5 Things to Do Before 2022 – Episode 800

When you’re a real estate investor, it’s important to have your taxes and finances planned out before the end of the year. Come tax time, it’s really too late to make any moves that can impact your tax bill for 2021. That’s why you want to be proactive now and take advantage of some of the amazing opportunities and tax deductions that real estate investing has to offer.

Today I’m sharing five things you should do before the year ends. If you want to be proactive about your finances and get your ducks in a row before 2022, you’re in the right place.

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1. Decluttering. Personally, I believe decluttering is a good thing to do in general, but let’s specifically talk about decluttering in your business. Before the year ends, you’ll want to ensure that all of your documents are in order. This means making sure that all of your books and balance sheets are in order, and that you’re organized for tax time. Decluttering also applies to your responsibilities. Are there any tasks you can outsource? Maybe it’s time for you to hire a bookkeeper, find a new law team, etc.
2. Maximize your deductions for 2021. This can mean purchasing more real estate, taking inventory of business purchases, and maximizing accounts like self-directed IRAs.
3. Cost segregation. A cost segregation is an amazing way for a real estate investor to decelerate depreciation. If this is something you’re interested in taking advantage of, you will want to have your calculations complete by the end of the year. This is something you should speak with your CPA about.
4. Acquisition strategy. It’s important to assess whether you’ll need to pick up more rentals by the end of the year in order to offset your income. Or perhaps if you’re planning on making significantly more money next year, you should hold off.. It’s important to have a strategy in place that will be the most beneficial. That’s where our team comes into play.. I don’t know that I’ve mentioned this recently, but when you schedule a free call, you’ll be matched with one of our pros! This person will help you map out your investing strategy and guide you along the way, for free!
5. Set goals. Before the new year rolls around, you should take a good look at your goals. Think about how you plan to get closer to your Freedom Number and increase your net worth in 2022!

Episode Resources
Book a Call with Our Team
OurCrowd.com/Clayton
Cost Segregation Video 
Atomic Habits by James Clear
Full Focus Planner by Michael Hyatt
Tom Wheelwright 2020 Interview
The Extended Mind by Annie Murphy Paul 
morrisinvest.com/bootcamp ← Download your FREE 90-Day Bootcamp!
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.

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