All Forum Posts by: Daniel Hyman

Is the purchase for the actual businesses? Or simply the property that rents out the space to the businesses? If the latter, then it's entirely possible that the city will assess a proportional amount of property taxes for the area associated with the businesses and leave the church space as nontaxable.

Hi Richard! Good luck in your new endeavors!

Our property in Madison, WI is a converted fraternity house. It is now rented out exclusively to students. We have found that the studios apartments work well particularly with grad students. Very little wear and tear over the last three years.

Welcome Norma! This forum is great. I have learned a tremendous amount in the last week. Good luck!

As a UT alum who has also lived in Brooklyn-I think its a great move. Tremendous potential in Austin.

In Madison, WI the rentals usually include water but not electric and gas.

@Roy Gutierrez there are several posts about this very question. Simply use the search feature in BP and type in accounting software. You'll get some great info that way. I have always used Quickbooks as it is very versatile, but there are some other options out there as well.

Not sure if this is helpful, but I figured I would post a few tidbits about 1099's:

If your business made payments to an independent contractor of $600 or more during the course of the year, you are required to issue a form 1099. Much like a W-2 is issued for an employee, a 1099 is sent to an independent contractor. Contractors can be individuals or companies. You do not need to send a 1099 to most corporations. The information needed to fill out a 1099 can be taken from from the contractor’s W-9. Total payment should be entered in box 7 of the 1099. The deadline for sending 1099’s is Jan 31 – the same date as W-2’s for employees. Penalties for missing the deadline range from $30 $100 per form. Form 1096, which summarizes the totals for all 1099's, must be provided to the IRS no later than March 31. Be sure to keep a record of all your filings. The best way to ensure correct filing is to have accurate bookkeeping and records. And always consult your accountant for further guidelines and instructions.

Welcome Daniel Jarvis ! I'm a native Houstonian and spent many holiday weekends at Lake Conroe. Good luck with your endeavors.

Welcome!