Tax Planning

Despite the changing economy, real estate remains one of the most reliable ways to build wealth. The downside to that is, the more wealth you build, the more taxes you usually have to pay. For many, finding legal ways to lower taxes is an ongoing hunt.

Tax planning - do it BEFORE 12-31-24

 Hello again clients & friends!

 This is 2024's main tax planning blog...

Every year, millions of taxpayers in the U.S. dutifully submit their tax returns, along with whatever taxes they owe to the government. But there is also a large percentage of people who find themselves short and can’t pay their taxes.

Being self-employed these days is more common than ever before. More people are deciding that it’s better to be their own boss rather than punch a time clock. In addition, the gig economy, as it’s called, means that more people are opting to “piecemeal” their income, getting work here and there instead of working for an employer.

it's the 1st of August & a great time to...

* review all Aug23-July24 tax blogs 

* ask tax questions early (now, or at least before Dec31st)

* take a look at your 2024 accounting (Quickbooks or other)

It's almost December... be sure to review the "Tax Planning" blog published last month. Any questions before 12/31? just ask. Have a great Holiday Season! Garland

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for corporations - be sure to see notes at the end of the Nov23 "bonus" blog... GT

People can have strange relationships with money. For some, it’s a powerful tool to get what they need. For others, it’s a necessary evil; something they have to contend with to live in this world. Some people want to accumulate as much money as possible; others believe that wealthy people must have done something bad to get where they are.

it's the 1st of August & a great time to...

* review all Aug22-July23 tax blogs 

* ask tax questions early (now, or at least before Dec31st)

* take a look at your 2023 accounting (Quickbooks or other)

If you’re a business or self-employed, you have to deal with estimated tax payments. These are used to pay alternative minimum tax, income tax and self-employment tax. Many people find estimated tax payments to be a nuisance, and they wonder if they are mandatory.

Ok, this isn't the Land of Oz, but...

c o v i d

Is still out there... so I decided to cancel all in-person meetings again this year - after bringing home covid to the family last month. Ugh... not fun! Everyone's fine and finally recovered, but even masking did not stop this nasty bug.