With the year almost over (how did that happen…), it’s a great time to think about your 2011 taxes. Here are a few ideas for minimizing the taxes you’ll pay when the IRS comes calling in the spring. Just be sure to 1) act quickly, and 2) consult your CPA!
- Are there any donations you can make? Gifts? Charitable contributions? How about transferring a house? These can get tricky from a tax savings perspective, but they can also be very beneficial to minimizing the taxes you’ll pay come next April.
- If you’re a real estate investment professional, you likely have a ton of expenses you may be able to write off (here’s how). Start getting that list of items ready for your CPA.
- Look into the possibility of a 1031 exchange if you’re an active buyer and have your eyes on another property.
- Maximize your contributions to your Self-Directed IRA. What? You don’t have a Self-Directed IRA? It’s time to take control! Ask me personally for an introduction to my SDIRA custodian here in Hawaii. Your investment possibilities will expand a thousandfold! No longer will you be forced to ride the stock market rollercoaster, earn 1% in a bank account or stuff your mattress.
Pete Deiler says
Michael,
Do you strickly work in Hawii or on the main land also. I need to find Partners. Hard money lenders, Buyers ect. My son is in you state on the miltary base. His 20 years is almost up.