Do THIS With Your Taxes Before The End of The Year

The end of the year is upon us, which means it’s your last chance to put in place tax strategies for 2020. Tom Wheelwright returned to the Financial Freedom Academy to answer our members’ end-of-year tax questions, and today we’re sharing this exclusive interview with you.

❓Want in on our exclusive Q&As? Join us in Financial Freedom Academy: https://financialfreedomacademy.com

🏠 What's Your Freedom Number? Download our free PDF to help you determine how many rental properties you would need to achieve financial freedom: https://morrisinvest.com/freedom

📞 Ready to buy your first fully done for you rental property? Book a free call with us: https://morrisinvest.com

Tax-Free Wealth by Tom Wheelwright: https://amzn.to/2FowpuV

WealthAbility: https://morrisinvest.com/taxes

The WealthAbility Show with Tom Wheelwright: https://wealthability.com/show/

Tom’s newsletter: https://wealthability.com/getreport/
-----------------
In this video, we’re taking you behind the scenes of our private Facebook group for the Financial Freedom Academy! In this interview, Tom Wheelwright joined our FFA members to answer live questions about end-of-year taxes, the CARES Act, professional real estate status, and more.

How the CARES Act Can Impact Your Tax Strategy
There are a number of provisions in the CARES Act that can help you depending on your situation. Investors should know that the CARES Act allows those who have been affected by COVID to access up to $100k from retirement plans, penalty free and taxed reduced. However, this must be taken advantage of by the end of the year.

What It Takes to Be Qualified As a Real Estate Professional
Investors who qualify as real estate professionals are able to deduct losses against their income. In order to qualify, an investor must spend 750+ hours each year on their real estate business AND must spend more time in their real estate business than any other income stream. This election also must be made on the tax forms.

What You Need to Know About a Newly-Formed LLC
When starting a new legal entity, there are some important things you need, from a tax standpoint. You should set up a business bank account, elected managers, and a holding company if you have multiple LLCs.

-----------------
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.

Видео Do THIS With Your Taxes Before The End of The Year канала Morris Invest