Anyone know a Tax Lawyer

2 Replies

Hey anyone know any good Tax Lawyer to get with while I get started I would like to know what my options are when I pay myself after a deal.

It sounds like you are actually looking for a CPA, not a lawyer.

For the most part, tax attorneys prefer to focus on tax controversy issues (such as dealing with the IRS and state tax agencies), and high-end planning strategies.  This is a generalization, but that has been my experience, particularly with friends of mine who I went to law school with.

CPAs focus primarily on tax compliance (tax return preparation) and tax planning, with some controversy work when it relates to tax returns they prepared.  Again, this is a generalization.

Since the advice you are looking for has to do with how to set up your business and your options for paying yourself, I would recommend using a CPA since you would want to have the person you discuss this with also prepare your tax returns.

@Lewis Anderson

What are you specifically trying to do within real estate?

If you own real estate(buy and hold) in your personal name(outside of an LLC) - you normally have all the cash leftover after collecting rent and paying off expenses and putting away reserves for any future expenses.

If you own real estate(buy and hold) in an LLC - you normally should keep a separate bank account apart from your personal account. You can transfer money from the LLC over to your personal account which would be considered a draw or a distribution. Please be mindful that you may need to track your basis in the LLC upon every contribution/distribution.

It gets a little bit tricky within the fix and flip business because you need to account for possibly payroll expenses; however the same though process goes into it as well.