Who Do You Take Advice From

We have been discussing owning and selling properties with our children.  They are self-proclaimed Serial Entrepreneurs!  (We say, "Go FOR IT!")

Lately, the discussion has settled around buying properties for both rental incomes and to flip.

In 2006, you could make some money flipping houses! NOW? Rules have changed. Did you know that?

Tax laws have changed quite a bit, making it more difficult if not impossible to flip houses.  The amount of time you must hold a residence for the profit to be taxed as a capital gain and NOT income is a major one, amongst others.

The important part here is that understanding any new business or income source you get into is VERY important.  You should always consult a tax planning expert before planning new corporate or personal income to make sure you have the proper structure in place.

What do you think when I say, Tax Planning Expert?

I bet your mind immediately goes to ACCOUNTANT, and you would be right. 

BUT....

If you only consult your accountant, you are missing some valuable strategies to avoid paying unnecessary tax that have NOTHING to do with accounting. Your tax lawyer and your financial planner should be experts in tax planning AS WELL. 

Your TEAM should work together to provide you with ALL the tools available to you, so you can protect, preserve and pass-on your wealth, avoiding the taxes and providing you the most opportunity to give back to your family, friends and causes you care about.

It pays to make sure you are consulting the RIGHT people. 

 If you would like more information about some of the tax planning strategies that financial planner can provide, contact me today for a free consultation!