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ContinueIn episode 5 Logan Ransley talks tax strategies with CPA, Christanne Wright, exploring how real estate investors can leverage tax law.
Welcome back to episode 5 of The Profitable Rental Podcast by Landlord Studio! Today, Logan Ransley (Landlord Studio’s co-founder) discusses tax strategies with CPA, Christanne Wright.
Christanne talks about the importance of keeping good records not only for tax preparation, but to enable you to make better decisions for furthering your portfolio profitability. "You want to be able to pull reports that are going to give you data that helps you with your decision making, and that's why I enjoy using Landlord Studio with clients." She goes on to stress the repercussions should you fail to manage your real estate accounting properly, "If you don't keep good records, and the IRS is so dependant on record-keeping, that you run the risk of having a lot of, or even all of your expenses excluded from your tax file."
Part of property management is making sure you have the processes and systems in place to streamline your income and expense tracking. "I know most people who receive rent in cash put it in their wallet. If it's in your wallet, you're not putting it into your business so you can't make decisions with it. I find using platform like Landlord Studio gives my clients the ability to do everything they need to in one place."
Related: The Best Way to Collect Rent Payments From Your Tenants
Christanne is a real estate expert CPA who has a magnitude of experience helping real estate investors minimize their tax bills each and every year.The Profitable Rental is a podcast by Landlord Studio where we interview real estate experts and discuss practical advice on how to build the most profitable portfolio as a real estate investor.
Website: yourwrightresource.now.site
Instagram: /yourwrightresource
LinkedIn: /christanne-wright
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The Profitable Rental is a podcast by Landlord Studio. We interview real estate experts and discuss practical advice on how you can build a profitable real estate portfolio.
Stay tuned for the next episode where we’ll get stuck into even more tax strategies for landlords to maximize profitability and stay on top of their numbers.
