Investor · Norman, OK · Member since 2017 · 101 posts · 34 votes
If you could go back to when you started planning your business, what questions would you ask your CPA and attorney when starting out a multi-member LLC for a buy/hold business?
Here’s a few examples:
Any advice on setting up a 2+ member LLC who live in different states and may purchase properties in different states from them?
How is the cash flow from the property taxed if in another state?
How should we structure the bank accounts for the business expenses and property expenses?
Things like that...plus if you have any answers to those particular questions, it would be great to hear those too separately. Just looking for some things to be thinking about when setting up a multi-member business with members in other states.
CPA · Raleigh, NC · Member since 2013 · 1k+ posts · 2k+ votes
8y
The number one question we never hear but always bring up is: how can I better utilize technology to efficiently maximize my tax position?
Too many people want these sexy tax strategies which can cost boat loads to implement. Instead, if you simply focus on what we call the "low hanging fruit" deductions first, you'll realize that if you implement technology (most of which is free) in the correct manner, you'll save thousands per year in taxes.
The sexy strategies are critical, but the one thing quite literally every single person can benefit from is better use of technology to maximize their tax position.
CPA · Raleigh, NC · Member since 2013 · 1k+ posts · 2k+ votes
8y
The number one question we never hear but always bring up is: how can I better utilize technology to efficiently maximize my tax position?
Too many people want these sexy tax strategies which can cost boat loads to implement. Instead, if you simply focus on what we call the "low hanging fruit" deductions first, you'll realize that if you implement technology (most of which is free) in the correct manner, you'll save thousands per year in taxes.
The sexy strategies are critical, but the one thing quite literally every single person can benefit from is better use of technology to maximize their tax position.
I would tell them what I want to do and then ask the best approach. Whenever I ask should I do this or that it is always "no". Everything has some risk but most attorneys and CPAs always answer no- must be some liability thing they learned. Ask more questions and get into a brain storming session with them.
Investor · Norman, OK · Member since 2017 · 101 posts · 34 votes
8y
Great suggestion @Brandon Hall, I will add that to my list. Any particular scenarios you've had with clients that you could give an example? Thanks for the suggestion.