It's tax season again and so it is time to get the ball rolling on the taxes for your business. With planning and preparation being a challenge, tax professionals can be a lifesaver. They will help you understand how changes in tax laws affect your business, ensure that your business complies with tax regulations, and maintain a good relationship with the IRS.
In today’s episode of the Expert(ish) podcast, Jay talks with Ann Marie about tax planning. She will speak about the factors to consider when filing estimated tax payments, the benefits of working with a tax professional, and what investors can expect when preparing their estimated tax payments.
Enjoy!
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In Today's Episode
4:08 - Factors to consider when filing an estimated tax payment
8:01 - What makes someone a real estate professional
14:33 - The benefits of working with a tax professional
19:10 - How investors should prepare for their first tax year
24:57 - Why the first tax year is very important
36:02 -Tax write-offs for investment property purchases
Favorite Quotes
"Tax planning is very important, especially this time of the year. Just get organized and now is the time. The holidays are going to hit and they're going to be like, 'oh it's Thanksgiving, I'll do it after. All of a sudden it's January and your estimated tax payments, the last one, midnight January 15th, and then you're scrambling and you're ripping your hair out. So just start now. You don't have to do it overnight. Just start hitting your ducks in a row, essentially." - Ann Marie
"For your first tax year with your investment property, get your expenses deductions and your books. If you come to a person who's doing your taxes with a hodgepodge of a mess, you're going to get charged a lot more. Know what's going on." - Ann Marie
"The three main topics that get audited - car, meals, and marketing. They don't want someone just throwing in a number." - Ann Marie
"The first tax year is very important because you're going to understand its growing pains. There's going to be some mistakes, but then you learn and you grow." - Ann Marie
Engage with Ann Marie
Connect with Expert(ish) Podcast Host JAY JOHNSON
Call (858) 925- 4536
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