The IRS's assignment of income doctrine says earned income is taxable to the individual, even if paid to a third party (like a church).Also, 1099 vs.

Be sure to explore all around the forums as well as many of the FREE tools that Bigger Pockets provides.I am on the lending side of things and am always happy to hop on a call to discuss loan options that are out there, even if not offered by my resources. 

@Clive Smith I have a sample log in format that follows the IRS Audit Techniques Guides (ATGs).

As far as home office no longer being an IRS "red flag" I guaranty that if you put a home office deduction on a personal return on Turbo Tax it will move their audit risk needle.

The IRS won’t allow this as a legitimate deduction.No Tax Benefit from Self-RentEven if you set it up through an S-Corp (which is more complicated), the rent payments you make would be taxable income to the S-Corp.

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

If you own a business, now is the time to get ahead of key deadlines to avoid IRS penalties and maximize deductions.📅 March 2025 Tax Deadlines:✔️ March 17 – S-Corp (1120-S) & Partnership (1065) tax returns due (if not filing an extension).✔️ March 21 – BOI (Beneficial Ownership Information) Reporting Deadline – New requirement for many businesses.✔️ March 31 – Final deadline to correct & e-file 1099 forms before penalties increase.💰 Tax Deductions Business Owners Shouldn’t Overlook:🏠 Home Office Deduction – If you use a part of your home exclusively and regularly for business, you can deduct a portion of rent, mortgage, utilities, and internet.

LLC Taxation for FlippingSince you’re flipping the property in under 12 months, the IRS usually treats it as ordinary income because it’s considered a business activity, not a long-term investment.

I suggest running an analysis and just sharing it here on BP.I am also happy to hop on a call and point you in the right direction based on some of my experiences- no matter what, keep at it...this stuff takes time.If you get a deal here in Chicago and need to partner up, I am your guy!

The IRS generally does not allow switching back and forth between aggregated and non-aggregated status year to year.