Quote from @Chris Magistrado:The point he's making is that the agent must take responsibility for building and maintaining their business, and the Broker won't play much of a role.

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.

Almost any business you look at has its own gurus and scammers.

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

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.

Hi @Nancy Cho happy to connect and talk business.

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

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.

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

Do you work with any specialty tax firms to help us small business owners get access to R&D tax credits, cost segregation and other specialty tax credits?