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Everyone wants to save money, and with a few tips to keep yourself organized for next year's tax season, you can help maximize your tax income deductions. Real Estate investments are a great way to help ease the burden of the income tax, but you've got to be prepared for the all the forms that you'll have to fill out to make sure it's done right. You can't jump in last second and hope that it all comes together in the end.

The first things to do to make sure that you stay organized is to get to know the numerous forms, sub-forms, and anything else you'll need to have to file your taxes. Always make sure to match your accounting system to the tax forms. This way you'll have everything set up and just have to fill it in when the time comes. That leads to the next tip: don't procrastinate. The difficulty in doing your own taxes is not in the event itself, but if you try to do everything at once. If you come across something you don't understand, though, you should always ask a trusted CPA. Remember to keep everything documented well so that you can take the deductions for your real estate investment.


For more tips, check out BiggerPocket's article here.

POSTED April 22 2014 12:42 PM
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