Reducing Taxes and Building Wealth Proactively with Thomas Castelli
On this episode of Zen and the Art of Real Estate Investing, Jonathan explores real estate accounting with Certified Public Accountant and investor Thomas Castelli. Debunking the myth that accounting is dull, Thomas shares how having the right accountant can lead to substantial tax savings for real estate investors. As an expert at Hall CPA, Thomas specializes in guiding investors and business owners to minimize tax liabilities while maximizing wealth accumulation.
Jonathan and Thomas explore the complexities of the tax code in real estate investing. From having an accountant specializing in real estate to the challenges of bookkeeping, they uncover strategies for maximizing your tax benefits. Thomas explains intentional depreciation practices and shares what it takes to navigate audits with confidence. As they delve into passive real estate investing and syndications, Thomas reveals how becoming an accredited investor can benefit investors and what you can do to steer clear of common tax pitfalls.
Some topics Jonathan and Thomas cover more in-depth include:
Hiring a CPA specialized in real estate can help significantly reduce your tax burden.
Bookkeeping is the cornerstone of reducing your taxes as an investor. It can also help if you’re audited in the future.
Depreciation is one of the secrets to shielding your rental income from taxes, even if you’re generating positive cash flow.
Becoming an accredited investor can open up a lot of new investment opportunities.
While investors often become lax with their bookkeeping or taxes, having an accountant who specializes in knowing the ins and outs of real estate taxes can offer new opportunities for retaining more of your hard-earned income.
If you want to learn more about Zen and the Art of Real Estate Investing Podcast, check out http://www.trustgreene.com/podcast/zen/115.