EP093: End of Year Tax Preparation for Real Estate Investors

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:

as real estate investors, it’s an opportune time to take stock of your portfolio and start thinking ahead to tax season.