Hi, I'm here to grow wealth for my family

- 🐋 Why do you want to save money on taxes? Not just “to save money” — but what does that money mean for your life? In the last few years, I have become more aware and educated myself on how to better prepare for taxes, so I can save more of my money to invest, pay down my mortgage, and travel. Also, I want to position us to be better off in retirement, able to do things without stressing about whether I have saved enough money. In the last few years, I have found a handful of folks I follow and join their sessions to continue learning. I first stumbled across Ryan with the Budgetdog Tax Strategy 3-day session back in October. Joined to keep learning. - 🐙 Where are you right now in your journey? Just starting out? Own rentals? Flipping or doing STRs? I am not involved in any rentals and am just a W2 earner trying to learn more about reducing my taxes. Then see what else I come across that would help me now and the future. - 🏖️ What’s your #1 challenge right now — your “big domino”? The one thing that would make everything else easier? I want to retire in 10 years. I want to make sure I've saved enough money and made good decisions(i.e, investments) along the way. I continue to learn and have made several changes in the last year that will pay off in the future.

Hi, I have been working on investing into STRs. One thing that always comes to mind is around the fluidity of the regulations. I would love to hear thoughts from the community here about how you analyze before committing to an area or a property.

If you’re planning to pick up a property in 2024, remember that you likely won’t qualify for the STR tax benefits on your 2025 return unless the property is placed in service during 2025. “Placed in service” means it’s ready and available for rent, not just purchased. It doesn’t need to have bookings yet, but it must be fully ready for guests. You’ll also need at least two paid guest stays to establish your average stay length and meet the 7-day rule. A few important reminders: - Stays cannot be to family at any price. Renting to family is treated as personal use by the IRS. - Stays also cannot be to friends unless you charge true fair market value. - You can use friends as paying guests if it’s an arm’s length transaction at full market rent. If you want a quick explainer on “placed in service,” here’s a helpful video: https://www.loom.com/share/69f59e1de5184d2782473dfbe7bd72c0 If you’re thinking about buying or want to make sure you’re on track for 2025, our team is here to help.

Isn’t it crazy how you can go to school for 18 years (22 years if you’re a doctor) and you never learn how to efficiently transfer money from your LLC to your personal bank account?