It will be extended, we'll see a reduction in regulations that hamper small businesses, and we'll see new regulations that help small businesses.

They lower taxable income for federal taxes but not for FICA.However, employer contributions made by the S-Corp are not subject to FICA and count as a business expense.Make sure your W-2 correctly reports wages, deferrals, and FICA wages.

Hi @Nancy Cho happy to connect and talk business.

She also mentioned that they’ve been in real estate since 2006 and have managed over 30 properties (though this is more of a side business for them), which suggests a mom-and-pop operation.

Then find a CPA who can help you set up and manage your business and advise you on the best business structure.

Would that lower our tax liability from other income we receive or no because this is purely RE and not an operating business?

They make their money off of real estate agents, but real estate agents are the worst people to make money off because they are highly unreliable and in and out of the business when the market changes.Their target should be the consumer with higher levels that they can subscribe too for data, since Zillow is linked to the MLS now which makes their data somewhere more reliable.

Quote from @La Toya Flowers Butler: I'm a newbie to real estate investing, looking to learn, cultivate business relationships, and invest!  

Now you are telling me my critique of of your business model "gives you motivation".

I've never seen such a mismanaged business.