Happy Tax Day!
(Okay, I know tax day is actually April 18 this year, but the first two weeks of April always feel like tax day to me!)
How is it APRIL already? Somehow the second quarter has snuck up on me…and it’s already tax time!
Time tends to get away from me, especially if I allow myself to become unfocused or burned out… Whether it’s due to analysis paralysis or plain old procrastination, I suspect that, at least sometimes, you likely feel the same. It’s ok to give yourself a little grace now and again (like I am today, as I finally get my first newsletter of the year out to you!) — as long as we pick ourselves back up, find a way to refocus and get back to work!
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ACTION ITEM –
What I’m reading – Tax-Free Wealth: How to Build Massive Wealth By Permanently Lowering Your Taxes, by Tom Wheelwright. Everyone (and I mean, everyone) needs to read this book. Not only my REALTOR® and self-employed friends, but anyone who wants to learn more about how to keep more of your own money and build wealth and build your future. I’ve read it twice through and made an annoyingly long list of questions for my CPA and my attorney… If anything should convince you to read this book, it’s this line: “over 95% of the tax code is intended not to raise taxes but rather to stimulate economic, agricultural, and energy activities” — in other words, if you do the things the government suggests (i.e., participae in the creation of housing, i.e., buy investment properties), you will actually experience permanent tax benefits! Do this for yourself today: order and read this book, and then put it to work for you!
Articles I’m pondering – In keeping with having my mind on taxes these days, I’ve been thinking about two great articles I read recently. The first one was recommended to me by the same REALTOR/friend who recommended the Tax-Free Wealth book — she sent me a link to the book and a link to this article: “Avoiding the Passive Activity Loss Rules.” This article, as well as this one from Forbes, “Tax Advantages for Real Estate Professionals,” can get you started on a path to think about the tax benefits of our profession, as well as the tax advantages to real estate investing, a little differently. (If you want to get a little nerdier still, you can download and read the IRS’s Publication 925: Passive Activity and At-Risk Rules for 2021.) Of course, I am not an accountant nor am I a financial advisor, but these two articles, as well as the book above, have helped me to understand the questions I need to be asking my CPA and my financial advisor to have a better tax strategy for myself — I hope you find them helpful, too!
What I’m listening to – Lexicon Valley from Booksmart Studios podcast with John McWhorter. Quite simply: it’s a podcast about language and words. If you love words as much as I do (or even only half as much as I do), I recommend you check it out! (This is just for fun, and not tax-related at all, thankfully!)
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Thanks for reading — cheers to an amazing 2022!