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Just in case you missed it…A fantastic webinar, Taxes; The Good, The Bad and The Ugly with Kim Landry, CPA from Landry and Associates. Kim gave us some great tax strategies and planning techniques to be able to keep more of what you make.
What is a tax strategy that has saved you from paying more taxes than necessary? Please share.
A CPA can be a very important member of your investing team who can guide you through the labyrinth of taxes. They are worth their weight in gold to you and your business. A true CPA professional can ease your stress and save you lots of money you may have given Uncle Sam because you didn’t know any better. Here are some tips when working with a CPA to make the most of your time and money.
Form a good relationship. Once you find a good CPA, stick with them. They become familiar with your business and they will ask important questions to lead you to a lower tax bill. Of course, telling the truth is very important because it may make your CPA terminate your relationship and will hurt you if you are dishonest.
Lower your annual bill by being organized. If you hand over a shoe box fill of receipts instead of a categorized report of expenses, your bill will most certainly be much higher.
Use your CPA in making decisions. Be sure to consult your trusted CPA regarding purchases and don’t make assumptions. Those assumptions could be very costly.
We are proud tonight to have our trusted accountant and friend Kim Landry, CPA with us tonight for our FREE webinar to go over the topic of taxes. Don’t miss it!
Please comment on what you learned from the webinar.
Do you like to turn the old and ugly into the new and improved? Then rehabbing homes may be for you. Here, you are looking at houses and get to figure out how to make them better . You can make a house into someone’s dream home. It’s a lot of fun! However with this strategy, you must make sure you have someone you trust go through the home to see what it needs to bring it up to full retail condition. Then you have to carefully estimate your rehab costs, making sure that you have considered your error factor (at minimum 10% of total rehab costs), holding costs (interest, electric, heat, water, taxes etc. while rehabbing) and your minimum profit (of course) to see if the deal is doable. It may or may not be. Don’t be so anxious to make a deal you get emotional and buy it anyway thinking it will all work out. Carefully run the numbers and do your due diligence. You are looking for a blue diamond in the rough and it can take a long time to find one. Be patient, my friends. Good things come to those who wait.
Do you have a favorite “Diamond in the rough” story? If so, please share.
Just in case you missed it, here is a copy of our webinar from Thursday, January 15, 2015, “Where are your eggs? Asset Allocation”.
Join us this coming Thursday at 7:30pm EST on January 22, 2015 for a very informative webinar entitled “Taxes; The Good, The Bad and The Ugly” with our friend Kim Landry, CPA! If you have tax questions you would like answered, please send them in to questions@financialfreedomclassroom.com and we will do our best to include them.
If you haven’t already, sign up to get an invite to the webinars on our website. We hope you can join us!
Just in case you missed it, here is a copy of our webinar from Thursday, January 8, 2015, “Are you interested in becoming a Landlord?” Join us this coming Thursday at 7:30pm EST on January 15, 2015 for an exciting webinar on ASSET ALLOCATION! Just sign up to get an invite to the webinars on our website. We hope you can join us!
Real estate can be a great way to invest your money. However, you must be careful. It cannot be an emotional or a desperate purchase. The decision must be factually based and VERY carefully analyzed. Buy with the end in mind.
There are two different strategies that we will be focusing on for real estate investing. One is buy and hold; the other is to flip properties. Your choice depends on what your goals are and the current market conditions. I have heard other investors state that they put so much effort into each deal they want to hold onto them, but it really depends…
Do you like to flip or hold and why? Please comment.
