Entity Structure Questions & Answers (Part 2)
Thursday, June 22
This is the second of a four-part series of Questions and Answers related to entity structuring. QUESTION: A few years ago I entered into a partnership with my brother and a couple of friends. We purchased a single-family house to rent out. We (over)paid around $127,000 for the house. The propert...
Entity Structure Questions & Answers (Part 1)
Thursday, June 08
Selecting the right entity structure for your real estate deal can mean the difference between building and losing incredible wealth. It’s vitally important to incorporate correctly to protect yourself, your assets, and your wealth. I get a lot of questions about entity structuring, particularly ...
Automatic Pre-Audit Preparation
Friday, April 07
Everyone should do their utmost to prevent an audit on their taxes, but you should always be prepared for an audit. The best way to increase your chances of coming out of an audit unscathed is to keep excellent records. The IRS will not take your word as proof of anything, so it pays to have as m...
Walls of Defense Against IRS Audits
Thursday, March 30
IRS AUDIT PREVENTION TIPS 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 b...
Critical Review Areas that IRS Target for Audits
Thursday, March 09
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...
Building Your own Power Team
Thursday, January 26
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 jo...