Tax Strategy Questions to Ask your CPA

Establishing a tax strategy for your real estate portfolio is crucial for optimizing financial gains and minimizing liabilities. A well-crafted tax plan can help you capitalize on deductions, credits, and incentives, ensuring that you retain more of your real estate investment returns and foster long-term financial growth. We love taking a proactive approach when it comes to developing a tax strategy for our real estate portfolios, and encourage you to do the same! :)

Here are some tax-related questions to consider asking your CPA:

1. What tax deductions do I qualify for?

   • Ensure you are taking advantage of all available deductions to minimize your taxable income.

2. How can I optimize my tax strategy and reduce my tax bill for the current year?

   • Discuss any changes in your financial situation or tax laws that may impact your tax planning.

3. Can I deduct medical expenses?

   • Ensure you know what the IRS allows you to deduct for qualifying medical expenses.

4. Are there any new tax laws or changes that affect me?

   • Stay informed about recent tax law changes that may impact your tax liability.

5. What tax credits am I eligible for?

   • Explore any tax credits that could directly reduce your tax liability.

6. Can you help me plan for future tax obligations?

   • Discuss strategies for managing taxes in the upcoming years based on your financial goals.

7. Should I consider any changes to my business structure for tax purposes?

   • If you own a business, explore potential changes that could optimize your tax situation.

8. What are the implications of recent life events on my taxes?

   • Discuss how major life events such as marriage, divorce, birth of a child, or a home purchase may impact your taxes.

9. Can you help me with tax-efficient investment strategies?

   • Discuss ways to minimize tax implications while managing your real estate investment portfolio.

10. How can I best prepare for an IRS audit?

    • Understand the steps to take in case of an audit and ensure your records are in order.

It's important to note that tax laws are complex and subject to change, so individuals and businesses should seek the guidance of tax professionals, such as Certified Public Accountants (CPAs), to help develop and implement effective tax strategies tailored to their unique circumstances. Check out our resources below for more real estate tax tips!

PS. Want a way to get ahead with your bookkeeping? Consider an accounting software like QuickBooks Online to keep your books in order year-round. By the time you hit tax season, you’ll have everything organized and can easily pass info to your accountant to complete the process.

We personally use QuickBooks to keep all of our business finances organized and are excited to join forces with the #1 accounting software for small businesses. Head over to QuickBooks to check out our exclusive discount of 30% off for 6 months for new customers! Happy investing (and saving)! :)

Resources:

• Get started with QuickBooks and save 30% for the first 6 months

• Listen to Real Estate Tax Savings Tips

• Check out Tax Strategies for Real Estate Investors

• Join WIIRE’s Private Facebook Group

• Connect with WIIRE’s Instagram