In this week’s episode of the Passive Income Pilots, Ryan and Tait take on another one-on-one conversation. They discuss various year-end tax strategies to maximize deductions and reduce tax liability. They also explore the short-term rental loophole as a tax strategy and discuss the benefits of cost segregation studies and bonus depreciation. Tait shares his experience of buying a property for short-term rental purposes. He discusses the tax write-offs and deductions of owning a rental property and highlights the financial benefits.

Tune in and enjoy!

Show notes:
(0:00) Intro
(3:55) Maximizing retirement contributions
(4:45) Using gains and losses strategically
(6:52) Converting traditional IRA to Roth IRA and valuing IRA investments for conversion
(12:50) Planning investments for the next year, extending tax returns, and preparing K-1s
(15:36) Revaluating investments for depreciation
(17:04) Year-end tax strategy: short-term rental loophole
(27:22) Cost segregation study and bonus depreciation
(36:08) The Stoke House: the overall experience
(38:52) Outro

Join the Facebook group:

You’ve found the number one resource for financial education for aviators! Please consider leaving a rating and sharing this podcast with your colleagues in the aviation community, as it can serve as a valuable resource for all those involved in the industry.

Reach out to the hosts:

Email the hosts: passiveincomepilots@gmail.com

Tait Duryea
CEO Turbine Capital

Ryan Gibson
CIO Spartan Investment Group
…(read more)

LEARN MORE ABOUT: IRA Accounts

CONVERT IRA TO GOLD: Gold IRA Account

CONVERT IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

As the end of the year approaches, it’s time to start thinking about year-end tax strategies to minimize your tax liability and maximize your savings. From IRA conversions to short-term rental loopholes, there are a variety of strategies that can help you make the most of your tax situation.

One popular year-end tax strategy is converting traditional IRAs to Roth IRAs. This can be a smart move if you expect your tax rate to be higher in retirement, as Roth IRA distributions are tax-free. By converting some or all of your traditional IRA funds to a Roth IRA before the end of the year, you can take advantage of current tax rates and potentially avoid higher tax rates in the future.

Another tax strategy to consider is taking advantage of short-term rental loopholes. The rise of platforms like Airbnb and VRBO has made short-term rentals a lucrative source of income for many people. However, this also opens up opportunities for tax savings. By renting out a property for less than 15 days in a year, you can pocket the income tax-free. This can be particularly advantageous for homeowners who live in high-demand vacation areas or near major events.

In addition to these strategies, it’s important to take advantage of any available tax deductions and credits before the end of the year. This can include maximizing contributions to retirement accounts, charitable donations, and pre-paying any deductible expenses.

It’s also important to keep an eye on any changes to tax laws that could impact your tax planning. With the ever-changing landscape of tax regulations, it’s important to stay informed about any new opportunities or potential pitfalls that could impact your tax situation.

As with any tax strategy, it’s important to consult with a tax professional before making any major decisions. They can help you navigate the complexities of tax law and ensure that you are making the most of your tax situation.

In conclusion, year-end tax planning is an important part of managing your finances and maximizing your savings. By considering strategies such as IRA conversions and short-term rental loopholes, as well as taking advantage of available deductions and credits, you can minimize your tax liability and put yourself in a better financial position for the coming year. Be sure to consult with a tax professional to ensure that you are making the most of your tax situation and taking advantage of any available opportunities.