Limited Liability Companies are frequently known by the acronym LLC. The Tax Advantages of an LLC vary by the type of tax filing choice made at the creation of the LLC. The advantages are great. Even better they do not have a lot of disadvantages. How is an LLC Taxed As...
Can I call myself a Property Manager? Be very careful about calling yourself by this legal title. I might not end well. In the state of Illinois an employee can manage property for their employer. However. Only a "Licensed Real Estate Agent" can manage property for...
Don't be brainwashed, LLCs are not the only business entity you have to choose from. There are also C-Corporations, S-Corporations, Partnerships, Limited Partnerships, Family Limited Partnerships and Sole Proprietorship's. However, LLCs are great for a lot of reasons. The problem is that way too many new...
An annual question of our students is as follows: “Is an educational cruise is tax deductible? The short answer is yes. However, the student and the cruise must meet or exceed IRS guidelines. The two parties involved are the Host and the Student. Here is...
Question: Should I Evict the Old Tenants at Closing Should I Evict the Old Tenants at Closing? I am considering the purchase of a five family apartment building. None of the tenants have leases and all but one have been there 4 years plus. The current...