If you currently owe outstanding federal or state tax debts, it is important to resolve these debts as soon as possible. Not only can these debts impact your credit score, but they can also result in wage garnishment, tax refund offsets, and accrued interest. Thankfully, there are several different options available to help you with tax resolution.
Pay In Full
If you are able to pay your tax debt in full, this is the simplest and fastest way to resolve this debt.
As a real estate investor, your primary goal is to make as much money as possible without paying very much, if any, money out in taxes. However, to help lower your yearly obligation, you should look at using legal loopholes that are available to you.
You may want to keep as much money in your portfolio by moving it around instead of cashing it out to your personal bank accounts. You can lower your burden to the IRS and state by using rental property 1031 tax delayed exchanges.
Running a small business is a big responsibility. For your small business to succeed, you have to be willing to reach out to other people for assistance to grow. One way to get assistance with growing your business is through consulting. There are numerous types of consultants you can work with as a small business that will help your business grow in the right direction.
Consulting Type #1: Accountant
One of the first professionals you should considering hiring as a consultant for your small business is an accountant.