taxreturn

Who doesn't love getting a big tax return back at the end of the financial year!

With that in mind, what kind of property will give us investors the best chance of maximising our potential tax refund, using a deprecation schedule? 

That's what we're talking about today with property investor and director of MCG quantity surveyors Mike Mortlock. 

What property is the best for deprecation? 

and what does it look like as an investment? 

Chat in more detail with Mike Mortlock and his team: 

https://www.mcgqs.com.au/

Join Todd Sloan and a different industry leader each week, as they open up the topics you want to know more about to become a savvy investor.

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So you've gotten your tax return and gone through the stress and struggle of processing the paperwork, but now you have a bunch of numbers—and you may or may not know what they mean. This episode is all about understanding what’s on your tax return and how to use that information to create an effective plan for the next year and beyond.

You can find all show notes for this episode at: https://bit.ly/39bYQ23

Benjamin Franklin once said: “In this world, nothing can be said to be certain, except death and taxes.” An estimated 11.23 million Americans owed a total of more than $125 billion in back taxes to the federal government in 2019, according to Internal Revenue Service (IRS) data, and growing even more ever since the pandemic has started. Adding further difficulties into the mix have been tax deadline extensions, mid-tax season changes in taxable unemployment benefits, an advance Child Tax Credit, and stimulus payment recoveries through filing taxes. Additionally, when the world shut down due to the pandemic, many IRS employees were unable to work, creating a huge backlog in the processing of tax returns. Moreover, most bankruptcy cases are caused by financial hardship, and recent world events have put millions of Americans through unprecedented difficult financial situations, which have caused many to turn to bankruptcy. Most people think that taxes can never be discharged in bankruptcy, but this is far from the truth! So, how can filing for bankruptcy help me with my tax debt? Can I still receive a tax refund if I filed for bankruptcy? Should I file for bankruptcy before or after I file my taxes? This week, in the midst of tax season, our Bankruptcy Attorney Amy Wilburn informs us how bankruptcy and taxes go hand-in-hand, and how bankruptcy can bring you and your family a new financial start. Here is a tool to find free tax return preparation help for qualifying taxpayers by the IRS: https://www.irs.gov/individuals/free-tax-return-preparation-for-qualifying-taxpayers.

Subscribe to our channel to keep up with the latest news from the world of bankruptcy and immigration: Facebook: www.facebook.com/lincolngoldfinch/ Instragram: www.instagram.com/lincolngoldfinchlaw/ Twitter: twitter.com/LincolnGFinch Youtube: www.youtube.com/c/Lincolngoldfinchlawatx Tiktok: www.tiktok.com/@abogadakatelgl LinkedIn: www.linkedin.com/company/lincoln-goldfinch-law/ Whatsapp: https://wa.me/+15125998500

#016 RSIRE The Smith Manoeuvre

ROBINSON SMITH operates Smith Consulting Group Ltd, out of Sidney, B.C, on Vancouver Island. Robinson joined his father, Fraser, at Smith Consulting Group Ltd. back in early 2006 when he returned to Canada from Asia in order to be closer to family (his mother missed him…) and began to take over the family business. 

Robinson has since been advising hundreds of families on the implementation of The Smith Manoeuvre ™️ and there is no one better positioned to continue with the firm’s mission statement.

What is “The Smith Manoevure”?

In a nutshell, The Smith Manoeuvre ™️ employs refined and proven debt conversion techniques to transform mortgage interest into tax deductions. The method has a remarkable snowball effect that generates large and growing annual tax refunds, and enables the homeowner to knock years off the life of a non-deductible mortgage and build an impressive financial portfolio at the same time. It is the most efficient way for families to raise the resources they need to secure both their house and income in retirement. The Smith Manoeuvre ™️ uses the legal tools of the CRA and Canadian Financial institutions. It has been reviewed by Revenue Canada staff, and endorsed by respected financial experts and economists, investment planners, and lenders.

Join host award winning mortgage broker Denise Laframboise each week as she brings the good, the bad and the just plain ugly in real estate transactions, as told by real people. Success stories and tips on how to avoid the same pitfalls. We'd love you to please like, subscribe, follow and share these amazing stories.

To get in touch with Denise:

Web: http://DeniseLaframboise.ca
Email: mortgage@DeniseLaframboise.ca 
Phone: 289-645-1568 ext 1

Are you ready to perform the year-end duty without a hitch? If so, listen to this episode to learn how to complete specific tasks in QuickBooks to get ready for the new year. Stay tuned to find out helpful tips!

Key takeaways to listen for

• How to calculate principal paydown
• Setting up a capital expense report
• Preparing tax return with your accountant 
• How transactions affect the profit, loss, and balance sheet
• Keeping your financial data the way you want it

Resources mentioned in this episode

• QuickBooks Pro Desktop Year End To Dos 6 Modules
• QuickBooks Desktop Pro Plus 2022

Connect With Us

To learn how to consistently buy real estate working just 5 hours a week, click here.

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Get Your Finances Under Control Without Living Like a Resident

Here’s an amazing book you can read in a couple hours to start taking control of your money without living like a resident. Claim your FREE book, “The 9 Money Mistakes Doctors Make” and quickly discover how to get smart control of your money and your life.

Get your free ebook: https://savvydoc.com/edu/9moneymistakes/?utm_source=PC_Crypto_Taxation

FREE Webinar: How Doctors Can Reduce Their Taxes

Get your free webinar: https://savvydoc.com/edu/drastically-reduce-your-taxes/?utm_source=PC_Crypto_Taxation

FREE Webinar: 10 Ways to Hang Up The While Coat & Generate Income

Get your free webinar: https://savvydoc.com/edu/10-ways?utm_source=pc_crypto_taxation

Schedule a discovery call: https://go.oncehub.com/CallSavvyDoc?utm_source=pc_crypto_taxation

____________________________________________________________________

760-692-5600 | https://savvydoc.com

Savvy Doc Financial Planner is an SEC Registered Investment Advisor.

