Mar 23, 2022
Taxes affect everyone, including rental property investors. While it adds to the list of things they have to think about, if understood and planned properly, the tax code can work in your favor.
Joining Kirby for this episode of Living Off Rentals is Michael Leonard, a CPA who is also a licensed mortgage broker. He is the owner and managing partner of Leonard & Associates, which is a firm that specializes in tax planning, filing, and bookkeeping.
Michael explains why a bookkeeper comes in handy for rental property investors. He also shares best practices to simplify handling your taxes, taking advantage of the benefits brought by bonus depreciation, and more. Tune in to learn how to make your taxes work for you and not against you, so it’s one less thing to worry about.
Key Takeaways
[01:01] Michael’s journey to becoming an
accountant and how he stumbled upon real estate
[09:27] What are the most important things for a rental property investor, and should they have a bookkeeper?
[12:04] Best practices on handling taxes in the most efficient way to get the upper hand
[16:17] Big benefits of bonus depreciation for rental property investors
[23:18] Advice on entity selection: put it under an LLC, not your name
[25:22] The approach on paying yourself as the business owner
[33:27] Tips you can do to reduce your tax burden
Links
Leonard & Associates - https://leonard-cpas.com/
Living Off Rentals YouTube Channel - https://www.youtube.com/c/LivingOffRentals
Living Off Rentals Facebook Group - www.facebook.com/groups/livingoffrentals
Living Off Rentals Website - www.livingoffrentals.com
Living Off Rentals Instagram - www.instagram.com/livingoffrentals