| Tax
Secrets of the Rich That Everyone Should Know
Former
IRS Attorney reveals how to increase return on real estate by 10%
to 15% -- even in slumping markets
Tax planning.
Many of us think it’s only for the super wealthy. The truth
is most Americans could save thousands of dollars every year if
we followed the tax strategies millionaires use to protect their
wealth. Their secret: using real estate to slash their taxes—
and with property values taking a hit in many markets, taking advantage
of tax benefits could be the only gain people get for several years.
Best of all, you don’t have to be rich to reap the benefits.
“Nothing is more lucrative than tax planning,” says
former IRS attorney and best-selling author Sandy Botkin, CPA, Esq.
“If you look at the top 200 richest Americans, many made their
fortunes in real estate. They know one of the secrets to getting
rich is to pay the minimum tax required by law—and that takes
keen knowledge and understanding of the tax code. So it’s
time to level the playing field and share those secrets.”
In his new book, REAL ESTATE TAX SECRETS of the RICH, Botkin reveals
how to use your home and investment properties as legal tax shelters.
He begins with the basics, explaining why you should own a home
instead of renting. “Most Americans don’t realize home
ownership is the key to building wealth and dramatically cutting
taxes,” says Botkin. “If you think you can’t afford
a house, increase withholding and have fewer taxes taken out of
your paycheck. The deductions you’ll make as a homeowner offset
the taxes and you’ll have more cash each payday to afford
the house payment.”
REAL ESTATE TAX SECRETS of the RICH is broken down into short chapters,
each dedicated to outlining a tax-reducing strategy. For instance,
what’s the difference between a home improvement and a home
repair; and which one qualifies as a tax deduction? Botkin uses
clear cut examples to eliminate confusion. “For a tax deduction
on your primary residence, you want to make improvements—not
repairs,” says Botkin. “An improvement is when you replace
or renovate instead of fixing a problem; like installing a new roof
instead of just patching the shingles. However, the rules are different
for investment property deductions and it pays off in a big way
to know them.”
The book features easy to understand charts and examples and is
formatted so that readers can easily share the information with
their accountants. Each tax reduction tip includes the IRS regulations
and income tax code to explain why the tip works and how it’s
100% legal. “Readers can take this book to their accountant
and discuss tips that will work best for them,” says Botkin.
“During my years at the IRS I realized most people and even
many accountants don’t know about these strategies. My first
book, Lower Your Taxes--BIG TIME! explains how starting a home-based
business results in huge tax savings. The huge response to that
book showed me that people are thirsty for sound tax reduction strategies.
Sharing real estate tax tips of the rich was a natural next step.”
REAL ESTATE TAX SECRETS of the RICH can show you:
- Why home
ownership is vital to cutting your taxes
- How to
pocket thousands of extra dollars when buying and selling your
primary home, second home or investment property
- How to
avoid a major tax trap of divorce (don’t get a divorce until
you read this!)
- How buying
points on your mortgage can help you
- How to
maximize deductions when building a home
- How to
evaluate rates of return for investment property
- How to
make your record-keeping bullet proof
- How to
take advantage of the new mortgage interest deductions and how
to legally deduct interest on any amount of property debt
- How to
properly classify repairs and improvements
- How to
eliminate over two-thirds of all capital gains taxes on your properties
Botkin’s
extensive experience and knowledge make REAL ESTATE TAX SECRETS
of the RICH a true ‘home’ reference guide for anyone
who wants to pocket the money they’ve earned and slash their
tax bill. “Why pay more in taxes than required by law?”
asks Botkin. “I can show you how to save enough in deductions
to pay for your kids’ education or weddings. You earned the
money; you should decide how to spend it.”
About
The Author:
Sandy Botkin,
CPA, Esq. is a best-selling author and former trainer of IRS Attorneys.
He is currently the Chief Executive Officer and Principal Lecturer
of the Tax Reduction Institute based in the Washington, D.C. area.
During the past ten years, he has taught more than 50,000 taxpayers
how to save a combined total of more than $300 million on their
taxes. He consistently earns rave reviews for his clear and humorous
presentations.
His previous book, “Lower Your Taxes: BIG TIME” (McGraw-Hill
2003) is an Amazon best seller. That book showed millions of readers
the benefits of starting their own home-based businesses.
Mr. Botkin is also a member of the Florida Institute of Certified
Public Accountants. He is a ‘Distinguished Real Estate Instructor”
and is listed in “Who’s Who in Business.”
Source:
Event Management Services, Inc.
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