Join Joe Seagle and Assad Ahmad from Fitbiz CPAs as they delve into essential tax strategies and tactics for small business owners and real estate investors. Based in sunny Florida, Fitbiz CPAs specializes in tax services for investors.
Assad breaks down key tax deductions for real estate investors, emphasizing the benefits of the real estate professional status election and the short-term rental loophole. By leveraging strategies like bonus depreciation, investors can drastically reduce their tax burden and potentially receive significant refunds.
They also explore common tax mistakes, such as using the wrong entity structure for real estate investments. Assad shares a cautionary tale of a flipper who unknowingly incurred hefty taxes due to improper structuring, highlighting the importance of consulting with specialized CPAs.
As the conversation unfolds, Assad provides valuable insights into entity structures for investors at different levels, emphasizing the importance of aligning structures with investment goals and portfolio size. He also reveals lesser-known tax strategies, like putting children on payroll to fund tax-advantaged accounts. Throughout the discussion, Assad and Joe debunk common misconceptions, address potential red flags for IRS audits, and stress the importance of strategic tax planning tailored to individual circumstances.
Whether you’re a novice investor or seasoned entrepreneur, this episode offers indispensable advice for optimizing your tax strategy and maximizing returns. Join the conversation and empower yourself to navigate the complex world of real estate taxation with confidence.
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For help with your tax planning and strategy, visit https://www.FitbizCPA.org
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