What would life look life if you could lower your tax bill by thousands of dollars?
Would that help you pay off your credit card balance?
Would it mean you can take that much need vacation?
Would it mean that you can pay for your child’s braces?
If you’re like many real estate agents, you probably think your tax bill is too high.
Your frustration level is growing each year because you hire a professional tax preparer who tells you to keep doing what you’re doing.
Yet every year, you get no tax relief.
You don’t have to live in this perpetual cycle of overpaying taxes each year. There is a better way.
You just need a better plan.
Read further to uncover the tax mistakes that cost Real Estate Agents thousands every single year.
Learn how to rescue those lost tax dollars.
Not having a plan.
The first mistake is not having a plan. The key to sticking it to the IRS legally is to have a plan.
It doesn’t matter how good your accountant is at shuffling tax documents on April 15.
If you don’t know that you can use a MERP plan to write off your child’s braces as a business expense, you’ll lose that precious tax deduction.
And when you lose that tax deduction, it’s gone forever!
Having a true tax plan gives you the exact tax tactics and strategies tow lower your taxes now. A true tax plan is written in plain English that you an everyday person can understand.
You don’t need to spend four years in college learning tax law.
A true tax plan doesn’t bombard you with untold “projections” and intimidating spreadsheets that have to be revised every time Congress passes a new tax law.
With a true tax plan, you get two additional bonuses.
The first bonus is you put a financial wall around your business.
A financial wall stops the dollars from leaking out of your business.
For most successful Real Estate Professionals, taxes are your largest expense.
It makes sense first to build the financial wall where it can protect you the best with your tax bill.
Sure, you can clip coupons to save money. But how much money will bet worth to you in the long run?
The second bonus you get is a true tax plan that will guarantee your results.
We all know how much time, money, and resources it takes to lead generate and get new buyers and sellers to hire you and your real estate agency.
However, you can’t be certain you’ll get results. Mark Zuckerberg can decide on a whim to change the Facebook algorithm tomorrow, and suddenly your Facebook strategy is gone up in the smoke of those burning ad dollars.
Or you could set up a medical reimbursement plan, deduct your child’s braces, and get guaranteed tax savings.
Most people hire a tax preparer thinking the tax preparer will save them lots of money on tax bills.
However, they don’t recognize that they hired a tax preparer.
What do tax preparers do? They prepare tax returns.
They make sure they get the right numbers in the right boxes on the right tax forms.
Tax preparers’ skills are in being accurate with the information you provide them.
If you want to lower your tax bill, then you need a tax planning strategist who has a depth of tax knowledge and knows how to legally dig deep into your business and finances and discover your hidden tax-saving opportunities.
Think about it this way, if you wanted to straighten your snaggle teeth, would you go to a dentist?
No, you’d go to an orthodontist.
The same principle applies to tax savings.
To recapture all those wasted tax dollars, you need a tax planning strategist.
Wrong Business Entity
How many times have you heard that you need to set up an LLC for your Real Estate Business?
You set up that LLC, and yet you’re still overpaying your taxes.
Did you realize that the LLC is not the complete answer to your Real Estate Business?
Establishing a Limited Liability is much more complicated because how you choose to be taxed as either an S Corporation, C Corporation, Partnership, or Sole Proprietor will have dramatic consequences on your tax bill.
If you chose the wrong business entity, you will waste thousands of dollars every year in wasted taxes for as long as you stay in business.
You’ll miss out on the deductions that will force you to overpay into the Social Security System that may not be around when it’s time for you to cash in.
Every business entity has pros and cons, and it takes a thorough analysis of your individual situation to provide you with the best tax saving business entity.
Is your head spinning yet?
Wait, there’s more. Fortunately, that’s where I come in. I’ll evaluate your business to provide you the best structure for you now and the future.
The Biggest Mistake
Now that you see how Real Estate Agents miss out on tax savings, let’s discuss the biggest mistake.
What is that mistake?
The biggest mistake is missing out on my tax planning service. I’ll find the mistakes and missed opportunities that are costing you thousands every single year.
You’ve heard it before, “If you fail to plan, you plan to fail.”
My tax planning service avoids that pitfall.
Schedule a FREE Tax Analysis by going to https://damony.youcanbook.me/ to schedule a time for us to talk.
You have nothing to lose but opportunity. So schedule a time for your FREE tax analysis today!