How to Educate Yourself on the Tax System

Question

It can be a bit frustrating trying to gain an understanding of the tax system when all questions issued to that effect receive the proverbial response: "Consult your tax professional".

Well, my "tax professional" is busy, and cannot possibly satisfy every question I have.

Anyone have good written resources you can recommend?

Thanks in advance.

Ryan Kelly · Answer

@Kyler J Sloan here are a few books I recommend to help with tax strategy. "Tax Free Wealth" and "The Win Win Wealth Strategy" by Tom Wheelright, "Tax Strategies for the Savvy Real Estate Investor" by Amanda Han and Matthew MacFarland, and "Self-Directed IRA Secrets Revealed" by H. Quincy Long. If you can read these 4 books, you'll have a very solid base to build your tax strategy with investing. Happy reading!

Malcomb Stapel · Answer

@Kyler J Sloan  You could spend a lot of time and effort educating yourself on the tax system and never really be any good at it. Another option is you could spend the same amount of time and effort working on deals and just get an accountant/strategist who will take care of that side of the business for you.

Eliott Elias · Answer

Talking to other investors about how they play in the tax system

Basit Siddiqi · Answer

Your tax professional was likely busy with the approaching 10/17 deadline for extended returns.He/she is likely free to answer your questions now.If he/she is too busy to answer your questions now, he likely won't be ever able to answer your questions and it may be time to move on.You can try to google your question or post the question here on bigger pockets and see if people will respond.The thing is that the tax code are very dependent on several factors such as what your AGI is, what your intentions are...which are information your accountant already has which is why people mention to reach out to your accountant.

Chris McCormack · Answer

Podcasts and Youtube, check out Mark Kohler. I also have one - Know Your Numbers with Chris McCormack

Also - if your tax professional is not making time for you it may be time to find a new one. You may pay more for a relationship but it will pay itself back in knowledge and clarity.

How to Educate Yourself on the Tax System

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