Taxes, LLC, S-Corp, Payroll HELP

[Garrett Terrell]

Ok so we just sat down with our CPA and we are going to be absolutely pummeled with taxes for the 2020 year.. 

Anybody have a strategies for payroll, tax strategies for rental properties, capital gains on flips, tax strategies for BRRRR's or just anything in general that you are doing?

[Patrick J.]

@Garrett Terrell

Why would you have to pay taxes on BRRRR?? Its already a tax advantaged plan since you get the money back via loan at the end of it and owe nothing in taxes.

Ask your Accountant to retract s-corp status as far back as you can, I believe you can up to 3 years back with reasonable cause if he knows what he's doing. Find someone who knows what they're doing and pay them.