What is Basis and why is it important for taxes?

12/06/2023 11 min Temporada 1 Episodio 30

Listen "What is Basis and why is it important for taxes?"

Episode Synopsis

Join me as I unravel the importance of basis for real estate agents, where proper tracking becomes the key to increasing profits and reducing losses amidst the conflict of temporary tax cuts and long-term planning.In this episode, you will be able to:Acquire knowledge about capital gains and losses to improve your investment decisions.Explore the rewards of diligently tracking business and personal miles for tax advantages.Demystify the process for correctly calculating the basis in stock and cryptocurrency assets.Navigate through the nuances of identifying the basis for real estate and rental properties.Comprehend the dangers associated with cost segregation and prioritize future-oriented planning for financial security."Taxes, basis, net income, profit, loss, mileage. All of these things are so important when it comes to running a successful business."  – Jeff Hockett Connect with Jeff:Website: https://www.hocketttax.com/ Email: [email protected]   Twitter: https://twitter.com/taxgamecoach Facebook:  https://www.facebook.com/hocketttaxandpayroll YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 LinkedIn: www.linkedin.com/in/hocketttax Instagram:  https://www.instagram.com/hocketttax/