All Forum Posts by: Michael Plaks

Well, that preference could be partially to blame for your negative experience, maybe.

REI taxation is very complicated, and there're not many people in my business who understand it well. Which is why I treasure the opportunity to network with my peers on this forum: they really know our craft.

This is as sweet as it gets. Next time I need some quality free research, I will just publicly challenge my friend @John Hyre.

1 - yes

1a - if you're filing a separate tax return for the LLC (for example, if you treat it as an S-corporation) - then yes. In most cases, there is no separate tax return, and the LLC is reported as part of your personal tax return. In this case, a formal agreement is not required, but it is still helpful, especially considering how simple it is to draft and notarize.

1b - yes, it would create both a tax issue and potentially a legal protection issue. Do not do it.

1c - yes

Thanks @Dmitriy Fomichenko

@Tim Hansen - yes, as my colleague @Nicholas Aiola said, send all questions to him. I'm too lazy for questions, unless they are posted here.  :)

And look what happened in merely 15 hours!  @Natalie Kolodij overtook you as the #1 contributor to the forum. I bet she had something to do with it. :)

@Dan Cournoyer

All of the expenses that you listed, including allocated tax prep fees, portion of the phone bill, travel etc. are equally deductible with or without a partnership LLC.

You cannot arbitrarily shift partnership income between husband and wife, no more than you can without an LLC.

Good thinking, but you do not gain any tax advantage, other than lower IRS audit profile.

Less than $600 for a tax return with investment properties in multiple states is an incredible bargain - provided he does a good job.  I would have his work checked by another professional and, if it is confirmed that you get quality work - treat your CPA to a real nice dinner.

@Jay Patadia is in Somerset, and @Simon Filip is in Paramus.

Remote - you can choose from the many fine tax experts who regularly contribute to this forum.

@Eric C.

Frankly, I have hard time believing that 2 of my peers from this forum would make material mistakes. Mostly out of professional curiosity, I would like to see what kind of mistakes they were.

Feel free to reach out privately if you want to share this information.

@David T.

@Logan Allec can be difficult to reach currently, and he may not be accepting new clients currently. The goal of reaching him is to get referrals in his area.