Robert Nico Martinelli
Opportunities like tax benefits are not always obvious or transparent, and they frequently necessitate extensive research. Nevertheless, Robert Nico Martinelli believes they can be well worth the effort. Therefore, taking full advantage of these tax breaks can help you build significant long-term wealth by reducing — or eliminating — certain tax obligations.
Robert Nico Martinelli reminds taxpayers to qualify for tax breaks before claiming them. For example, married individuals must demonstrate a viable married relationship to be eligible for spousal tax benefits. Similarly, only those who spend money on tuition and other related expenses during the tax year can claim tax benefits for educational expenses.
Robert Nico Martinelli believes real estate can also provide a source of passive income. Meaning even if you are a full-time employee, your property is earning money for you and giving tax breaks that lower your taxable income. Therefore, by investing in a rental property, you diversify your revenue streams and save money.
Properties require regular upkeep, repairs, and maintenance to stay in their best condition. The costs of these activities and the materials you use are deductible rental expenses. Because of this, Robert Nico Martinelli believes it would be best to keep track of all repairs and how much it costs to maintain your rental property. Some significant improvement costs may be deductible on a dollar-for-dollar basis, while others may depreciate over time.