Buying and renting property is one of the fastest growing trends that people use to build wealth and those who successfully employ this strategy can create a better lifestyle. But part of being an effective real estate investor is knowing how to reduce taxes on rental income. The goal is to minimize taxes so that there is more money to reinvest at the end of the day. Here are three tips for reporting income from rental real estate on a tax return.Rental Income
One of the benefits of owning real estate is the income that landlords generate from rent. The payments increase taxable income so owners must keep an accurate record of rents and report the amounts for each property separately. The tax treatment for rental property depends on whether it is passive income, generated by a company that is in the business of renting personal property, and if the owner used the property at any time during the tax year for personal purposes. Each of these factors will impact taxes differently so be sure to have a good knowledge of the rules that apply.Rental Expenses
The costs of owning the rental property are allowable deductions. Owners can realize significant tax savings with good record-keeping and knowledge of tax guidelines. Three key rental expenses include:
Mortgage Interest. If there is a loan on the property the lender will send a Form 1098 at year-end. This is the statement that shows the amount for mortgage interest, deductible points, and property taxes paid through an escrow account.
Property Taxes. There are instances when property taxes will not be included on a Form 1098. For instance, the cash purchase of an investment property excludes the existence of a mortgage. In those instances, no escrow will be established. Instead, the property taxes will be paid directly by the owner. Refer to the property tax bill and payment receipts for amounts paid during the year. This will be key to reporting the deduction on the tax return. Additionally, investors should be careful to remove from their books any property that they sell or transfer during the year. Exclude those properties from tax returns in future years.
Other Deductions. By claiming property, investors can often lower taxable income with deductions such as depreciation, insurance, and maintenance costs.
These are just a few of the items that owners of rental property should track. To learn more about reporting rental income and expenses visit http://www.tbsusa.com for a free tax organizer that will help maximize allowable deductions for greater tax savings.
Deductions for Rental Property – Properly Claiming Tax Deductions
Video As an Engaging Content Marketing Tool
If you are an Internet marketer, blogger, webmaster, and online retailer, you must be turning the Web inside out looking for a strategy to keep your website visitors a few seconds longer on your page. There are a million and one advises or suggestions you can try, but you can save yourself from much trouble by grabbing what seems to be a current trend: video content marketing strategy.
What is video content marketing?
Video content marketing makes use of the video as the heart of the content marketing strategy with the social media being used to support and promote the video content. Twitter, Facebook, LinkedIn and YouTube and embedding videos in blog posts offer the most engaging way to share video message to the target audience.
A message that informs, entertains or is useful can foster maximized engagement, spread and conversion by using the content as the message. This can best be achieved by seamlessly integrating the message with the look, feel and flavor of the video. You know you have done well when your message is talked about in forums, discussion boards, and even mainstream media channels.
The use of videos may not really be a new idea. What is novel is the recognition that it can be a very effective vehicle of information and a powerful strategy that prompts immediate action. You have heard about YouTube ranking as the second largest search engine in the Internet and passing the 1 billion monthly users mark. This is equivalent to over 4 billion hours of video viewing each month. With these explosive statistics, it is not surprising to see how it is gaining strength as a source of content marketing.
Will online video be just another over hyped and soon-will-fade craze?
Based on current researches and surveys, it seems unlikely. For instance, consider the data from B2B Demand Generation Benchmark Survey for 2012 entitled Percentage of Marketers Using Each Content or Offer (survey compiled by Eloqua, CMO.com and Software Advice).
What makes video a crown jewel of content marketing?
Video communication is an effective strategy of reaching target market as it pools the pluses of “classic” TV advertising and the Internet’s interactivity. Powerful and compelling videos can more likely motivate viewers to buy on impulse than those who merely read text ads. In a way, it seems like it is irresistible having a “biological” or “human” factor about it. This may be attributed to the fact that videos can simultaneously affect several senses. If you want to understand the science behind web trending towards video, the explanation of Susan Weinschenk, Ph.D. in Forbes’ article Why Online Video Is Vital For Your 2013 Content Marketing Objectives says it all.
According to Dr. Weinschek, there are four major reasons why people are drawn to videos: the fusiform facial area or the face easily catches and holds attention; the voice can effectively convey rich information and meaningful content; the emotions and the body language are pleasing to watch and infectious; and movements grab attention due to the human’s innate power of peripheral motion. For online marketers looking for a way to engage their visitors, the question is: How must you leverage this 100% human connection to video? The answer lies in what innovative option you will use to make a simple, but impactful video.
If video is not a passing fancy among content creators, then how will it affect future content marketing?
In Kissmetrics’ article The Future of Content Marketing Revealed, some ways to get ahead of competing pack are emphasized. There are three major points made; the content becoming big (long blog posts, giving away of free eBooks, and offering multiple lead magnets) and two stressed the importance of visual content such as use of infographics and videos.
In ReelSEO’s 2012 Online Video Marketing Survey Report, 81% of the respondents/online marketers said they used online video in their marketing efforts. Over two thirds of them (67%) use these videos to social networking sites, and about half (52%) used video in email marketing.
Moreover, approximately 64% of these marketers indicated they intend to spend more money in the coming years intended for technologies, platforms and services allied to the use of video for business marketing programs.
There are of course other statistics that may say otherwise, but for now it seems that content marketing is going beyond text.
Where is video content now?
“Video gives us the opportunity to wow our customers and this in turn delivers results. We have tested and proven that when someone watches our video reviews they’re 120.5% more likely to buy, spend 157.2% longer on the site and spend 9.1% more per order… ” (Matt Lawson, Head of Conversion at Appliances Online).
With all these stats, YouTube’s sensational rise to fame and the cheap video technologies, how can you not use it as a marketing tool? Many think that video is still an underused marketing tool at the moment, but not so in the coming days. Those into it are starting to enjoy improved SEO rankings, site engagement and customer conversion. Maybe you just found a way for your visitors to stay little bit longer on your site.
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