Many people have written me asking: “What is the difference between a tax deduction and a tax credit?” They are confused about this issue. There is also an important distinction based on the source of the tax deduction, as in your home mortgage interest vs. your rental property mortgage interest deductions which are treated differently. … Read more
Each week I run into a few articles that I feel are especially valuable. Every Monday I would like to share some of the best with you, my readers. I hope you find them helpful. This week’s favorites include eight ways to stop fighting with your spouse about money, nice may not be the best … Read more
(There are still slots available for you to take advantage of me opening up more room for my High Performance Coaching. Contact me if you want to take your life to the next level of success! If you have been thinking about getting a coach, act now and 2021 will be your best year ever.) … Read more
As 2020 draws to an end, it is time to close the year and give ourselves a fresh start. When a new year begins we make New Year’s resolutions that we plan to achieve during the year, but often by the end of January we have reverted back to our old ways. Resolutions long forgotten. … Read more
As more people move toward becoming debt free, there comes a time when they must choose which debt to pay off next. Often the last two debts are their home mortgage and the mortgage on a rental property. The home likely has a lower interest rate and is often the larger loan. The best way … Read more
It appears that Joe Biden will become the next President of the United States in January. He has already stated many of the things he plans to do during his term. Some of those things will have direct financial impact on us. Biden has stated he wants to cut costs for the low and middle … Read more
Most people who are saving for retirement are familiar with the 4% rule. According to this rule, proposed by William P. Bengen in 1994, and later confirmed by Trinity University in 1998, you can withdraw 4% of your retirement assets the first year of retirement and then increase your withdrawal for inflation each year thereafter. … Read more
(Don’t miss my lecture, and 20 others, in this year’s Financial Freedom Through Real Estate Virtual Conference, this weekend, October 9-11. I will be sharing my secret sauce to managing your directly owned real estate while working full time as a physician. It is absolutely free so click on the link above and sign up now! If you sign … Read more
Retirement account required minimum distributions (RMDs) can be a tax burden for those in their retirement years. But thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020, we can declare our independence from the RMDs for 2020 and save a ton of money. RMDs are in place to be sure the … Read more
Last week I explained some of the rules and tax smart tips you need for hiring your children to work with you in your business. As I discussed on page 32 of my book The Doctors Guide to Real Estate Investing for Busy Professionals, you should be hiring your children to work in a business … Read more
