Women Invest in Real Estate WIIRE 163: Year Long Tax Prep for Real Estate Investors
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Jan 27, 2025 Dive into the world of proactive tax preparation for real estate investors! Discover the pitfalls of procrastination and the merits of diligent bookkeeping. Learn how tracking mileage can enhance tax deductions and gain insights on essential tax documents. The hosts share humorous stories about vehicle transitions linked to tax benefits. Plus, find out why hiring a CPA and making estimated quarterly payments can significantly impact your financial success. It's all about maximizing savings throughout the year!
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Year-Round Tax Prep
- Prepare taxes year-round, not just during tax season.
- This prevents scrambling and saves money.
Late Tax Filing Experiences
- Grace and Amelia both filed taxes late their first two years.
- This caused stress and issues with lenders.
DIY Bookkeeping
- Do your own bookkeeping; don't rely on your CPA for it.
- CPAs are expensive and won't maximize your write-offs.