Land of the Free supports our friends who have their own company and or mission. Daniel will share some of his words below on taxes, and for those of you who have always wanted to find and use a tax or bookkeeping expert- Maria Caba is the one to call. With over 2 decades of experience- she comes with the brain to your taxes. Dial: 201-921-3022 or email: [email protected]
Taxes…
When learning to play a new game, what is the first thing one does?
Learn the rules either by having someone explain them to you, reading the instructions, or learn by doing.
When it comes to the money game, the same methods are used to “learn the game”. Can we say making and saving money a game? Is it important? Is in un-patriotic to even think about paying less in taxes?
Part of my commitment to improve the level and quality of service to you, the Real Estate Client is to share about a topic I’ve always passed over to the CPAs, and that is everybody’s favorite topic: TAXES!!
I’ve heard it said more than once that the rules to the money game are taxes. Taxes are the boundary/fence line that can make or break an individual, marriage, or small business, more. Tax rules are also constantly changing and getting good tax help/advice can be a tricky dance. Like all professionals, tax people like to be compensated as well. The framework on how they charge often ambiguous. When we tip our server at restaurants, we can often tip 15-20% on our bills. Imagine paying your Realtor, Tax Advisor similar, and the last two often having much larger positive effects on your bottom line than your server.
Saving money on taxes when buying and selling Real Estate involves planning, utilizing tax benefits, and understanding old/new laws as they are created. One of the things I see amongst people who win and win well in this arena, is they are not afraid to ask many questions and they discuss/brainstorm solutions with each other and their professionals. They also personally oversee projects that they spend money on, and that will be another topic later. In this age, having discussions with real human professionals is crucial and becoming, imo, rare. “Customer service representative please”
If you’re selling, here is a brief overview of how to save money on taxes: Primary Residence (if you have lived in the home 2 of the last 5 years, you can exclude up to 250k of capital gains), offset gains w money spent on home improvements (track and save), Sell when your income is lower to reduce % paid on capital gains, 1031 Exchange (this will defer tax paid, and if you never sell.. you never pay the tax).
If you’re buying, here is a brief overview on how to save money on taxes: Claim the interest paid on your mortgage, property taxes are deductible, first-time home buyers grants reduce tax burden, tax credits from “clean energy” are another method but be careful of terms as some solar purchases/leases are scammy, and finally home office deductions. I can go into more depth on any of these, and feel free to ask questions ( I have answers). I also have an open dance card to help some lucky new clients buy/sell!!
Boots on the ground opinion on how hard is it to save money right now? It is really hard and I won’t go into the reasons. Understanding and implementing money saving tax strategies is utilized by the very wealthy and churches for some time now. Not overpaying in taxes is wise. Winning in the money game can make your quality of life and health better and can help/hinder your offspring (depending on how it’s done and the offspring).
I look forward to share more on taxes in 2025!
Time, the next 30-50 years, is on your side.
Let’s make the best of it!!
Serving Phoenicians since 2001!
Integrity, Results, Today’s Technology!
Daniel Medina
(623) 349-2540
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