As a California CPA, I see a lot of new business owners or investors who are confused about the $800 California LLC tax and the California LLC fee based on gross receipts. Well, I hope to answer all of your California LLC questions in one place. Note that all of the information regarding California LLCs below assumes that the LLC has not elected to be taxed as a … [Read more...] about The $800 California LLC Tax and California LLC Fee: A CPA Answers All!
As a California-based CPA, I've seen plenty of real estate investors and business owners who form a new LLC in Alabama and are wondering if they need to file the Alabama Business Privilege Tax Return and pay the Alabama Business Privilege Tax. If this sounds like you, then the answer is yes, you do need to file the Alabama Business Privilege Tax Return and pay the Business … [Read more...] about Does My New LLC Have to Pay the Alabama Business Privilege Tax?
At my CPA firm, I come across a lot of folks who have held rental or investment property for some time and are considering doing a 1031 exchange, typically into markets where they'll get more bang for their buck in terms of cash flow. They know that when they sell an appreciated asset, they generally have to pay capital gains tax on the sale, and that they can defer paying … [Read more...] about 1031 Exchange Rules 2018: What Is a 1031 Exchange?
Believe it or not, real estate agents have a lot of planning opportunities when it comes to taxes, and they also have a lot to lose if they play their cards wrong. Below I have listed the top tax mistakes we see real estate agents make on their taxes. I’m a CPA and an expert in tax planning for high-performing real estate agents. If you’d like to talk about any of these … [Read more...] about 9 Critical Tax Mistakes Real Estate Agents Make That Cost Them $1000s
If you're starting a business on the side, especially if it's kinda fun, you may be wondering if you can claim a business loss on your personal taxes against other forms of income, such as W-2 wages, interest income, or rental income. Yesterday my client was wondering the same thing. He's a successful land broker, and his success has given him the time and money to engage … [Read more...] about Claiming a Business Loss on Taxes: Can Schedule C Losses Offset W-2 Income? Or Do the Hobby Loss Rules Prevent This?