March 13, 2024

Navigating Taxes in Real Estate: Avoiding IRS Pitfalls with Stephen Hall

Episode 158:

Stephen Hall is a dynamic and accomplished individual with a diverse range of expertise spanning the fields of taxation, technology, and entrepreneurship. As the CEO of Robert Hall & Associates, a leading regional tax accounting firm, he has been instrumental in growing the client base to over 2500 companies and 7000 families with their tax-related needs. With a specialization in serving landlords, business owners, and online businesses, Stephen and his team of experts provide invaluable guidance and support in navigating the complexities of taxation.

What you’ll learn about in this episode: In this insightful episode of The Mentor Podcast, host Ron LeGrand is joined by Stephen Hall, an enrolled agent specializing in real estate taxation. Together, they delve into critical tax considerations for real estate investors, aiming to shed light on common IRS pitfalls and strategies for tax savings. Whether you’re transitioning from a job to entrepreneurship or you’re a seasoned landlord, this episode is packed with valuable advice to keep you compliant and financially savvy.

Key Topics Covered:

  • Understanding IRS Penalties: Learn about the new penalties and compliance requirements for real estate investors, including the importance of issuing 1099 forms to vendors and the consequences of non-compliance.
  • Quarterly Tax Payments: Discover the significance of making quarterly tax payments as an entrepreneur and the potential penalties for underpayment.
  • Beneficial Ownership Reporting Program: Uncover the latest IRS requirement for reporting beneficial ownership of legal entities, its implications for LLCs, corporations, and trusts, and how to avoid hefty daily fines.
  • Tax Deductions for Landlords: Explore commonly overlooked tax deductions for landlords, including home office expenses, insurance premiums, and property management costs.
  • Depreciation and Real Estate Professional Status: Understand the rules surrounding depreciation and how qualifying as a real estate professional can impact your tax deductions.
  • IRS Notices and Audits: Get expert advice on handling IRS notices and audits, emphasizing the importance of consulting with a tax professional rather than engaging directly with the IRS.
  • Record-Keeping and Expense Tracking: Emphasize the critical role of diligent record-keeping and expense tracking in real estate investing to ensure accurate tax filings and maximize deductions.
  • Future Tax Code Changes: Gain insights into potential future changes in the tax code affecting real estate investors, particularly in light of upcoming elections and shifts in IRS enforcement strategies.

Stephen Hall offers a complimentary 30-minute program to review your tax situation, providing a proactive approach to managing your real estate taxes and avoiding pitfalls.

Contact Information: For personalized tax advice and to learn more about Stephen Hall’s services, visit Robert Hall Taxes or email them directly.


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