Tax Strategies for Real Estate Investors: Flipping Junkie Podcast (episode 85)

Real Estate, Real Estate & Taxes
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Craig Cody & Company: http://www.craigcodyandcompany.com/about/craig-s-cody-cpa/

Craig S. Cody is an ex-NYC cop and certified public accountant of 17 years, he’s a certified tax coach and business owner in his own right. Here’s a few things he can speak on (one sheet also attached).

Cody has worked with a lot of businesses through out his life. The best practices he has seen, and the 3 practices that don’t tend to be done right, are here. So let’s take a look at the 3 Proactive Tax Practices:

Failing to plan.
People go out and buy a car and spend time researching it, but not looking at the tax codes on it. The average person doesn’t plan.

The wrong business entity.
Are you holding your business in your name? Real Estate is best held in an LLC, but you need to talk to your own attorney to see. If it’s in a corporation, there could be tax issues when or if you go to sell.

Find low cost ways to manage your properties with employees.
This could be as simple as having your kids go to the properties to mow the lawn, or clean. If you’re paying them a reasonable amount, they don’t have to pay taxes on it. Their pay comes out of your income, which lowers your taxes, and they don’t have to pay taxes. It’s a win-win!

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