Bookkeeping For Real Estate Investors (Reduce Tax Penalties!) | Tax Tuesday

Описание: 38:21 Can you please discuss some big-picture strategies to help with bookkeeping automation/AI we should be considering?

Thanks for joining us during this special episode of Tax Tuesday! Join us next time by visiting https://aba.link/f3g

0:00 Intro

9:43 I've had 2 separate tax attorneys tell me that the IRS always expects a tax return filed for every EIN it issues. If I request an EIN to open a bank account for my disregarded single-member LLC, do I have to file a return, or can I somehow inform the IRS that the EIN is for a disregarded entity?

11:48 I have a fundamental accounting question on how the “C-corp” handles the accountable plan when it does not have enough funds. Does this need to be treated as a loan?

17:20 What is the best way to record/handle reimbursement for business expenses that were charged on the owner’s personal credit card to avoid giving the IRS concerns about the legitimacy of the business?

20:38 Can I deduct other courses I take that are general business-type classes, not specific to real estate investing if they are for the purpose of helping me build my business?

22:23 I have an S-corp without employees. Can I reimburse myself for payments I have made to them from my personal bank account?

26:55 How can I avoid paying taxes at the end of the year?

29:07 We have a 3-member LLC taxed as a partnership. Each member wants to take a distribution of $100,000. How is that taxed and how is it recorded in the books

32:03 How does Anderson’s bookkeeping service integrate with your accounting service? How often do I need to submit information and receipts?

41:06 What is the best way to keep track of miles? What is the best software for bookkeeping?

44:57 Does Anderson offer small business or real estate bookkeeping services?

47:59 I'm trying to figure out how to properly log and transfer funds from a Property LLC to a Holding LLC. How should I record all transactions from Property LLCs throughout the year and distribute them to a Holding LLC for tax filing?

53:44 Outro
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Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba

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#bookkeeping #taxsaving