are still a few weeks left to decrease your overall taxes.
On today’s show, we’ll speak more in depth on preparing for your taxes as a real estate investor. We’ll discuss business expenses, and how to find the most qualified accountant. Don't miss this show for more about preparing your taxes!
If you’re ready to begin building a passive income through rental real estate, book a FREE call with my team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- What are some deductions you should ask your accountant if you’re receiving?
- What is the home office deduction?
- Which investment vehicles should you contribute to before the end of the calendar year?
- What are the benefits of purchasing properties under a business entity?
- And much more!
EP010: How to Set up Profit First for Real Estate Investing – Interview with Mike Michalowicz
EP040: How to Implement Profit First for Real Estate Investing
EP019: How to Pay Less in Taxes – Interview with Tom Wheelwright
EP022: How to Maximize Depreciation – Interview with Tom Wheelwright
ProVision Wealth Strategists
Tax-Free Wealth by Tom Wheelwright
EP053: The Power of a 1031 Exchange for Exploding Your Rental Portfolio – Interview with Lance Growth
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