Top Reasons Why You Should Set up Solo 401k
Friday, July 12
What is a Solo 401k? A Solo 401k is a great retirement plan for self-employed individuals or business owners with no employees or part-time employees only. Business types such as sole proprietorships, family businesses, partnerships and corporations can take advantage of what the Solo 401k has to...
Entity Structure Questions (Part 3)
Friday, June 21
This is part 3 of our series on Entity Structuring Questions and Answers.QUESTION: I have a rental property in Colorado and have created a Colorado LLC to hold it. However, I bought the property under my own name and have a small mortgage under my name. The mortgage company won't let me transfer ...
IRS Audit Prevention Tips
Friday, April 05
There are many ways to reduce your chances of being audited by the IRS. As we've discussed in previous articles, the IRS has red flags for certain industries and tax filing behavior. Unfortunately, real estate investors and business owners stand a far greater chance of being audited than their sa...
Critical Review Areas that IRS Target for Audits
Friday, March 08
Approximately 1.5% of all taxpayers are audited every year. Despite this relatively small number, the IRS still causes many people to shake in their boots when contemplating the chance of an audit. The odds are low that you would be picked for an IRS audit because the IRS does not have enough per...
Keep More of Your Money this Tax Season
Friday, March 01
The Difference Between Tax Preparation and Tax PlanningTax preparation for the March 15th or April 15th return is not considered advance tax planning. It is merely tax compliance as opposed to voluntary tax reduction planning. Though returns aren't due until April, they cover a tax year that ends...
How To Build Your own Power Team
Thursday, January 24
Successful real estate investors and business owners have one thing in common: they always have a team of experts at their disposal.Creating a 'power team' is vital to your wealth building strategy, and you will certainly be lost without experts to advise and guide you on your entrepreneurial jou...