In this Guide
If you’re reading this, then you’ve decided to explore the exciting world of taxes as they relate to your investment property. If you’re new to the idea of tax deductions or aren’t familiar with terms such as accounting, then you’re in the right place. We recommend you start with the basics of tax deductions. If you’re more advanced or just returning to reference some specific deductions, feel free to navigate around and skip sections that are less relevant. Either case, we’ll figure this out together so that you can save more money!
You wouldn’t choose to overpay for other expenses, so why do so many people pay more taxes than needed on their rental income?
Deductions help calculate true income that you’re required to pay tax on. It’s easy to miss a deduction, which is where this guide comes in! We’ll talk about many different deductions and other tax items to help get you educated and avoid common mistakes.
Do I Need a Professional Accountant?
Before we get started, it’s prudent to ask yourself whether you’ll need a tax professional to help you as you go. Although we can’t answer this for you, we do encourage you to go through this guide and learn as much as you can, regardless of whether you use a tax professional. No one will know your business and be as motivated as you. At the very least, the knowledge in this guide gives you the ammunition to ask the right questions and follow the right paths.
What this guide is not …
This is not an exhaustively complete set of tax deductions nor a substitute for professional legal and tax advice. This guide is meant to set the foundation for you to explore tax deductions and become more aware of the tax code. In the end, the expectation is that you can save money by reducing your tax obligation, but this is not a guarantee.