Setting up Tax strategy for LLC

[Tulan Kantesaria]

Hello everyone

I am in the Boston area and first time Investment property buyer . Our offer was just accepted and getting ready to get inspection started.

So we have formed a LLC with the state and i wanted to get some information how to set the LLC up for tax and accounting purposes. What is best way to set up the LLC strategy for Tax purposes. If any one can give general advice and suggestion that would be really helpful so that when i talk to Tax accountant i can bring up options to him and get his opinions on it as well knowing most of you have already gone through that.

Thank you

[Matt Motil]

If you're doing a rental, and it's the only one you'll have, a standard LLC should be fine. If you anticipate making more than 40k per year in profit, you might want to designate S-corp tax status for your LLC. You can always do a late designation and wait and see.