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Tax season can often be a stressful time for many individuals, but with the right planning and advice, it can also be a time to increase your bottom line. This is where Michael Procaccio, a tax advisor and Chicagoland investor, comes in to provide his insightful expertise on optimal tax planning.
In this full episode video, Michael delves deep into the world of tax planning and highlights the different strategies individuals can use to maximize their tax returns. He shares his years of experience and provides useful tips and guidance on how to reduce taxable income, take advantage of deductions and credits, and ultimately, increase financial gains.
Not only is Michael's advice practical and helpful, but his conversational style and approachable demeanor make the discussion easy to follow and digestible for viewers. Whether you're a business owner or an individual looking to save money, Michael's insights will definitely make you want to dive deep into this full episode video.
So, if you want to make the most out of this tax season and increase your bottom line, don't miss out on this opportunity to hear from Michael Procaccio. Sit back, relax, and take in all the valuable information he has to offer.
Questions We Answer In this Show:
Q. Can I Pay My Kids A Salary and deduct it on my income tax?
Q. What are common things real estate investors miss taking advantage of with filing annual tax
Q. What are the qualifications to become a Real Estate Professional according to the IRS
Show Notes:
02:43 Housing Provider Tip: Utilize Chicago’s Prohibited Buildings List for due diligence on short term rentals!
04:32 Intro to our guest, Michael Procaccio!
06:22 What attracted Michael to investing in franchises?
08:37 What advice would Michael give to someone new to franchise investing?
10:17 Why did Michael get into accounting?
12:12 What is new this year from an income tax perspective?
13:56 Michael explains tax changes relating to third payment softwares!
16:53 What are some commonly forgotten deductions by smaller scale landlords?
19:12 Michael explains the different types of tax statuses!
32:14 Tom asks Mike a series of tax related questions!
37:29 What are some other frequently missed tax items?
42:23 Are there new tax incentives for 2023?
45:27 What is Michael's competitive advantage?
46:03 One piece of advice for new investors.
47:04 What do you do for fun?
48:10 Good book, podcast, or self development activity that you would recommend?
49:05 Local Network Recommendation?
49:42 How can the listeners learn more about you and provide value to you?
Guest Name: Michael Procaccio
Guest Company: Pro Financial Services Group, Inc.
Guest Link: www.pfsgi.com
Other Links for show notes:
Michael’s Contact Info: map2@pfsgi.com / 630.924.2400
Chicago Investor Resources Shared
What You Must Know About Renting Your Property In Schaumburg
Survival Guide For Self Managers - 15 Tips Chicago Landlords Must Know(Especially House Hackers)
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