Tax Day has arrived! Like many real estate investors, I had to file an extension to wait on a couple more K-1 forms to trickle in from my passive syndications. Kickin' that can on down the road!
Whether you love taxes (unlikely) or hate them, the reality is that two of the biggest wealth killers are INFLATION and TAXES. While there’s not much you can do about inflation, there are quite a few strategies you can use to lower your taxes! I went from having a 6-figure federal tax bill to a 4-figure tax bill by:
Getting a better understanding of the income buckets the IRS uses
Using my investments to legally generate “paper losses” in the correct buckets to offset each type of income
Even if you use a CPA, YOU and ONLY YOU have control over your taxes – your CPA can’t invest in assets for you or harvest investment losses, so it’s in your best interest to learn how to structure your investments to lower your tax bill. By not taking advantage of legal tax breaks, you are actually stealing from yourself and your family’s future.
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