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Taxes are an integral piece of running any business, and real estate offers some of the largest benefits. But unless you’ve planned appropriately, you’ll likely miss out on some of the deductions that real estate investing has to offer.
On this episode of Investing in Real Estate, I’m sitting down with Certified Public Accountant and Certified Tax Coach, Craig Cody. Craig is here to share the biggest tax mistakes that real estate investors make, and give his predictions on the future of the tax code. We’ll talk about the importance of planning appropriately, and Craig is giving away a free copy of his new book!
More About This Show
Craig Cody’s background is in law enforcement—he worked as a New York City police officer for 17 years. He explains that although he doesn’t find reading the tax code thrilling, helping people save tens of thousands of dollars on their taxes provides a rush similar to what he experienced on the force.
In his career, he’s noticed that there are a lot of things in the tax code that people simply do not take advantage of. The first is that people do not plan appropriately. Instead of being proactive, most people don’t speak to their accountant until March or April. At that point, it’s too late to fully take advantage of certain items in the tax code.
For example, the home office deduction is a great tool that entrepreneurs and investors can use to save on taxes. Craig explains that in order to qualify, you must have a space used primarily for business purposes. This room has to be the principle place where you conduct business, and you must spend at least 12 hours a week working from that location.
Additionally, Craig explains that far too many people have audit paranoia. Although no one wants to be audited, it’s a non-issue when you’ve planned appropriately and documented everything in detail. He explains that he sees audit paranoia stop many people from doing things that are legally allowed in the tax code.
Craig is also an Amazon best-selling author, and he wants to share a free copy of his newest book with you. To claim your free copy of 10 Biggest Mistakes That Cost Business Owners Thousands, click here!
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:
- hat are the tax advantages of family employment?
- How does cost segregation work?
- What does Craig anticipate changing in the tax code?
- How can you deduct mileage for travel?
- And much more!
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