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For the ins and outs on taking the home office deduction, see my book Home Business Tax Deductions. Deductions on Legal and Professional Services You can deduct fees that you pay to attorneys, accountants, consultants, and other professionals if the fees are paid for work related to your business.
Legal and Professional Expenses You can deduct fees paid to attorneys, accountants, consultants, and other professionals for any work related to your business. Employees and Contractors If you hire one or more employees, your payroll, as well as costs such as health insurance and other benefits are fully deductible.
Building a robust network of contacts, including fellow investors, real estate agents, financial advisors, and contractors, can provide numerous advantages. Their network of contacts further facilitates connections with other professionals, such as lenders, inspectors, and contractors, enriching your investment ecosystem.
We held detailed discussions, sometimes with our attorney present, to hash out potential scenarios. Annette, with her financial acumen, took the lead on budgeting, financial modeling, and managing the books. While many advise against mixing business with friends and family, I’ve found it can be incredibly rewarding.
Attending landlord-tenant workshops, reading books, and networking with experienced investors can help bridge the knowledge gap. It's also advisable to consult with an attorney or a property management professional who can provide guidance and ensure compliance with relevant laws.
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