Martin Cantu, EA - Tax Consultant - Tax Relief Services Blog

So many investors and entrepreneurs like to use the Limited Liability Company (LLC) format for entity planning.  I refer to LLCs as a Swiss Army Knife because it is so flexible and adaptable to so many situations. Corporations are still a viable and proper choice for many, especially with the flexibility provided by Sub S elections. The Series LLC now deserves special consideration as way to reduce entity costs, both initially and over the long run. Here's why.  What is a Series LLC? Its an LLC that allows you to form multiple series entities via one entity; protect the equity of one series entity against the liabilities of another series entity; and have a different set of owners for each series entity. This is a Swiss Army knife on steroids! Let’s review the most common reasoning behind choosing such a structure. We’ll assume an individual real estate investor, married with 2 children, living in Texas. He owns 3 properties. Property 1 is a small 6-unit apartment...

This is Part One of my continuing series of basic tax help articles.    This series of articles applies to the 2012 tax filing season for the tax year ended December 31, 2011 – Fling status and exemptions. As always, consult a tax professional for specific guidance on your individual situation.  Contact the Law Office of Martin Cantu for more information, or www.sataxhelp.com . Filing Status This is step number one in filing your tax return. You have five choices - Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with Dependent Child.   Filing status determines basic tax items such as filing requirements, your standard deduction, eligibility for certain credits and deductions, and your correct tax. This is the foundation of your tax return and making the wrong choice here will have detrimental impacts throughout your return. You may qualify for more than one filing status, so the choice of filing sta...