Episode Details
Back to Episodes
Navigating New IRS Regulations & Mastering Year-End Tax Savings
Description
Tax season is upon us. Every property management business owner knows the struggle of trying to navigate IRS regulations each year and find the best outcome.
In this episode, property management growth experts Jason and Sarah Hull sit down with Mo Hussein with Balanced Asset Solutions.
You'll Learn[02:05] Talking tax code and regulations
[10:02] Why you need an accounting tool/software
[18:38] Reducing your tax liability
[23:21] Writing off education costs
[26:24] A few more tips for the road
Tweetables"The experts are worth a lot more to me than software."
"You're going to pay for everything in business, whether it's going to be in time or in cash."
"If a handyman shows up with only a multi tool instead of a toolbox to do a job, the property manager is probably not going to call that guy back."
"There's certainly a wrong way to do taxes, but there isn't a right way or one way to submit your taxes."
Resources Transcript[00:00:00] Mo: I think what's most important is having a single source of accounting truth I think that's probably what one of the biggest things that a lot of businesses struggle with, especially when it comes to tax season.
[00:00:10] Jason: Welcome doorGrowers to the DoorGrow show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others impact lives, and you are interested in growing a business and life, and you're open to doing things a bit differently, then you are a DoorGrower. DoorGrower property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not, because you realize that property management is the ultimate high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners, and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market and help the best property management entrepreneurs win. We're your hosts property management, growth experts, Jason Hall and Sarah Hall, the owners of DoorGrow. Now let's get into the show. All right.
[00:01:08] And today we have Mo Hussain back on the show. What's up Mo?
[00:01:12] Mo: Hey, doing well. Pleasure to be here.
[00:01:15] Jason: So we're going to be chatting a bit about tax strategies today. Yes. All right, cool. So let's dig into this. This is something that is near and dear to Sarah's heart, which is super weird.
[00:01:25] Sarah: I hate paying taxes. Fun fact, I don't want to give more of my money away if I don't have to.
[00:01:31] Jason: I know if I see something on Instagram about a tax strategy, I should just send it to her and she'll find it interesting. Like she just gets into this stuff. So Mo, what do you got for us today?
[00:01:42] Mo: Yeah. Sarah, you are definitely probably the first person I've come across that has actually made a comment that you actually love going through this entire process.
[00:01