It’s that time of Year! TAX TIME
My favourite time of year! Maybe not for everyone,
but I like to feel in control of my circumstances, especially taxes!
Are your taxes just being filed……or are they being strategically filed?
Top questions to ask yourself to prepare for tax time:
- What are my plans for the next 1 to 5 years
- Am I looking to increase my real estate investment portfolio
- Am I looking for tax savings
- Do I understand the effect of rent deferral on my income
- Am I clear on the process for capital gains/losses on my properties
- Which expenses are current vs. capital expense
Don’t go through the motions – make sure you are working with someone who really understands what your goals are. The benefit of working with someone who can assist you in understanding your tax circumstances and changes can make the difference!
I often hear of situations where investors have not been aware of the affect their choices can make on their investment strategy. This can greatly affect your future goals if not properly understood and can cause issues down the road!
Proper tax strategy can reduce your stress!
Knowledge is half the battle.
Contact me for tax strategy and advise I would be happy to help with my 20+ years of tax preparation specializing in real estate investment.