Blog
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What Is Return Of Capital vs Return On Capital?
What Is Return Of Capital vs Return On Capital? When diving into the world of investments, it’s important to understand various financial concepts. And two of those concepts I’ve encountered after investing in real estate syndications are Return of Capital and Return on Capital. While these terms might sound similar, they have different meanings and…
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The Ultimate List Of Tax Deductions For Doctors
The Ultimate List Of Tax Deductions For Doctors Recently in the gym, I had a conversation with two medical students. They asked, “What do you recommend we learn now before we start practicing?” These guys are thinking the right way. I told them that their situation was similar to that of pro athletes. They go…
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How to Get Out of the Rat Race: A Doctor’s Guide
How to Get Out of the Rat Race: A Doctor’s Guide Escaping the rat race often feels like a distant dream. But it’s more attainable than you might think. I’d never heard of the term “rat race” before until a few years of practicing dentistry. It’s a way of life where you’re caught in a…
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How Much Do Car Washes Make? A Guide to 2024 Profits
How Much Do Car Washes Make? A Guide to 2024 Profits My first vehicle was a black and silver 1985 Chevy Blazer. It had chrome wheels that, if clean, they’d shine and make all the difference in the world. My personality likes things neat and clean, so I’d wash it several times a week. Back…
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Lease vs Buy: Tax Benefits for Your New Car
Lease vs Buy: Tax Benefits for Your New Car When considering the financial impact of getting that new car for your business/practice, you may find yourself weighing the benefits of leasing versus buying. The choice can have significant tax implications that require careful examination before you make a decision. If you listen to Dave Ramsey,…
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2024 Bonus Depreciation Bill: Tax Relief Insight
2024 Bonus Depreciation Bill: Tax Relief Insight There’s a new bonus depreciation bill in town….and here’s the lowdown: The “Tax Relief for American Families and Workers Act of 2024,” also known as HR 7024, was passed by the U.S. House of Representatives on January 31, 2024, with an overwhelming majority vote of 357-70. This legislation…
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How Does a Reverse 1031 Exchange Work In Real Estate?
How Does a Reverse 1031 Exchange Work In Real Estate? Typically, real estate investors are excited when their property sells for a profit. But here’s the deal: occasionally, this sale can be a double-edged sword. Why? They’re happy because they made money, but that happiness can quickly become deflated when they get their tax bill…
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How to Qualify As A Real Estate Professional (As a Doctor)
How to Qualify As A Real Estate Professional (As a Doctor) One of the best ways to avoid taxes and build true wealth is to qualify as a real estate professional (REP). Here’s a video walkthrough of what that looks like: With REP status, you can offset some of your business/practice income with deductions…
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What Is a LOI In Real Estate – Basics Explained
What Is a LOI In Real Estate – Basics Explained In real estate transactions, a Letter of Intent (LOI) plays a crucial role as an initial gesture towards a potential agreement. Consider it a formal yet non-binding document outlining your intentions to purchase or lease a property. Although not a legally enforceable contract, an LOI…
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What Is ROI in Real Estate Investing?
What Is ROI in Real Estate Investing? Real estate investing is one of the most popular ways for busy professionals to build wealth. But as with any type of investment, it’s important to educate yourself on the basics of how it works. One important metric to consider is the return on investment (ROI), which helps gauge…
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Reducing Tax on Rental Income: The Role of Passive Losses
Reducing Tax on Rental Income: The Role of Passive Losses As a periodontist, I was never taught anything about money, much less real estate or taxes, in school. The fault is mine for not seeking this information earlier in my career. It’s amazing that once you learn how to use the tax code correctly, it…
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Tax Savings Strategies for High-Income Doctors: Maximizing Your W-2 Deductions
Tax Savings Strategies for High-Income Doctors: Maximizing Your W-2 Deductions [Editor’s Note: Today’s article is a guest post from Thomas Castelli, CPA from Hall CPA (my personal CPA group).] Navigating the maze of tax planning can be daunting for anyone, including high-income doctors. Your unique financial situation, characterized by substantial W-2 income, demands strategic foresight to safeguard…
