2022 Tax Strategies Kick-Off
In this video, Amanda Han and Matt McFarland of Keystone CPA share the 2022 tax saving strategies they are looking at for real estate investors. The husband and wife CPA team behind Keystone CPA and authors of The Book on Tax Strategies for the Savvy Real Estate Investors, Amanda and Matt provide top-notch financial and tax solutions in assisting clients to achieve maximum profitability on their businesses and investments. If you like this video, make sure to check out their real estate tax courses. SVIC members are eligible for course discounts: Strategic Tax Savings Program / Jumpstart Your Tax Savings
In this video, you’ll learn about:
- The current state of proposed tax changes
- How to maximize your repairs and improvement costs
- Ways to use entities to minimize IRS audits
- Must-do action items when preparing for tax filings
- Best practices in documenting your real estate hours
- How to avoid IRS notices
- Pros and cons of filing on time versus filing tax extensions
- Demystifying 1099 questions for real estate investors
- And much more!
Episode Notes:
00:11 Welcome and where we are today
02:42 Tips to protect yourself
05:08 Repairs vs. improvements for rentals
07:30 Filing entity tax returns
09:32 Gathering tax documents
10:50 Filling out the checklists completely
12:44 Real estate professional hours and short-term rental hours
13:49 IRS backlog issues
15:34 Identity theft issues
15:55 Stimulus payment letters and child tax credit letters
16:33 Creating your IRS online account in less than 5 minutes (link here)
17:00 Items needed to create the account
19:56 Question: Extend or file on time?
20:40 Benefits of filing an extension:
- 20:42 More time to gather documents
- 21:04 Less chance for mistakes
- 21:22 More insight into 2022
- 24:50 Retirement contributions or retirement repayments
- 25:50 Reminder – taxes due to be paid by April 18th
26:40 Common questions asked:
- 26:53 What is a W-9??
- 28:28 Who do I have to issue a 1099 to?
- 29:45 Which forms to use?
- 30:50 How about property managers?
- 31:30 What are the deadlines?
32:12 Q&A Session: