EOY Deductions (by #22 [MO]) Dec 15, 2018 10:07 AM
EOY Deductions (by razorback_tim [AR]) Dec 15, 2018 11:00 AM
EOY Deductions (by razorback_tim [AR]) Dec 15, 2018 11:01 AM
EOY Deductions (by WMH [NC]) Dec 15, 2018 1:28 PM
EOY Deductions (by LordZen [MA]) Dec 15, 2018 6:04 PM
EOY Deductions (by BRAD 20,000 [IN]) Dec 15, 2018 8:36 PM
EOY Deductions (by Ray-N-Pa [PA]) Dec 17, 2018 7:27 PM
EOY Deductions (by #22 [MO]) Posted on: Dec 15, 2018 10:07 AM Message:
EOY is closing in quick!!
What are some hacks we all use to maximize deductions at the end of the year? Why pay interest on 1/1/19 when you would rather have the deduction in 2018 and pay it on 12/28/18?
This is at least how I think....
So:
I pay all of my loans in late December, to get more interest paid in 2018.
I'll pay insurance slightly ahead of time as well.
Conferences I'll attend, if possible also paid for in 2018.
It's also a great time to upgrade phones and office equipment if it's needed.
Same with your work truck and tools, if of course, it makes sense.
I'm looking for more ideas!!! TIA!
--173.24.xxx.xxx |
EOY Deductions (by razorback_tim [AR]) Posted on: Dec 15, 2018 11:00 AM Message:
If you itemize and make charitable donations it may make sense to only make charitable donations every other year, itemizing those years and taking the standard deduction the other years.
For example if you have annually SALT deductions at the $10K max, mortgage interest on personal residence of $7500 and charitable donations of $10K, that totals $27,500 per year or $55,000 every two years.
However if one year you take the standard $24K deduction and the other year take SALT of $10K, mortgage interest of $7500, and charitable donations of $20K, you get a deduction that year of $37,500 and a total of $61,500 over two years. Saving taxes on an extra $6500. --166.137.xxx.xx |
EOY Deductions (by razorback_tim [AR]) Posted on: Dec 15, 2018 11:01 AM Message:
Check my math. I did that in my head and may be off. Obviously this varies from individual to individual as well. --166.137.xxx.xx |
EOY Deductions (by WMH [NC]) Posted on: Dec 15, 2018 1:28 PM Message:
We take the standard deduction personally as we don't have a mortgage anymore.
So we really plow EOY dollars back into the rentals and the business. I'd rather upgrade/improve our properties (and consequently our tenants' homes!) than write a check to the wasteful federal government, that's for sure!
I can better serve my local community directly by spending it here rather than by handing it over to the Feds to be wasted.
Technology upgrades are crucial to stay on top of this biz and the tenants, both current and prospects. Building repairs and upgrades are crucial to avoid the "deferred maintenance" trap some LLs make. --50.82.xxx.xx |
EOY Deductions (by LordZen [MA]) Posted on: Dec 15, 2018 6:04 PM Message:
This deductions that you guys are talking about is when you have more than one property?
--73.159.xxx.xxx |
EOY Deductions (by BRAD 20,000 [IN]) Posted on: Dec 15, 2018 8:36 PM Message:
#,
I used to try buying ahead but wound up with odd stuff I THOUGHT I’d use but mich still sits.
Took a different approach last year: gift cards.
-A stack of $10 Walmart gift cards to hand out for favors, such as neighbors who let is put a corner directional sign in their yard
-a stack of $5 Walmart cards we give to residents who complete their mid-year app update and SD check.
-a stack of Texas Roadhouse Steakhouse cards as a bonus to new leasees who do a short testimonial video and friend us on FB
-Amazon cards. Used $2000 in just a few months! on office supplies, toner...
-updated computer, printer, scanner, ipad
-updated repairs on my red company car
-Lowes cards to update prooerties like WMH.
-401kRoth annual contribution.
-generous donation to church, the kind we used to dream about.
BRAD --73.102.xxx.xxx |
EOY Deductions (by Ray-N-Pa [PA]) Posted on: Dec 17, 2018 7:27 PM Message:
The Self Directed 401 Roth is a huge way of making a difference in your financial future. It is probably too late however for you to get started for that in 2018.
You have to ask yourself exactly why you are doing what you are doing..........and the 10,000 foot answer is I operate rentals so that I can have a solid financial future into retirement. The self directed 401K Roth allows you to squirrel away your active income into your retirement plan.
So go ahead and pay yourself what you are worth....why cut corners on yourself? Then place that money back into your retirement plan. --72.23.xxx.xx |
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