So… it’s tax day. How did the tax man treat you this year?
In case your head has been buried in the sand somewhere in the Middle East… today is 
tax day!
If you haven’t already done your taxes… you best be filing that extension or getting them done today.
Well… for all of us who have already done our taxes… how’d the tax man treat you this year? What did you learn this year about your taxes that is useful for other people to know?
I’ll share mine here:
The tax man treated me OK this year. I got a couple thousand dollar refund… which is nice! That’ll help pay some bills and do something nice for my wife on our first anniversay coming up this next month (got to keep the wife happy:)
Probably the biggest thing that I relearned is to keep track of every expenditure and mile. Over the year it gets really easy to forget to keep track of the little stuff. A trip to a rental property here… a golf trip with a client there… can really add up and help to offset some of tax.
So… in 2007 I’ll do a much better job keeping track of everything. It sure makes it easier come tax time when everything is organized.
Once again… how did the tax man treat you and what is the biggest lesson that you learned or relearned tax wise that you can share with the rest of us?
For everyone who leaves a comment I’ll send you over the “in process” version of a comprehensive ebook my company and I are writing on the “Top 9 Ways to Sell a Property or Business: How to Maximize Profits and Minimize Your Taxes to Meet Your Lifestyle and Financial Goals”. The ebook goes over the top 9 methods for selling a property/business (1031 exchange, TIC, NIMCRUT, Structured Sale, Installment Sale….etc)
This ebook, along with a ton of other bonuses, will be going on sale near the beginning of this summer for $29… so it’s a good opportunity to get the 90% finished version for free just by leaving a good comment letting us know your thoughts on the questions above.
Let’s hear from you!
Hey, my name is Trevor and I'm the founder of The REI Brain and a real estate investor since the age of 21. Right now, my focus in real estate investing is multi-family income properties and I have plans on moving more into the commercial real estate investment world in 2008 and beyond. 
Well I had to file an extension myself this year. I am always filing an extension and I need to take better care of keeping track of my records as well. Since I work for a company I have to file a 1099. Working on starting an llc within the next month or so. Filling out paperwork now. That should be great and will also open up some other benefits.Oh Congratz on the 1 year anniversary!!
Hey… thanks! It went so fast! Ya, having your own company will give you a bit more flexibility and tax write offs. Some of my income is 1099, some rental income w/ my LLC, and some through my S Corp (Mach One Media Marketing, Inc.) where I do marketing consulting and internet marketing.
Josh… it only gets more confusing as your business grows. I hope you have yourself a good CPA to count the beans for you!
Hey Trevor
Yeah that is what my mentor was telling me. I actually have a great tax guy named Joe Pate down here. He does all of Matthew Chan’s taxes and has been doing my fathers business and he has been doing mine for years. I look forward to starting the LLC since I already run myself like a company. Now I can add the protection and the benfits. Lol