360: Year-End Tax Tips and How to Owe Even Less in 2023
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 5 December 2022
⏱️ 42 minutes
🧾️ Download transcript
Summary
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
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Finance Review Guest Onboarding
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Apply to Be a Guest on The Money Show
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
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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Transcript
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| 0:00.0 | Hello, hello, hello, and welcome to the Bigger Pockets Money Podcast where I interview |
| 0:04.8 | tax expert Natalie Colady and talk about taxes and planning for 2023. |
| 0:10.8 | Looking into 2023, so looking for the upcoming year, this is when you should be talking to your |
| 0:15.0 | professional about if it makes sense to change your entity for the upcoming year. You know, maybe |
| 0:20.1 | you're doing flipping or pool sailing and an S corporation might make sense. And maybe you're |
| 0:26.5 | you have children and you want to have your kids help in the business and you want to put them on |
| 0:29.5 | payroll. This is an awesome strategy and we hear about it a lot, but no one sort of walks you |
| 0:34.0 | through the steps of what you have to do and you do have to set them up as an employee, you do have |
| 0:38.8 | to set up to file those payroll reports, you do have to find tasks they can do and actually pay |
| 0:44.4 | them for them. I am Mindy Jensen and I am here to make financial independence less scary, less |
| 0:49.8 | just for somebody else to introduce you to every money story because I truly believe financial |
| 0:54.5 | freedom is attainable for everyone, no matter when or where you're starting. Whether you want to |
| 0:59.8 | retire early and travel the world, go on to make big time investments in assets like real estate, |
| 1:04.4 | start your own business or simply make your tax preparations for next year easier. We will help you |
| 1:11.3 | reach your financial goals and get money out of the way so you can launch yourself toward your dreams. |
| 1:16.8 | Now we have spoken with Natalie on several episodes in the past episode 112 and bonus episode |
| 1:24.0 | 118 and a half. Before I bring in Natalie, let's take a quick break. |
| 1:30.0 | Okay, before we get to the show, let's hear a word from today's show sponsors. |
| 1:33.8 | There's no place like home, so during the holidays, shouldn't home feel the safest? |
| 1:38.4 | With SimplySafe, it does. SimplySafe is the number one rated home security system and right now, |
| 1:43.2 | they're offering bigger pockets money listeners 40% off a new security system. Now, instead of wondering |
| 1:48.7 | what things are going bump in the night, you can just check SimplySafe with your smartphone. |
... |
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