End Of Year Real Estate Tips Part 1
Q: Gerald, I’m a real estate professional. Do you have any year end real estate tips for me? Lance, New Bedford, MA
A: Hi Lance. Two ways to reduce your tax burden as a real estate professional for this current tax year is to pay more of your business-related expenses before the end of this year and defer income til January of next year. For example, you can send invoices late in December so collections won’t occur til January of next year–doing this will reduce your tax burden by reducing your taxable income.
Thanks for your question, Lance-stay tuned for next week when I’ll reveal another end of year real estate tip.
For more real estate tips and information visit my blog at geraldlucas.com.