Burns Accounting & Taxation LLC

Stimulus Package IRS Letter Notice 1444 Hey all! I am not sure if any of you are aware of this.....per the IRS, we are required to maintain the Economic Impact Payment letter Notice 1444 regarding the stimulus payment received in 2020 ($1,200 per eligible person, $500 per qualifying child). This notice provides information about the amount of the payment, how the payment was made and how to report any payment that was not received. ... For those of you who have not received your first stimulus payment and were eligible for the benefit or received a partial payment, you may claim a Recovery Rebate credit for the amount of the payment you were expected to receive on your 2020 tax return to reduce your tax liability and/or increase your tax refund. If you have any questions or comments regarding this post, please drop them down below.

In this video, I will discuss the third most common business structure for rental properties. I will discuss a bonus structure that landlords can use that will save them more time and money in the long run. Want to learn more about these business structures and how picking the right structure will provide better protection for your assets and increase the financial health of your business? Click the link below to book a call with me.... https://calendly.com/nikkiburns

In this video I will explain the asset protection affects of holding companies with subsidiaries. This business structure is one of the most common structures I see in real estate. I will go in depth about how this structure does not provide as much protection as landlords need to maintain the financial health of their investments.

In this video, I will discuss three most common business structures for rental properties and the affects it has on its asset protection. Part one discusses the first business structure and how it affects your rental revenue and overall financial health of your business.

Merry Christmas Everyone!!! Hope you all are staying safe during this pandemic.

Protecting Your Rental Properties in a Lawsuit Merry Christmas Landlord Investors!!! Today, I want to give some brief information about landlords protecting their rental properties. I will be uploading a video about this topic in greater detail tomorrow night. ... So the question I get asked by landlord investors is, should I setup a different LLC for each rental property. The answer is...............it depends on your preference and risk tolerance. I say, ask yourself this question: am I willing to put all of my rental properties at risk if a lawsuit were to arise against one of my properties? For some, this risk may be tolerable due to one or more of the following reasons: 1. You do not want to handle multiple registration paperwork for each property 2. You want to save money on registration fees by registering one parent (holding) company and adding the other properties as DBAs (subsidiaries). 3. Save on taxes. File a consolidated tax return and use the losses of the subsidiaries to offset the income of the holding company. Placing all properties at risk will significantly reduce your profits. Heard of that saying, do not place all of your eggs in one basket? This applies to holding companies with subsidiaries. If one subsidiary is sued, all other subsidiaries are at risk to cover the lawsuit damages. You may lose some or all of your properties in the process depending on the value of each property and amount of the lawsuit damages. This will be a big loss, especially if you have invested thousands of dollars in your properties. For others, you may want to register each rental property separately. This protects other rental properties from being sold or equity being pulled from it when another rental property is at fault for the lawsuit. You only risk losing money on the property that is at fault and not your other properties. Would you rather lose all or some of your properties in a lawsuit? Stay tuned for my video tomorrow night, where I will provide an in-depth scenario to help you understand the impact the business structures of your rentals will have on the financial health of your business. Want to learn how I can help your business protect its assets and help you save thousands? Click the link below and book a call with me. https://calendly.com/nikkiburns #assetprotection #rentalproperty #rentalproperties