Romeo Clarke: Ask the CPA

In this episode, Robert and Romeo Clarke discuss:

• Escaping the rat race through active investment and tax reduction
• How depreciation works and what’s cost-segregation
• Advice for anyone facing an audit

Key Takeaways:

• Be mindful of the numbers - know the cashflow you expect and calculate for depreciation. 
• Real-estate property is made out of different pieces which all have different depreciation rates. Accelerate your depreciation over five years because when depreciation increases, the loss in your tax is increased also and you could use that to produce ordinary income. 
• When facing an audit, talk to a professional who can negotiate the best outcome for you. Don’t talk to the IRS, they can use anything against you. If you don’t have experience on how they work, they’re going to look out for the IRS, not for you. 

"If you don’t have the documentation, you don’t have the deduction. Keep your receipts… in a nice folder, everything in a nice place." —  Romeo Clarke

 

Connect with Romeo Clarke:

LinkedIn: https://www.linkedin.com/in/romeo-clarke-cpa-taxexpert/

Website: http://www.agiletechaccounting.com/

 

Connect with Robert: 

Website:    https://www.blackwellworkshop.com

Seminar Registration: https://www.cashflowassets.com

Twitter: @roberteslattery  

Facebook:  https://facebook.com/groups/blackwellworkshop

YouTube: https://www.youtube.com/channel/UCol1gk3ofVzsCeqYWPTnJWg

LinkedIn: https://www.linkedin.com/in/roberteslattery/

Instagram:  https://www.instagram.com/therentalpropertywealthcoach/

Book: Coming Soon! 

Email:  [e-mail]