by Karla Dennis | Dec 25, 2013 | Blog
Join Karla Dennis as she goes over the 4th key to getting more cash out of your taxes.
by Karla Dennis | Dec 24, 2013 | Blog
If your total earnings put you in a low-income tax bracket, there is a tax strategy that you can form to help put more money into your pocket. Taking time to form a tax strategy will help increase the money that you make in each paycheck. For example, did you know that most people overpay on their taxes? The problem with waiting for a hefty tax return is that you are basically giving the government a loan where they can invest your money and make a profit. Why not have a tax strategy where you use that money to increase your wealth? All you have to do is fill out your tax information again, including any new deductions. It’s a tax strategy that basically gives you a raise. Another tax strategy to reduce your taxable income is starting a retirement fund. A 401K or other retirement savings is exempt from taxes as long as you don’t use it. If you use the funds early, you will be charged fees and taxes. As long as you are saving for retirement, you can decrease the amount of money that qualifies as taxable income. It is a great tax strategy to reduce the amount of money that you pay in taxes while saving you money. Finally, include your health care costs in your tax strategy. Many employers offer flex plans where you can put aside money to pay medical bills. The money that you put into a medical flex plan and a health insurance plan is not considered taxable income. Many people think that they can’t afford a good health plan, but...
by Karla Dennis | Dec 20, 2013 | Blog
For many rental property investors it feels like the money you pay toward taxes completely cancels out any profit that you make. One of the best ways to prevent exorbitant taxes on your rental property is to form a tax strategy as soon as you sign a lease for your rental property. As part of your tax strategy it is important that you understand the difference between a passive and a non-passive landlord. If you are gainfully employed and using your rental property to supplement your income, you are considered a passive landlord. One the other hand, if you use your rental properties as your main source of income, you are considered a non-passive landlord. You may wonder how knowing what type of landlord you are can change your tax strategy. Understanding the way that you earn money from your property can entitle you to specific deductions. For example, if you are a non-passive landlord, you can deduct all of your losses. If you go for a time without renters or have damage to your property, you can deduct all of those expenses from your taxable income. On the other hand, if you are a passive landlord, you can only deduct up to $25,000 of your losses each year. The good news is that you can carry over those losses into the next year. Another tax strategy for rental properties is to claim repair costs. Part of being a landlord involves upkeep and repair of a property. If you keep precise documents of repairs and their costs as part of your tax strategy, you will be able to include...
by Karla Dennis | Dec 18, 2013 | Blog
Join Karla Dennis as she goes over the 3rd key to getting more cash out of your taxes.
by Karla Dennis | Dec 17, 2013 | Blog
Karla Dennis walks you through the tax organizer for 2013.
