When is the best time to begin thinking about next year’s tax return? Today! Instead, by working with a Certified Tax Planner, they take their time to formulate the best methods for minimizing their tax bill, factoring in steps they can take this year and even goals they want to achieve years down the road. […]
Without Proactive Tax Planning, How Much Money Will You Miss Out On? Read More »
Tax planning isn’t just about formulating a tax strategy—it also comes down to knowing in advance how you will implement that plan. Tax planners will typically see the most success when they either handle the implementation themselves and incorporate that into their fee or enlist the help of specialists to take care of different elements.
Tax Proverb #2: Implementation Comes Down to Resources, Timeline, and Goals Read More »
As tax filing season comes to a close, taxpayers may be breathing a sigh of relief—or a sigh of agony depending on the size of your tax bill. The temptation is to push taxes out of your mind until next spring, but the reality is that now is the time to begin your strategic planning
If a Tax Plan Has No One to Implement it, How Can it Save Money? Read More »
An experienced tax planner will tell you that you can put together the best techniques, angles, and methods for creating a tax plan, but none of it will matter without implementation. If you create the ultimate money-saving tax plan, hand it off to your client, and they fail to take the next steps, that plan
Tax Proverb #1: Make Implementation Part of Your Tax Plan Read More »
Once you take the step of converting a residence to a rental property, the tax planning process is far from over! Wise investors also need to consider the tax implications of generating income from a rental property and learn about the potential tax breaks. Real estate rentals can either be long-term or short-term. With long-term
Making Money from Rental Properties: Tax Planning for Your Real Estate Investments Read More »
In a recent blog, we discussed the tax implications of converting a residence to a rental property. Once that rental property begins generating income, what else does a taxpayer need to consider for effective tax planning? First, real estate rentals classify as either long-term or short-term rentals. Long-term rentals typically qualify for traditional real estate
Tax Strategies for Real Estate Investing: Maximizing Income from Rental Properties Read More »
Real estate is an attractive investment opportunity, but investors need to be prepared for potential taxes to truly maximize their profits. The way you are taxed on a property will first depend on how you acquired it. Common means of acquiring a property include simply purchasing it, inheriting it, or receiving it as a gift.
Real estate is an attractive investment opportunity, but investors need to be prepared for potential taxes to truly maximize their profits. New investors may be unaware that taxation differs depending on how they acquired the property and how it is being used. Common means of acquiring a property include simply purchasing it, inheriting it, or
Tax Strategies for Real Estate Investing: Converting a Residence to a Rental Property Read More »