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Updated over 11 years ago,

User Stats

182
Posts
10
Votes
Mike Mitchell
  • Real Estate Investor
  • Lubbock, TX
10
Votes |
182
Posts

Taxation of single member LLC

Mike Mitchell
  • Real Estate Investor
  • Lubbock, TX
Posted

My accountant reported my interest income from my mortgage note portfolio as interest income with no schedule c. Could I lower my tax liability by reporting the interest in another way? This came up because I had another accountant, who specializes in showing persons how to lower their taxes, take a look at the return and he is telling me that it's possible to pay less in taxes (if I pay his fee of course). The notes are owned by my single member LLC. There was only one return prepared by my accountant with all of the LLC's income showing up on my personal return.

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