BiggerPockets Money5 Des 2022

360: Year-End Tax Tips and How to Owe Even Less in 2023

If you talk about how to avoid taxes, most people will think you’re doing something fishy in the eyes of the IRS. Very few know you can use the tax code to massively lower your year-end burden, all while making an ordinary income. Real estate investors have been doing this for years, using so-called “tax cheat codes” like depreciation and cost segregation studies to write off massive paper losses on their taxes. But how do they do it, and if you’re an investor, can you do the same?

Natalie Kolodij, IRS Enrolled Agent, works exclusively with real estate investors to lower their taxes as much as legally possible. She knows the tricks of the trade that allow investors to not only pay less at the end of the year but grow their businesses more efficiently so financial freedom comes even faster! Natalie is also an active real estate investor and part of the FIRE movement, so if there’s one person who knows the right tax moves to make, it’s her!

Natalie gives us a masterclass on how investors can lower their 2022 taxes as the year comes to an end, how to set yourself up for a successful 2023, and the massive real estate tax write-offs you should be utilizing. She also touches on how much CPAs and tax preparers can cost, when to start strategizing your taxes, backdoor Roths, and how to legally pay your children tax-free income so they get a boost on their financial future.

In This Episode We Cover

Year-end tax tips to lower your 2022 taxes as much as possible

When to hire a CPA or tax preparer (and how much they’ll cost you)

2023 tax deductions for real estate investors and what you should take advantage of NOW

How to get your children investing early with tax-free income from your business

The biggest tax mistakes that investors make and why you may be overpaying in taxes

Cost segregation studies, bonus depreciation, and how to cancel out the capital gains of a home sale

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

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BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

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Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Choosing the Right Tax Professional for YOUR Specific Needs

BiggerPockets Money Bonus Episode: CARES Act: Everything You NEED to Know About the Coronavirus Stimulus Package

Landlord Tax Loopholes That’ll Help You Pay ZERO Taxes in 2022

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-360

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