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Updated over 7 years ago,
Going from Sole-Proprietor/Landlord to S-corp for self managing
I'm currently reorganizing and restructuring my rentals from being a sole-proprietor landlord to having an S-corp for managing properties.
I just set up S-corp for managin the properties January 2017. It's $800 per year to do an LLC in california so I'm just owning the properties in my own name with a lot of liability and property and rental insurance.
I was wondering about how you all set up your S - corp for tax purposes or a general 'dummies guide' to do it. I don't want to overcomplicate things with multiple layers of LLCs/entities that I've seen some recommend here.
Do you just have them as a management firm then do all writeoffs under the S -corp. Any advice or resources or general guides would help. This is my first time S corp as all my properties have been as partnerships under schedule E and or Sole proprietorship all my life. So the accounting is now new for S corp. I'd like to maximize tax writeoffs as well.
-how to set up myself as an 'employee'
-how to minimize taxes
-what are acceptable general writeoffs- i'd like to be very aggressive as we have a lot of rental income already
-can I writeoff a vehicle -for instance I have a small pickup that I just use for the rentals for hauling or lend to workers.
Does anyone have suggestions or books or resources for S corp setup for property management or how to maximize writeoffs? I read Amy Hans book which I like a lot for the mindset, but I'd like more details on how to for S corp from sole-propeietorship and maximizing the writeoffs.
I already have a CPA who is pretty basic straight edge and not very aggressive.
Or any other recommendations?