Taxes can be a major barrier to growth. Not only can it affect your bottom line, but it can also prevent you from having the funds to reinvest into your ventures, enabling you to prosper in months and years to come.
The government wants to gain the tax that they need without stifling growth opportunities that will aid industries. As a result, there are many opportunities to take advantage of tax deductions. It is important that you are aware of the many ways that you could reduce your tax obligations in Florida.
Sell losing investments
If you have made an investment, but it is losing money, you could decide to cut your losses and sell for a lower price. While this may feel like a failure, it could help to lower the taxes you owe in total if you have made significant gains on other investments.
Shift your income
You can choose to shift your income by allowing a child to declare some of your income as their own. If they are currently in a lower tax bracket than you, this can be beneficial overall.
Benefit from like-kind exchanges
Like-kind exchanges allow you to transfer from one investment property to another without being liable for capital gains tax. Otherwise known as 1031 exchanges, these can be used as lucrative tools to make progress in real estate investment.
Investing time into creating a tax strategy can potentially help you to hold onto huge amounts of earned assets. Make sure that you conduct thorough research to fully understand how tax law works in Florida. An experienced attorney can help.