Let's start with your taxes. Why work so hard to make money if you don't care losing a big portion of it on taxes - a portion you could have kept?
Stop Over-Paying!
Get the right help. You think expert help is too expensive? Think of the money you are just giving the IRS - ignorance is always most expensive!
- Don't do your own taxes
- Don't go to the "cheap" tax places that litter malls - a tax specialist is not an accountant!
- Don't assume every accountant is a specialist at business taxes - especially not real estate related.
What Should Be Included?
- Filing of Business and Personal Tax Return both Federal and State
- Unlimited access to Tax accountants and tax preparers
- Tracking software to aid in tracking the expenses
- Feedback that pertains to the business. Some of the areas covered are how to deduct and track travel expenses, office deductions, maximizing your tax picture
- Tax Preparation should include the initial orientation call and assessment as well as online support and educational materials.
- You should work with the same Tax Preparer, CPA, or accountant year after year
Getting the right business structure in place will protect you legally and is the best way to avoid wasting money on taxes. This is not optional if you are planning to have your business become successful.
Individuals get taxed, businesses make money
Why not DIY your Entity online? Because you don't want your Corporate Veil pierced by a judge or the IRS. The Corporate Veil is what protects you from liabilities. Missing documents can result in your business being dismissed as a "hobby" so if you are going to set it up, then do it right.
What Should Be Included?
- Filing the Articles of Organization with the state where the client resides or the state where the rental property is held
- Filing the Employer Identification Number
- Operating Agreement detailing the nature of the business
- A corporate kit: which includes a corporate binder, membership journal, certificates, operating agreement, articles of organization, employer identification number, and corporate seal;
- Client phone support as needed for information related to the entity creation
- for real estate investors: the same attorney who created your entity should be used to review all entities you will do business with, to avoid buying a property that is legally encumbered.
Credits:
Created with images by Tax Credits - "Business" • StockMonkeys.com - "Personal Income Taxes Ver3" • jacreative - "Charlotte Tax Day Tea Party" • delphinmedia - "contract consultation office" • StockMonkeys.com - "3D Judges Gavel" • stephenbayer - "money dollars currency" • nosheep - "money savings piggy"