Help-Taxes - Posted by sam


#1

Posted by Steve B (MA) on December 28, 1998 at 22:50:47:

Sam,

For 7 years I worked for a investment company as a subcontractor and recently just started my own LLC. The one thing I would strongly recommend is finding an accountant who fully understands the expenses that can be deducted for your business.

Although I understood the basics of doing my own taxes and read many books, the money I paid each year to my accountant was only a small percentage of the expenses and deductions he found for me each year.

Although this is my first year of my LLC, my understanding is that mileage and all business related expenses are deductible.

Again, there probably are a lot of books to read up on, but I would strongly recommend working with an accountant who can help you to achieve the best tax advantages for your situation.

Steve B (MA)


#2

Help-Taxes - Posted by sam

Posted by sam on December 28, 1998 at 20:29:29:

About four months ago my partner and I formed an LLC for the investment properties we owned. I guess I’m still a bit confused on how aggressive I should be with deducting expenses related to business (ie. travel, mileage, fix-up materials, car-phone, etc). I have a CPA but he is not as aggressive as I would like about shielding my income. Any good books out there for small business and taxes. Thanks


#3

Re: Help-Taxes - Posted by Sue (NC)

Posted by Sue (NC) on December 28, 1998 at 23:17:16:

try john reed’s ‘agressive tax avoidance for real estate investors’. he gets slammed a lot here (he’s quite anti-lease/option), but that book is a real winner.