Missing Out on These Tax Deductions Could Cost You BIG | Melissa + Eric Broughton

SmartStay Show - Short Term Rental Counsel + Coaching | Airbnb Hosting Tips

Joining us today are Melissa and Eric Broughton, owners and advisors at Busy Bee Advisors. As tax and bookkeeping experts who work with small businesses and real estate investors, Melissa and Eric are here to share their valuable insights on keeping your finances organized and maximizing tax savings.

Eric and Melissa discuss how they started their company after Melissa quit her job on a cruise and fell, breaking her jaw. They share tips for proper bookkeeping as businesses grow, like maintaining separate accounts for each rental property. Jason Muth talks about his experience getting up to speed with a bookkeeper for his multiple properties.

They emphasize the importance of proactive tax planning through regular meetings. They suggest hiring an accountant after two rental properties to avoid confusion down the road. Eric and Melissa believe in taking risks and positive thinking, balanced with a steady approach. It was insightful to hear about strategies for organizing receipts and financial reports from these experts in tax planning and small business accounting.We're excited to learn from their experience helping clients get their books in order and take a proactive approach to tax planning.

Things we discussed in this episode:

• How Eric and Melissa started their tax and bookkeeping firm Busy Bee Advisors.
• The importance of proper bookkeeping and financial reports for businesses.
• Tips for organizing receipts and staying on top of paperwork.
• Maintaining separate bank accounts for each rental property.
• The benefits of hiring an accountant after owning two rental properties.
• Jason Muth's experience getting his bookkeeping in order.
• Tax planning strategies like the 14 day rental rule and 750 hour test.
• Taking a proactive approach to tax planning with regular client meetings.
• Eric's influence from his grandfather about work-life balance.
• Melissa's new book on bookkeeping for business owners.

Get in touch with Melissa and Eric:

Website - https://busybeeadvisors.com/

Facebook - https://www.facebook.com/SacramentoBookkeeping/

Instagram - https://www.instagram.com/busybeeadvisors/

#realestatepodcast #realestate #realestateinvestor #realestatelaw #realestateagent #RealEstateInvesting #TaxPlanning #SmallBusiness #Bookkeeping #RentalProperties #Entrepreneurship #Accounting #ProactiveTaxStrategies #WorkLifeBalance #BusyBeeAdvisors

Follow Us!

Join Jason Muth of Prideaway Stays and Straightforward Short-Term Rentals and Real Estate Attorney / Broker Rory Gill for another episode of The Real Estate Law Podcast!

Following and subscribing to The Real Estate Law Podcast not only ensures that you'll get instant updates whenever we release a new episode, but it also helps us reach more people who could benefit from the valuable content that we provide.

The Real Estate Law Podcast Website and on Instagram and YouTube

Prideaway Stays Website and on Facebook and LinkedIn

Straightforward Short-Term Rentals Website and on Instagram

Attorney Rory Gill on LinkedIn

Jason Muth on LinkedIn

This podcast and these show notes are not legal advice, but we hope you find both entertaining and informative.

Hospitality.FM

The Real Estate Law Podcast is part of Hospitality.FM, a podcast network dedicated to bringing the best hospitality-focused podcasts to those in and around the industry, from Food + Beverage, Guest Experience, Diversity & Inclusion, Tech, Operations, Hotels, Vacation Rentals, Real Estate Law, and so much more!