No-tax-due forms (which is what most companies file) MUST be filed electronically. The 2023 extension deadline is Monday, May 15, 2023. You may have received some letters from the Texas Comptroller’s office referring to “Texas Franchise Tax.” This sounds like something intended for the owners of Subway or T-Mobile retail franchise stores. Can you ignore …
[…] Even if there is no assessed tax, there is still trouble. When the state forfeits your rights to do business in Texas, your LLC will not be able to close any real estate transactions, and your bank may freeze your account. You do not want to learn about this on the day of closing, believe me […]
[…] There is one conclusion from reading these posts: stay away from legal and tax advice administered online by liberal arts majors without any professional credentials. Of course, professional credentials are no guarantee of competence, but at least you are less likely to be misled with garbage information […]
[…] Imagine a rather common situation: your rehab is in its final stages, and your GC just called you to report that he found some termite damage requiring another $2k to fix. Since you’re 50/50, you bring a $1k check, and your partner will cover the other half, right? Not so fast. His car or his AC broke this morning, so he is short on cash. Guess who […]
Congratulations! Now you can order fancy business cards from vistaprint.com and call yourself President. The bad news, Mr. President, is that this will hardly impress anybody and will not advance your search for your First Lady or Gentleman. Nowadays, everybody is a president of something and carries glossy business cards that say so. In fact, …
On November 6th, 2010, the Realty Investment Club of Houston which is commonly (but not always fairly) referred as the RICH club had a celebrity guest speaker, Dyches Boddiford. From his vast experience as an investor and teacher, Dyches talked about structuring real estate businesses for asset protection and tax benefits. Every time somebody talks about tax strategies …
Business Entities for Real Estate Investors – per Dyches Boddiford Read More »
Disclaimer: This article was initially written for Texas investors. Since business entities are regulated by state law, there are some differences between the states. This is especially true for LLCs – Limited Liability Companies and LPs – Limited Partnerships. Before making your final decision, please consult professionals with the knowledge of your state law. Which …
[…] Unless your numbers are out of the ordinary in some way, the odds of being audited are pretty low. Reducing an already low risk to an even lower risk would be a good idea – if it did not involve more work and more cost […]
[…] Carefully examine what you were charged on the front end, what you were charged at payoff, and what you paid in between. I can’t tell you how many clients reported that the lender said ‘oops’ once confronted with the client’s own calculation. […]
[…] the most important factor is whether they control how you do your work. Part-time, providing computer and other factors matter too, but not as much as who decides how the work should be done […]
