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Rich Doc Poor Doc

May 19, 2021

Many accountants approach taxes as something to fear. You hear them saying that taking advantage of certain tax benefits will trigger an audit.

Tom and his team of accountants take the opposite approach. They view the tax code as a series of incentives and that it's their responsibility to help you benefit from these incentives and reduce your taxes.

In this episode, we cover a number of important topics:

  • How you're "dead in the water" if you're just a W2 wage earner. To be able to take advantage of tax incentives, you need to be a real estate professional or own a business
  • The importance of tracking hours for real estate professional status
  • The secret to approaching audits the right way!
  • We had an interesting discussion about the evolution of real estate professionals and what multi-million dollar real estate investors are doing differently than the average investor and what makes them successful

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