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
How Does The SECURE 2.0 Act Affect 401Ks?
What Are Estimated Taxes and How Do I Pay Them
Why Do You Need a Trademark or Copyright For Your Business?
What Contracts Do You Need For Your Business?
Do You Need an LLC For Your Business?
What Do I Do If I Cannot Pay My Tax Bill? What Options Do I Have To Pay For My Tax Bill?
What Do I Need To Know About Tax Extensions?
Listener Q&A with Mike Jesowshek, CPA
How Can I Lower My Tax Bill After Year End?
What Does the M&A Process Look Like?
Why Will Every Owner Exit Their Business and How Can You Best Prepare For This?
What is Strategic Planning?
How Can I Setup My Business for Success in 2023?
What Does My Accountant Need for Tax Season?
How Do I Build An Email List Utilizing a Lead Magnet?
Finding the Right Advice and Collaborating with Competitors w/ Shannon Weinstein CPA
What Is An SBA Loan?
What Year-End Tax Strategies Are Available to Business Owners?
What Do I Need to Prepare for Tax Savings At Year-End?
What is an Owners Draw vs Payroll When I Pay Myself As A Business Owner?
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
Make Me Smart
Tax Chats
WSJ Your Money Briefing
NerdWallet’s Smart Money Podcast
The Indicator from Planet Money