Vendor Portal
In the latest episode of the Straight Up Chicago Investor Podcast, Aaron Zimmerman brings a wealth of knowledge on year-end tax planning and accounting strategies tailored specifically for real estate investors. Here’s a breakdown of the key insights shared during this illuminating discussion:
đź“Š Maximizing Tax Efficiency: The Year-End Approach
As the year draws to a close, Zimmerman emphasizes the importance of proactive tax planning for investors. From organizing financial information to collaborating closely with tax professionals, meticulous preparation lays the groundwork for minimizing tax liabilities and maximizing savings. With expert advice ranging from strategic property sales to accelerating expenses, investors gain valuable tools to optimize their tax strategy and capitalize on available deductions.
đź’ˇ Unlocking Accounting Strategies: Insights for Real Estate Investors
Delving deeper into accounting nuances, Zimmerman explores a myriad of strategies tailored to real estate professionals. From converting to S corporations to mitigate self-employment taxes to leveraging prepayment of expenses for immediate tax benefits, investors gain actionable insights to enhance their financial efficiency. Zimmerman’s expertise extends to addressing common pitfalls, such as the limitations on deductible expenses and the intricacies of property management fees within LLCs and S corporations.
🏡 Navigating Rental Property Dynamics: Maximizing Deductions
For rental property owners, Zimmerman offers invaluable guidance on navigating complex tax landscapes. From paying reasonable wages to family members for services rendered to capitalizing on bonus depreciation and health savings accounts, investors gain a comprehensive toolkit for maximizing deductions and optimizing financial outcomes. Zimmerman’s pragmatic approach underscores the importance of strategic decision-making and proactive engagement with tax advisors.
Watch Straight Up Chicago Investor Podcast Episode 261 in Full Here
Show Notes:
What questions should I ask my tax professional before the end of the year?
Connect with Mark and Tom: StraightUpChicagoInvestor.com
Email the Show: StraightUpChicagoInvestor@gmail.com
Guest: Aaron Zimmerman, Lipschultz Levin & Gray
Link: Episode 52: Saving Thousands of Dollars With the Appropriate Tax Strategy and Deductions
Chicago Investor Resources Shared
What You Must Know About Renting Your Property In Schaumburg
Survival Guide For Self Managers - 15 Tips Chicago Landlords Must Know(Especially House Hackers)
Want extra Hacks & Tricks? Follow us on Facebook & Youtube!
Looking for a breakthrough in your career? Join Our Team!
SUBSCRIBE on to our podcast on iTunes | Spotify | Stitcher | TuneIn Radio
