Filing taxes and calculating exactly the way they should be done are the most stressful homework most business owners have to deal with. Instead of burying their heads in the sand and agonize with the trauma later, most entrepreneurs save themselves by working in close partnership with tax specialists. They rather keep building their empire than taking care of the things that they hate.
Today’s episode of the Expert(ish) Podcast, Jay will have a great conversation with Ann Marie on the topic of taxation particularly to investment properties. She will go through the nitty gritty process of filing taxes and will share a lot of great tips and hacks on how to manage your contributions effectively.
If you're a business owner and hates the complexity of resolving tax issues, then this episode is for you.
Enjoy!
Favorite Quote
"If you are getting refunds, you're actually giving the government money to invest and make money off of your money when you should be the one doing that. Even if it's just like a high yield savings account, that $2,000 could have made an extra maybe $250 or maybe $300. But a lot of people depending on those refunds, it's not really a refund- it's just your money back."
- Ann Marie
In This Episode
00:46 - Getting to know Ann Marie
6:52 - The gray area in the tax code
11:04 - How to prevent the State from poking around your assets
18:42 - The difference between deduction and depreciation of property
25:50 - Understanding capital gains
29:33 - Why MLPs are great source of income producing partnerships and an amazing investment
1:02:02- Ann's advice to people who got called back to work but denied their employment
1:08:01- People's misconception about taxes on rental income
Reach out to Ann Marie
Connect with Expert(ish) Podcast Host JAY JOHNSON
Call (858) 925- 4536
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