Get Your Finances Under Control Without Living Like a Resident

Here’s an amazing book you can read in a couple hours to start taking control of your money without living like a resident. Claim your FREE book, “The 9 Money Mistakes Doctors Make” and quickly discover how to get smart control of your money and your life.

Get your free ebook: https://savvydoc.com/edu/9moneymistakes/?utm_source=PC_Crypto_Taxation

FREE Webinar: How Doctors Can Reduce Their Taxes

Get your free webinar: https://savvydoc.com/edu/drastically-reduce-your-taxes/?utm_source=PC_Crypto_Taxation

FREE Webinar: 10 Ways to Hang Up The While Coat & Generate Income

Get your free webinar: https://savvydoc.com/edu/10-ways?utm_source=pc_crypto_taxation

Schedule a discovery call: https://go.oncehub.com/CallSavvyDoc?utm_source=pc_crypto_taxation

____________________________________________________________________

760-692-5600 | https://savvydoc.com

Savvy Doc Financial Planner is an SEC Registered Investment Advisor.

What do the new proposed tax laws mean for you? A pair of Senior Tax Managers, Jeffrey McMichael from Cohen and Company and Vincent Bechard of Doeren Mayhew are our guests. They discuss which of the old tax laws may be coming back and how that will affect all of us. Plus, what is the IRS looking at for your 2021 return and much more. The show is hosted by longtime Detroit sports media personality Matt Dery, who is now the head of Communications at Financial Architects, Inc. 

While we all have to pay taxes, there are various tax credits and deductions available that can help you maximize your tax refund and minimize the amount you pay. But does the perfect tax refund exist? In today’s episode, Benjamin and Steven will be discussing tax returns, focusing on tips to help you get your taxes where they should be while avoiding common missteps along the way.

Listen in as they share the issues you can run into when you have paid too much on your taxes or you have received a much larger amount than anticipated. You will learn the benefit of being intentional with how you spend your money, the right money mindset to be in during tax time, and why receiving a large amount for your tax return is not necessarily a good thing.

You can find all show notes for this episode at: https://bit.ly/3an9LCU 

DISCLAIMER: I am not a CPA or tax advisor. Nothing in this episode should be considered tax advice. Consult a tax advisor before making decisions that involve your taxes. 

This week we continue on The 6 Steps to Starting Your Personal Financial Planning. Our tax dollars do a lot of things for us, but nobody wants to pay more than their fair share. We dive into ways to help you potentially lower your current tax bill as well as future tax liabilities. 

Questions? Email me: Mike@ngpfp.com 

Learn last minute tax return ideas and the app to download and follow when your tax refund will be received.

The app to follow your tax refund is IRS2GO in the App Store or Google Play or Amazon downloads.

Are you investing well for financial freedom...or not?

Financial freedom is a combination of money, compounding and time (my McT Formula). How well you invest, makes a huge difference to your financial future and lifestyle.

If you only knew where to invest for the long-term, what a difference it would make, because the difference between investing $100k and earning 2% or 10% on your money over 30 years, is the difference between it growing to $181,136 or $1,744,940, an increase of over $1.5 million dollars.

Your compounding rate, and how well you invest, matters! 

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I suggest you get the audio book of Think and Grow Rich, or you can check out my website Resources page where I list all of my favorite financial books and you see exactly what books I have read and recommend you read. Then get started with Audible by visiting https://lindapjones.com/FreeBook and order your first audio book free! Get Think and Grow Rich or another book from my recommend list, and be sure to get started checking off the books you want to read with your free book from Audible!

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We’re all facing financial challenges in 2020 but the generation impacted the most might be the Baby Boomers because millions are entering retirement or already there. Today we’ll share the biggest financial concerns we’re hearing from clients and other people in that generation as they get ready to retire.

Read more and get additional financial resources here: http://makeretirementwork.com/458/ep-18-challenges-facing-baby-boomers-in-retirement/ 

What we discuss on the show: 

1:40 – The uncertainty of everything around us.

6:55 – Is your client base made up by a majority of that generation?

9:46 – Specific financial fears we’ve seen from Baby Boomers

12:08 – Tax liabilities in retirement 

15:18 – Time horizons are getting shorter so take action.

This episode is all about you and the questions you have about finance. Join us as we go into the mailbag and talk about retirement spending, financial fallout from divorce, the upcoming election, taxes, and how much retirement savings you need.

Read more and get additional financial resources here: http://makeretirementwork.com/452/ep-17-answering-your-financial-questions/ 

What we discuss on this show: 

2:52 –  Mailbag Question #1: I’m thinking I’ll spend a lot of money during the first few years of retirement and then not so much after five years or so. Is this normally how it works?

4:50 –  Mailbag Question #2: I’m in my late 50s and recently divorced. I’m worried about what retirement is going to look like with one Social Security benefit and half the assets. Can you overcome divorce this late in life?

7:13 –  Mailbag Question #3: Should I be investing differently with an election on the horizon?

12:14 – Mailbag Question #4: I’m getting a big tax return this year and have for a few years. Am I better keeping more money throughout the year?

14:49 –  Mailbag Question #5: My husband and I always argue because I want to redo the kitchen and he wants to save more for retirement. How much is enough?

Tune in for a tax update with Julien Grenier from Talbot & Associates.

There have been a lot of moving parts concerning your personal and business taxes since mid-March 2020.

Check this podcast out to stay up to date with the latest tax changes the federal government has implemented.