General Tax Question

[Fernando Parker]

Hello Everyone. Can anyone speak to the types of items which I should buy or expense in preparation for next year's tax return? I started my LLC last month and have 2 properties in Memphis in it, but not enough to merit paying for CPA consult just yet. I expect to have a total of 5 properties in my portfolio by the end of this year. My LLC's taxable operating months will be Oct 2016 - Dec 2016 for this year. Am I over thinking this, or should I start acquiring things/services to write off?

[Daniel Hyman]

@Fernando Parker 

At a certain point, you might want to consider options such as accelerating expenses, deferring income, IRA's, solo 401k, etc.

There are many options when planning for taxes, and it all goes back to your individual situation and your specific goals, so its always best to consult with a pro. Get with CPA who won't charge you an arm and a leg for an initial consultation and take it from there.