Tax Planning Tips for High Wage Earners

Image from www.e-marketingassociates.com If you earn a lot of money, you pay a lot of taxes. It’s life, right? Wrong. Even if you are a W-2 employee, there are ways to minimize your taxes. It takes a little thinking outside the box, but with the strategies mentioned below, you can watch your tax liabilities decrease.… Continue reading Tax Planning Tips for High Wage Earners

Investing in Short Term Rentals? Here’s What You Must Know

Image from www.cityofdeadwood.com   If you’re interested in rental real estate, consider short term rentals. You’ll earn money regularly when you rent the property out and you may realize many tax benefits from the investment strategy. Not sure how to get started in short term rentals? Keep reading to learn the steps below. Determine What… Continue reading Investing in Short Term Rentals? Here’s What You Must Know

Choosing Your Business Structure

Image from www.pathwaylending.org   Choosing between a partnership and corporation is a big decision, but the IRS tends to favor partnerships with more tax benefits. This doesn’t mean there aren’t downsides to partnerships, though. Both the positives and negatives are disclosed below so you can decide for yourself which business type is right for you.… Continue reading Choosing Your Business Structure

Tax Benefits of Reverse Mortgage

Image from www.thereverseadvisor.com Did you know that a reverse mortgage could be a great tax planning tool? Most people just know it as a way to access the cash tied up in their homes, but I’m going to show you how it can help your taxes too. Here’s the first bit of good news. You… Continue reading Tax Benefits of Reverse Mortgage

Vital tax tip to know before selling your house

It used to be that you could convert a non-primary residence (rental or vacation home) into your primary residence, live there for 2 years, sell it and use the full home sale capital gain exclusion of $250,000 for single filers and $500,000 for married filing jointly couples. This isn’t always the case today. New tax… Continue reading Vital tax tip to know before selling your house

AMAZING TAX BENEFITS OF VACATION/SECOND HOME

  If you own a Schedule C business, I have good news. You could own a vacation home or second home, use it for business entertainment purposes, let the business pay off the mortgage and cover the expenses AND use the vacation home as your own down the road. Here’s how. The home you buy… Continue reading AMAZING TAX BENEFITS OF VACATION/SECOND HOME

Crucial Tax Tips for Cashing Out Real Estate

Image from www.saxllp.com Did you know that paying taxes on the sale of your real estate properties is voluntary? Now of course everyone owes taxes, but when you use the tax codes properly, you could save money on your tax liabilities. It comes down to understanding how to lower your tax liabilities so you can… Continue reading Crucial Tax Tips for Cashing Out Real Estate

1031 Exchange and Sale of Home – How to Double Dip

Image from www.freepressjournal.in   If you own a home that greatly appreciated in the last few years, you might worry about the tax burden it would cause when you sell. Even with the primary residence capital gains exclusion of $250,000 for single filer and $500,000 for joint filers, you could owe a significant amount in… Continue reading 1031 Exchange and Sale of Home – How to Double Dip

Tax Benefits of Reverse Mortgage

Image from www.tatacapital.com You’ve likely heard of the reverse mortgage by now and wonder if it’s right for you. While many people see it as a way to age-in-place, there’s another major benefit most people overlook – the tax benefits. If a majority of your assets are tied up in your home, the reverse mortgage… Continue reading Tax Benefits of Reverse Mortgage

Crucial Tax Tip for Real Estate Flippers

Image from www.thinkrealty.com Must you Pay Self-Employment Tax on Real Estate Flips? If you buy houses to fix and flip, you may be on the hook for self-employment taxes. In other words, you might have to pay 15.3% of your income toward Social Security and Medicare taxes in addition to your ordinary tax rate. Why… Continue reading Crucial Tax Tip for Real Estate Flippers