Ever wondered about the most common tax mistakes real estate professionals make? Or how having a home office could benefit your tax returns?" Dive into the latest episode of "Grow Your Business & Grow Your Wealth" with host Gary Heldt, and uncover these mysteries with guest Jeff Hockett, owner of Hockett Tax and Payroll Services.
Jeff's rise from doing taxes for friends to establishing a flourishing property management company is remarkable.
Key takeaways from show:
➡️ Tax Blunders in Real Estate: Jeff opened up about the pitfalls of real estate agents venturing into tax territories solo and the consequences of botching vehicle expenses. The takeaway? Trust professionals!
➡️ Stay Updated: The world of tax is ever-evolving. Jeff highlighted the critical aspect of being up-to-date with filing deadlines, the nuances of payroll requirements for S corporations, and dispelling myths about establishing LLCs for rentals.
➡️ The Home Office Advantage: Think having a home office spells audit trouble? Jeff demystifies this, shedding light on the tax merits real estate agents can reap.
➡️ Selecting Your Tax Maven: As per Jeff, much like picking your lender or title representative in real estate, zeroing in on a tax expert attuned to your industry's needs is paramount.
➡️ The Business of Being Professional: Keeping meticulous records is not just for audit season. Jeff pressed on the significance of maintaining detailed financial books for a holistic understanding of your business's monetary health.
Craving more? Gear up for the complete podcast episode to dive deeper into these insights and empower your real estate journey.
Learn more about Hockett Tax: https://www.hocketttax.com/
Join the discussion on social media with the hashtags #GrowYourBusiness #GrowYourWealth. Until next time, let's soar those financial skies together! 🚀🌟
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