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Category: Taxes

  • How Does The Federal Solar Tax Credit Work? (2023 Guide)

    How Does The Federal Solar Tax Credit Work? (2023 Guide)

    How Does The Federal Solar Tax Credit Work? (2023 Guide) The United States solar business has grown by over 10,000% since the federal government passed the Solar Investment Tax Credit (ITC) in 2006.  This credit, also known as the Residential Clean Energy Credit, is a federal tax credit that allows you to deduct up to 30% of the cost of your…

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  • Top Advantages Of Real Estate Professional Tax Status

    Top Advantages Of Real Estate Professional Tax Status

    Top Advantages Of Real Estate Professional Tax Status Real Estate Professional Status (REPS) gives individuals unique tax benefits that can significantly impact their financial outcomes (especially physicians and dentists). The Internal Revenue Service (IRS) sets strict guidelines to qualify for real estate professional tax status, which offers distinct advantages in reducing taxable income. Achieving REPS can be…

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  • How To Avoid Depreciation Recapture Tax On Rental Property

    How To Avoid Depreciation Recapture Tax On Rental Property

    How To Avoid Depreciation Recapture Tax On Rental Property One of the reasons that kept me from investing in rental real estate was trying to understand what all of the terms meant. Trying to learn this brought back vivid memories of dental school where it seemed that the teachers were speaking a differerent language such…

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  • How To Choose A Real Estate Tax Accountant

    How To Choose A Real Estate Tax Accountant

    How To Choose A Real Estate Tax Accountant Are you tired of having a HUGE tax bill? Most professionals are and look into investing in real estate to help lower some of their tax burden. I started investing in real estate syndications several years ago and quickly realized that having a good real estate accountant on…

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  • Navigating the IRS Audit Process: What You Need to Know

    Navigating the IRS Audit Process: What You Need to Know

    Navigating the IRS Audit Process: What You Need to Know As a doctor, one of the worst things to hear is that you’re getting sued. Another issue that doesn’t sit well is that you’re potentially facing an IRS audit. I understand that a tax audit might be an inconvenience, but it’s usually not much more…

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  • 10 Tax Strategies for High Income Earners: Avoid the Tax Man

    10 Tax Strategies for High Income Earners: Avoid the Tax Man

    10 Tax Strategies for High Income Earners: Avoid the Tax Man If you make a lot of money, then there’s a good chance that you’re paying too much to the tax man. High-income earners understand that their biggest expense during their lifetime is taxes. No one wants to pay more in taxes than they have…

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  • 5 Ways To Defer Capital Gains Tax When Selling Real Estate

    5 Ways To Defer Capital Gains Tax When Selling Real Estate

    John Sculley once said, “Timing in life is everything.” And when it comes to investing, developing the best timing to finalize tax planning can determine how effective they’ll be.  I love passively investing in commercial real estate. Especially real estate syndications.  Depending on when a property is sold, it can generate huge profits along with…

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  • 7 Top Real Estate Investing Tax Strategies

    7 Top Real Estate Investing Tax Strategies

    A wrist injury while snow skiing was the catalyst that eventually led me to real estate investing. This event showed me that I was relying only on my dental income to support my family. In order to mitigate risk, acquiring additional income streams from real estate seemed to be the way to go. But little…

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  • Bonus Depreciation is Phasing Out: Here’s What You Should Know

    Bonus Depreciation is Phasing Out: Here’s What You Should Know

    When I started a dental practice, I thought the goal was to have the highest production possible. At least that’s what all the “dental gurus” were telling us to focus on. That meant spending tens of thousands of marketing dollars annually to get patients in the chair. Next, we then had to provide top notch…

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  • Potential Changes To Real Estate Tax Loopholes Doctors Should Know

    Potential Changes To Real Estate Tax Loopholes Doctors Should Know

    [Editor’s Note: Today’s article is a guest post from a friend of mine that wants to remain anonymous. He’s a doctor that teaches other doctors about all types of money matters at Wealthy Doc. ] As a real estate investor, the Wealthy Doc understands that one of the MOST important benefits for investing in the…

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  • 5 Outstanding Tax Strategies For High Income Earners

    5 Outstanding Tax Strategies For High Income Earners

    Do you want to lower your income tax bill? Who doesn’t? But the more money you make, the higher taxes you have to pay, right? Well, maybe not. Why do the ultra-wealthy like Donald Trump and Warren Buffett pay so little in taxes as compared to their income? It’s because they know how to play…

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  • Capital Gains Tax 101 For High Income Earners

    Capital Gains Tax 101 For High Income Earners

    Pros and Cons Of Capital Gains Tax One of the most overlooked areas high-income professionals seem to miss when developing a financial plan involves TAXES. Why? Because taxes are NO fun (unless you’re a CPA) and who wants to focus on an expense, right? As a high income earner, your largest expense during your career…

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