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The tax law in the United States is created to incentivize growth of the economy. For that reason, business owners and investors typically are rewarded through the tax code. Since the tax law recently underwent the biggest overhaul in over 30 years, there are a lot of details to digest.
On this episode of Investing in Real Estate, Natali and I are discussing three surprising items from the new tax law. We’ll talk about depreciation, charity, and exemptions. You’ll learn about the importance of making purchases within a legal entity, and how to reap the most benefits from the tax code.
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The first thing investors should know is that the IRS has increased the annual vehicle depreciation limit. The government wants you to purchase assets for your business, and they recognize that those things decrease in value over time. For this reason, the IRS gives business owners a tax credit when they purchase a vehicle for business purposes.
Another surprising change in the tax code is that charity contributions now receive state tax credits in many states, in conjunction with the federal deduction. When you donate to charity, you’re taxed on less money AND you receive a credit on your state taxes.
We were also excited to learn that the federal government has doubled the exemption for hiring children. We’ve discussed on the podcast before how we legally pay our children to do administrative tasks; but now we can pay them more, and pay less in overall taxes.
On today’s show, we’re diving deep into the intricacies of the new tax law. We’ll talk about how the tax rate has changed for both individuals and corporations. We’ll discuss how depreciation works, and how to make the most of the current tax law.
If you’re ready to begin building a passive income through rental real estate, book a FREE call with our 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 is the new corporate tax rate?
- How do you funnel expenses through a business?
- How does depreciation work in real estate?
- What are viable jobs for children?
- And much more!