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Set up an LLC they said…

As a whole I think people like to provide helpful advice. Often if you have business or rental activity someone tells you should have a Limited Liability Company (LLC). Sometimes that advice is spot on. Sometimes it is not. Sometimes, along with that advice, they share information that may create false expectations. You can save …

The Military Moving Expense Deduction

The Longest Article You’ll Ever Read on the Moving Expense Deduction I have been asked again and again to write an article on this topic. I haven’t until now because I don’t see a way I can write it and NOT be inaccurate or misleading or too incomplete without writing a huge article. If you …

Military Landlord Series # 13: What happens with passive losses?

Residential rental property is usually considered a passive activity from a tax perspective (there are exceptions). This means if the activity generates losses, the losses are passive losses. Passive losses usually can only be used to offset passive income. If you have one rental property that makes a $5000 taxable profit and another that has …

Time to End Your Inactive LLC

The Corporate Transparency Act (CTA) was signed into law in 2020 and goes into effect in 2024. The CTA has a new reporting requirement to the US Treasury Department. I plan on helping clients file their CTA reports. The reporting will be through FinCEN, likely similar to how foreign accounts are reported to FinCEN. Who? …