I Need Some Structure!

[Jared Haxton]

Hello everyone. I was wondering if BP or experienced members here have a recommended company/vendor/type or set of firms that can help me structure my assets and businesses. Things are getting well beyond my skillsets and I need to bring some order and proper planning to my holdings. Below is a brief description of my holdings:

-Two LTR properties that used to be primary residences and are not associated to any type of business structure

-One primary residence that will become a rental in the next 12-24 months

-Two LLC's that do less than $10k revenue per year

-My wife is a Realtor and will soon be licensed for state-sponsored childcare

-I have a W2 full time job

-Will be creating an LLC to trade stocks, options, and futures

I live in Arizona, using Turbotax Home and Business, and I am ready to pay for something better-suited to the expanding array of things going on. My initial focus is to get the rental properties into proper structures with very robust insurance coverages, start the journey of actual tax planning, and protecting everything in general. Any thoughts or ideas are welcome! Thank you! 

[Carini Rochester]

Jared, it sounds like you've got a good start on multiple income streams and some well thought out goals, like insurance coverage and tax planning. A few years ago I read "Small Time Operator" by Bernard B. Kamoroff, CPA. I found it helpful. You need good bookkeeping software (Quickbooks.) You probably need a CPA. Things sound like they may be getting a little too complicated for doing your taxes yourself. It's not clear if the LLCs mentioned are for the rental properties or for other small businesses. While you want multiple income streams the time is fast approaching for you to say "No" to some things so you can become an expert in a thing or two that can really make you the best money and build up assets. Besides your CPA you might also benefit from a professional tax planner and money manager.