Melissa Aguila
Ways to offset my W2 tax with my passive income
Hello All,I own 3 short term rentals that I self manage and I Also own another business where I earn my w2 income working full time.My question is from my understanding, I cannot use my passive income expenses to offs...
THU NGUYEN
Paying your children to shift income from your business
Hi,Any tax guru can help me out on this question:I want to pay my kids for working for me...but don't really know the pros/cons between W2 - payroll vs Issue 1099?Thanks in advance for your help.
Alfred Bell
Entity questions...
I will be doing residential rehab/resells. I now have an equity partner. He puts up the capital, I do all the work, we split the profits 50/50.
I operate through my single owner S-Corp. My equity partner will operate...
Ray Trounday
Entities for Fix and Flip/Buy and Hold
I am working to start my fix/flip and buy hold business. I am looking for guidance on create an entity to support it. I am minimally looking to create a LLC for each flip and move the flip to an S Corp should I deci...
Inessa Potap
Question on self employed PPP forgiveness
Situation m: 1099 self employed used 2019 1099 form to get ppp loan. Lets say 1099 was 50K so 50K/12x2.5=10416. So total ppp loan amount is 10416Question1:can the loan amount be 100% used for his payroll? Basically 10...
Jacob Pereira
Updated Austin Unemployment Figures
Official unemployment figures for the Austin economy were updated today. Numbers for June have been finalized and preliminary figures for July have now been made available.
June
The unemployment rate fell to 7.3% in...
Chase Hoover
S-Corp - Should I pay wife separate salary if we file jointly?
My business is an S-Corp. My wife recently quit her job and joined my business full-time. We are married filing jointly. Currently my payroll is set up where we each receive a (very modest) salary. Are we over-com...
Kenny King
Investing in an Equity Real Estate Syndication using an LLC
I have been investing in equity real estate syndications for about 5 years but have always invested using my personal name. I am aware that the distributions I receive quarterly are taxed at my marginal tax rate perso...
Allende Hernandez
1099 or W2 for helping relative?
Hi guys,Reading about taxes and ways to keep more money on this side of the road I've realized I should have my wife as an employee/contractor to my company. She normally helps me with some of my investments task like...
Trevor Fleck
Raleigh CPA Needed
I'm looking for an experienced CPA in the Triangle area who has some rental properties of his/her own who can both provide tax return services but can also act as a real estate tax adviser in structuring business enti...