How Tax Savy Are You?
As you grow your real estate business – and, let’s not kid ourselves, it is a business and should be treated as such – you will make a lot of money. At least that’s the plan. The biggest assault against your wealth accumulation will be – you guessed it – TAXES!! In fact, for most of us, taxes are our single largest expense.
Just so you know: taxes are neither fair nor logical. This will become painfully obvious the more you deal with the Internal Revenue Service (IRS) and the Tax code. However, when you treat your real estate investing like the business that it is, tax law turns in your favor. You enjoy two distinct benefits: (1) the profit generated by your business and (2) tremendous tax savings from the opportunity to convert what were once personal expenditures into tax-deductible expenses.
How tax savvy you are has a great effect on how much money is in your pocket at the end of the year. You probably know that the tax code allows you to deduct costs of doing business from your gross income. What you are left with is your net business profit. This is the amount that gets taxed.
It’s simple: The more tax deductions your business can legitimately take, the lower its taxable profit will be. Also, in addition to putting more money into your pocket at the end of the year, the tax code provisions that govern deductions can also yield a personal benefit: a nice car to drive at a small cost, or a combination business trip and vacation. It all depends on paying careful attention to IRS rules on just what is — and isn’t — deductible.
But let’s face it. It’s not in the best interest of the IRS to fill you in on all the deductions available to you. Sure, they’re listed in the Tax Code – and you could research all 300-plus deductions if you had a mind to. But if you happen to miss a few here and there, the good old IRS is NOT going to send you a notice to let you know. It is up to you educate yourself about deductions available to you as the owner of your real estate business.
And that’s why I wrote a special report, just for you.
If you are ready to learn about strategies and deductions the IRS doesn’t want you to know, if you are sick and tired of paying more tax than the law requires, grab your copy here.
You’ll be glad you did.
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