Personal and Business Tax Prep

[Mineto Anfield]

Currently, I am filing my personal and business taxes as one. At what point should I begin doing separate taxes? One banker that I've spoken with tells me that I should begin now. Thoughts from the BP community?

[Steven Hamilton II]

Mineto Anfield,

Aaron Junck is correct. You would need to incoporate or have a business partner before you can treat it as anything else. That said, I highly recommend it even from a beginning venture as there can be significant savings.

What type of investments are you involved in outside of the rentals? If you only have rental property you should not worry about incorporating as the income should be reported just as it is.

-Steven