Selecting the right tax advisor is no different from picking a dentist, plumber, or auto mechanic. You entrust an important part of your life to somebody who you are comfortable with, and who (hopefully) knows what he or she is doing. There is no fail-proof way to ensure good service up front, no matter how …
IRS audits (officially called examinations) is a popular horror-story topic. While it’s true that they are far from pleasant experiences, there’s no reason to lose your sleep – even if you are targeted. It’s likely going to cost you some money, time, and nerves, but it’s not a life-threatening situation. In fact, some people end …
If you ever received one, you know the feeling: creepy! Many clients bring me those letters unopened – as if they expect some deadly white powder inside. Here is the right procedure: put the envelope on your desk, wait until your pulse comes down to under 200 beats per second, and then – slowly – …
Remember that goofy song? “Who’s afraid of the big bad wolf, the big bad wolf, the big bad wolf…” Now, substitute the IRS for the wolf and see how long it will take to get that tune out of your head. Was it tough to get rid of the annoying song? Trust me: it is …
My biggest pet peeve is bad bookkeeping. The problem is that bookkeeping required from real estate investors does not make a lot of sense (some will claim “none”). Even if you hire a bookkeeper, chances are you will not get a good job done – unless your bookkeeper is expert in real estate business. My …
Minimum Requirements for Real Estate Bookkeeping. Read More »
If you’re one of those investors who keeps every single receipt neatly organized in 3-ring binders – you can stop reading now. Both of you, actually. For the rest of us, we’ll discuss receipts. Yes, those dreaded receipts that the IRS will want to see one day. Without receipts, the IRS will torture you and …
Where are you looking for answers? Remember this old joke where a late night drunk is crawling on his knees around a lamppost, in circles? Responding to an inquiry from a passer-by, the man explains that he is searching for his watch. – So, you dropped your watch under this lamppost? – Oh no, I …
Setting your record(s) straight – for the lazy investor Read More »
Have you noticed that good bookkeeping is very much like getting on a diet? See for yourself: we all need it, we all know it’s good for us, we all tried it at some point (at least the dieting part), and yet most of us are “off.” Why? I think it’s clear: too many diets/bookkeeping …
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 »
