Big Tax Breaks for Real Estate Wholesalers
Tired of big income tax bills and the bite they take out of your real estate investment profits?
How would you like to like slashing next year’s tax bill by $11,000 or enjoying 365 days of tax free real estate investment returns?
Whether you’ve experienced big income tax bills yet or not, it can be part of the territory with the great profits that come from flipping houses. Some consider that a “good problem” to have. It’s better to make more money, even if you have to give up more in tax. But it doesn’t have to be that way. In fact, if you haven’t tackled this yet the odds are that you are paying far more in taxes than you should be each year. That means throwing away money that could be invested for faster results, and taking a double digit hit to returns, income, and wealth building. It also means giving a huge edge to your more tax savvy real estate competitors. So how can real estate wholesalers kick taxes to the curb and keep more of that cash in their own accounts?
Tax Saving Basics for Real Estate Investors
Basic tax savings measures that all real estate investors should be considering include: organizing a business entity, office deductions, charitable giving, company vehicles, retaining a better accountant, and creating a tax savvy spending plan for the whole year in advance.
Getting the Big Breaks for Bolder Wealth Building
For wholesalers that want to enjoy a big potential deduction on this year’s tax bill, and to enjoy tax free investing all year round you’ve got to look at IRAs.
Individual investors without a retirement account can potentially directly knock $5,500 off their tax bill by opening up a traditional IRA. That means over $5k you can put directly back into your own pocket and use to keep building wealth instead of handing it over to the IRS. If you are married and you both contribute to an IRA that’s up to $11,000 you can take off your taxes this year, and every year.
If you already have a retirement account you can roll that over into a self-directed IRA, 401k, or real estate IRA. Investing in real estate through this vehicle enables tax deferred or tax free investing all year round. That adds double digits to your net gains each year, gains which are compounded every year.
Ignoring taxes is just expensive. Those that take them head on stand to achieve a lot more, a lot faster.
Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding and hard money loans for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.
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