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byoder

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About byoder

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  1. Have you checked out the Small Business Support Group thread? There is a lot of good information in that thread and some posters who are very knowledgeable about these programs. I think you are essentially correct in your thinking but I don't know nearly as much as the posters in that thread. I'd suggest reading through the posts there and if you don't find your answer then ask and I am sure someone will be able to help you. https://forums.footballguys.com/forum/topic/784469-small-business-support-group/
  2. Employers aren't required to file W2s until the end of March but the IRS starts accepting tax returns in February. They take advantage of the time in between by filing tax returns with fake wage/withholding information since there is about a 2 month period where the IRS has nothing to check the tax return against. The IRS will eventually catch it once the W2s get filed but by that time the refund has already been issued and deposited to the scammer's bank account which has been emptied and closed by that point. Seems like a simple solution here. Don't send refund checks till W2s line up. Seems simple enough but tell that to all the people filing their taxes in February who want their refund check ASAP. They aren't going to be very happy if they have to wait until late March to get their money.
  3. Employers aren't required to file W2s until the end of March but the IRS starts accepting tax returns in February. They take advantage of the time in between by filing tax returns with fake wage/withholding information since there is about a 2 month period where the IRS has nothing to check the tax return against. The IRS will eventually catch it once the W2s get filed but by that time the refund has already been issued and deposited to the scammer's bank account which has been emptied and closed by that point.
  4. Any idea what the income limit would be to be able to deduct losses? Using the rental as a tax write off is one of the main reasons I wanted to go that route.Ask you CPA or tax preparer...once you hit the AMT it is a sliding scale. I make good money (1xx,xxx) and have not had much in the way of deductions for a while. If you set up an LLC you will have to file a seperate tax return that will result in your recieving a K1. This is an added expense but well worth the peace of mind from a liability perspective.If he goes with a single-member LLC then he doesn't have to file a seperate return so there wouldn't be much added expense if he goes that route.