Ep 72: Getting the Most out of Your Tax Breaks with Warren Taryle
As our guest CPA and tax guru Warren Taryle tells us, “95% of people don’t need advice on their tax planning.” But, as this episode reveals, there's no one-size-fits-all approach to taxing real estate investments. This is one of the reasons that all investors should seek out professional tax advice. While taxes may seem boring, Warren provides a compelling case for why having a tax plan is a necessary evil for growing your success. Our conversation starts with a discussion about how real estate benefits from several tax incentives, creating opportunity zones of investment. We talk about why you should prepare your taxes throughout the year, especially as this is difficult to do after the fact. Warren shares why you should only get your tax advice from a tax expert as they’re likely to be signing their names onto your tax returns. After providing insights on what makes investors different from W-2 employees, Warren explains why creating a tax problem is better than not moving forward with your business. Near the end of the episode, we explore how COVID-19 has affected the tax industry and Warren tells us how recent changes to the tax code allowed him to land significant tax refunds for his clients. Listen to the episode to find out if you need a tax strategist. It could save you money in the long run.
Key Points From This Episode:
Warren introduces himself and explains the importance of getting the tax process right.
How taxes create opportunity zones and incentives to push people into certain directions.
Incentives provided by tax law that can benefit your real estate business.
Why the private sphere is better positioned to provide housing than public initiatives are.
The importance of getting your tax advice from practicing tax strategists.
Warren provides specifics on how the state incentivizes real estate investment.
Why it’s never too early to establish your tax plan, even before starting a career in real estate.
How filing an amended return can help you with your income.
Why real estate investors, more than others, will benefit from paying a tax advisor.
Learn why creating a tax problem is often better than avoiding taking action.
Warren shares his experience of working as a tax strategist during the pandemic.
Sharing knowledge and resources to help your network during the pandemic.
How COVID-19 has shaped tax law and how Warren got his clients a tax refund.
“Doing your taxes is about speaking to an expert ahead of time. There is no one-size-fits all. That expert signs their name on your returns, ensuring that you’re not doing anything wrong.” — Warren Taryle [0:09:39]
“They wrote it into the tax code to incentivize us into real estate. What’s our biggest tax break of all? Depreciation on an asset that appreciates. It makes no sense whatsoever.” — Warren Taryle [0:12:20]
“95% of people shouldn’t pay for a tax strategy. Real estate investors have that open space, those options, to get creative with their tax strategies.” — Warren Taryle [0:21:17]
“Anything worth doing is worth doing poorly. Which means that if it’s worth doing then get out and do it. You’re gonna screw it up the first time but it’s worth taking action.” — Warren Taryle [0:25:29]
Links Mentioned in Today’s Episode:
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