Attention real estate agents and property owners! Discover the secret to maximizing your tax deductions and minimizing your tax liabilities in this eye-opening episode of the Texas Real Estate & Finance Podcast. Join me, Mike Mills, as I sit down with tax expert Ruth Brooks to discuss essential tax strategies specific to the real estate industry. With valuable insights into home office deductions, vehicle expenses, and more, Ruth reveals the hidden deductions that could potentially save you thousands. Don't miss out on this opportunity to take your business to the next level. Tune in now and start maximizing your bottom line!
The key moments in this episode are:
00:00:13 - Introduction to the Podcast
00:01:33 - Baseball Nostalgia
00:05:51 - Excitement Over Taxes
00:06:19 - Ruth's Background and Experience
00:07:00 - Love for Accounting
00:08:09 - Importance of Tax Returns
00:12:34 - Understanding Self-Employment Taxes
00:13:25 - S Corp vs. C Corp
00:14:31 - Mitigating Self-Employment Taxes with an S Corp
00:16:24 - Importance of Reasonable Salary
00:17:24 - Choosing the Right Entity Structure
00:24:58 - Deducting Rental Property Losses
00:25:37 - Avoiding the Net Investment Income Tax
00:27:21 - Deducting Expenses in a Fix and Flip
00:30:08 - Section 179 and Vehicle Depreciation
00:34:01 - Choosing between an LLC and S Corp
00:37:48 - Importance of Keeping Receipts
00:39:15 - Apps for Receipt Management
00:40:18 - Tax Deductions and the IRS
00:42:01 - Deductible Expenses for Business Travel
00:44:29 - Retirement Contributions as Tax Deductions
00:50:47 - Home Office Deductions
00:52:43 - IRS Publication 587
00:53:46 - Every Deduction Helps
00:54:32 - Vehicle Deductions
00:56:59 - Audit and Statute of Limitations
01:03:07 - The Importance of Paying Estimated Taxes
01:03:52 - Penalty for Not Making Estimated Tax Payments
01:05:56 - When to Seek Professional Help for Taxes
01:07:50 - Finding a Reliable CPA
01:12:12 - Building a Beneficial Client-CPA Relationship
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The resources mentioned in this episode are:
Subscribe to Mike Mills Mortgage and Finance podcast on your preferred podcast platform to stay updated on insights that can help elevate your real estate business.
Check out the Mike Mills Mortgage and Finance YouTube page for more exclusive content related to real estate and finance.
Consider working with Ruth Brooks, a seasoned CPA who specializes in helping small business owners, realtors, and investors structure their businesses and maximize their tax benefits.
If you're feeling overwhelmed during tax season and want to ensure you're not paying more than you should be, reach out to Ruth Brooks for expert advice and assistance.
Explore different business structures such as LLCs and S Corps to determine the best fit for your real estate business or investment properties.
If you're a realtor or investor looking to protect your assets and minimize liability, consider moving properties into an LLC.
Consult with Ruth Brooks to review your current business structure and determine if any changes or adjustments are needed to optimize your tax benefits and financial success.
Don't underestimate the importance of proper tax planning and structuring for your real estate business. Reach out to Ruth Brooks for guidance on how to maximize your tax savings and keep more of your hard-earned money in your pocket.
