Small Business Tax Savings Podcast
Business:Entrepreneurship
Send us a Text Message.
Curious about how real estate can help you grow your wealth and save on taxes?
In this episode, Mike Jesowshek discusses how real estate can serve as a tool for both wealth-building and tax savings. He emphasizes the concept of depreciation, whereby the cost of a rental property can be deducted over time, and explains how this, along with other operating expenses, can offset rental income. He also delves into strategies for utilizing passive losses to offset ordinary income, such as qualifying as an active real estate investor or a real estate professional. Additionally, he touches on the "short-term rental loophole" and the importance of considering exit strategies when selling real estate investments.
[00:00 - 05:21] Introduction and Overview of Real Estate Tax Planning
[04:00 - 13:41] Utilizing Passive Losses and Short-Term Rental Loophole
[13:41 - 17:09] Considerations for Business Owners in Real Estate
[17:09 - 25:51] Exit Strategies and Conclusion
Quote:
"Don't get into real estate for tax savings. Get into real estate to grow your wealth and then experience the benefit of tax savings that comes with real estate as that cherry on top." - Mike Jesowshek, CPA
______
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
Coronavirus (COVID-19) - Relief Options Summary
Coronavirus - CARES Act - Checks, Charity, and NOLs
Coronavirus - COVID-19 Government Loan Options Update (EIDL vs PPP)
Coronavirus - Government Loan Options (May Be Forgiven)
Coronavirus - Planning and Expense Cutting
Coronavirus - Embrace The Situation and Be A Leader
Tax Issues? What You Need to Know About Tax Resolution
2019 Tax Due Dates and 2020 Tax Guide
Are various income types taxed differently?
High End Tax Strategies (w/ Special Guest Alex Sonkin)
Per Diem for Employees
Per Diem for Business Owners
Charitable Giving - Personally or Through a Business?
Does No 1099 Mean No Deduction?
Bank Account Empty but Still Showing a Profit - Why?
Sales Tax - What do I need to know?
Tax Due Dates and Podcast Changes
Great Changes for 2020 and Thank You!
Gather W9s and Make Tax Season Stress Free
Self Employed Health Insurance and Reasonable Salary Before Year-End
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
Make Me Smart
Tax Chats
WSJ Your Money Briefing
NerdWallet’s Smart Money Podcast
The Indicator from Planet Money