IT’S NEVER TOO EARLY TO START PLANNING TO SAVE INCOME TAXES!!!
Paul Levine
Commercial Realtor and Real Estate Advisor | Retired CPA with over 50 years of income tax experience that no other Commercial Realtor has, Income Tax Consultant and unmatched Creatively!
IT’S NEVER TOO EARLY TO START PLANNING TO SAVE INCOME TAXES!!!
PART II OF II… THE END...
You only have about 75% of this year to accomplish all of this and make the right real estate investment to save income taxes for 2023 and set you and your family or significant other(s) up for the future. You may be laughing at what I wrote, it isn’t funny because between procrastination and all of the things I’ve just mentioned time flies!!! I’ve worked with too many clients over the years as a Certified Public Accountant for over 50 years and as a Commercial Realtor for so many years that IT’S NEVER TOO SOON TO PLAN!!!
This may sound like it’s the beginning of an advertisement for all of you to run to your telephones to call me and say that you want to start the process, but it’s not. Because I was a practicing Certified Public Accountant for over 50 years and a University Professor for 6 ? year and because I still keep up on the current income tax laws better than just about any other CPA and Commercial Realtor, especially as they relate to real estate transactions, by taking income tax classes given to CPAs, and not the watered-down version that is given to Commercial Realtors you might want to call me.
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But you should find someone who you are comfortable with, maybe someone who you already know and have trust in and start the process with them. But make sure that they know the intricacies of the rules as there are so many professionals who don’t. And you lose every benefit that you can have if your CPA isn’t up on the current rules. I am always here, and, until the day I die, I will always be her for you to ask questions and for you to just check with me that you are going in the right direction.
You should ask your income tax professional three questions. What is a Cost Segregation Study? What is Bonus Depreciation? And what is happening to Bonus Depreciation? If your tax preparer looks at you with a blank stare get up and get out of their office as quickly as you can. If you own Commercial Real Estate your income tax professional has to, I really mean HAS TO know the answers to these questions.
BUT PLEASE START THE PROCESS AS SOON AS POSSIBLE AND DON’T PROCRASTINATE AND DON’T WAIT!!!