SERIES: Your net worth strategy~Another RNW Brokerage Perk: Income Tax Savings.

How much you can SAVE on INCOME TAXES using a REALTY BROKER (us) that gives INCOME & PROPERTY TAX ADVICE in the professional service package & offers ALA CARTE BILLING?


SERIES: Your net worth strategy just changed with the tax law changes. The ‘Portfolio Approach’ has never made more sense than now.AnibalGroupLLC_RealtyNetWorth_tax-savings-with-buy-sell-brokerage

Think about if you have, had, or are considering any of the below?

  • … income property?
  • … a small business or 1099 contract income?
  • … an entity such as S-Corp, LLC, or Partnership?
  • … using property as home office, land storage rental, pole barn use, attached apartment for related/unrelated, or VRBO.com style letting?
  • … college (or other) housing for student/ child?
  • … providing housing for parent?
  • … vacation/ seasonal property that may have mixed rental/ personal use?
  • … relocation related to work?

Here’s an example of what you could save over using another agent/ brokerage who will not be including or offering taxation perspective in how your deal is structured, financed, the timing, how title is held, and other topics from a taxation perspective.*



Related Articles:


* Anibal Group LLC does not offer legal advice. This article is not to be considered advice specific to your situation. Most financial decisions should involve advice from a trusted professional of your choice that will advise on insurance, legal, banking/ lending, structural/ property condition, and other transaction significant matters. We can offer referrals for CPA’s and other professionals.

New Tax Law: Planning Now – before end of 2018

The standard deduction for married couples rises to $24,400, for individuals it increases to $12,200, up $400 and $200, respectively.  That’s the big news (that you’ve already heard). Anibal-Group-LLC-NetWorthBasics-20181109_155508

What now? Well the key word is ‘now’. Tax advice/planning is worthless after Jan. 1. There are many strategies available going forward. But they virtually all require pre end of year planning. Later, you’re basically doing clerical work.

Now, more than ever, we are in an era of ‘portfolio real estate’ approach – looking at the larger picture, considering ‘all the pieces’ to the tax/networth puzzle.

Lets sit down. Tell me you’re long term thoughts, dreams, needs, goals, and comfort parameters.


Related Articles:

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Year-end tip:  Statistically holiday season is by far best time to purchase your vacation, investment (hands off managed ‘passive’ or active), retired parental rental, student rental, & flips of any kind be it ‘wholesaling’ or hands-on. Deductions in these areas now became game changers vs the old – mostly gone – ‘itemized deductions’.



1040 Itemizers: Tax laws changed, you’re probably under withheld for 2018

Get answers today.

If you’ve been itemizing, you’re likely in for a surprise. With the new generous near doubling of the ‘standard deduction’, while the tax tables (and your payroll provider) will adjust from a standard deduction perspective, they may miss the fact that you would have ‘extra’ deductions that help out on the 1040.

Its best to estimate now than to get a surprise later.

Get my perspective.


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Michigan Retirement Benefits – what’s taxable?

Here’s a ‘quick n dirty outline’:Anibal-Group-LLC-RealtyNetWorth-Senior_Services_mom-dad-time-to-sell-house

  • “…Retirees born before 1946 are not likely to see any change in the tax treatment of their benefits.
  • Retirees born during the years 1946 through 1952 will only be taxed on benefits that exceed $20,000/single filer or $40,000/joint filers.
  • Retirees born after 1952 will be taxed on all of their benefits until reaching age 67…”

More at



New Tax Law: Planning Now

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Year-end tip: Your deductions may be worth more this year than next, consider advance paying some deductable expenses.


 


 

When to elect S-Corp status

Whats’ a ‘retroactive election’?

Anibal-Affiliates-RealtyNetWorth-ask-signMost small-business owners and even some tax preparers don’t realize that you can make a retroactive election to be an S-Corp for 2017 if you already have been operating as an LLC all year long. A tax accountant or CPA can help you with the procedure and make reference to the proper revenue procedures to include with your Form 2553. Many believe there is a hard and fast 75-day rule at the beginning of the year to make this election for all of 2017. This is certainly not the case. Talk to your CPA to follow the correct procedure to get a retroactive election accepted.

Year-end tip: Make a retroactive election for your LLC to have an S-Corp for all of 2017, and get your payroll allocation completed before year-end.



 

How to set up a corporation or LLC in Michigan?

When setting up a corporation in Michigan your initial consultation is ALWAYS free and we’ll discuss:



  1. Choose Corporate Name. …
  2. Appoint Registered Agent. …
  3. Set Up Corporate Books. …
  4. Prepare Corporate Bylaws. …
  5. Appoint Corporation Directors. …
  6. Hold First Board of Directors Meeting. …
  7. Issue Company Stock. …
  8. Taxation Related:
    • EIN: Your corporation must obtain a federal employer identification number (EIN).
    • S Corporation Filing: If the corporation wants to elect S corporation status for tax purposes, it must submit Form 2553 Election by a Small Business Corporation (signed by all the shareholders).
    • UIA
  9. Business Licenses: Local DBA’s as needed, etc.
  10. Don’t forget to: File Michigan Annual Report Requirements.