17912Re: [tips_and_tricks] Re: Trojan Horse buried in Health Care Bill...New IRS Paperwork for You to fill out
- Oct 3, 2010
The biggest problem is that people don't know how to conduct business, separate business from personal & are stuck in the possessive mindset. Think of little children fighting over a toy - "mine - mine - mine !!"
I've worked with people who own rental properties for years & changes to IRS Regulations won't affect them personally because they're smart enough to NOT have the rental property(ies) in their own name. Personal property in trusts over here, rental property(ies) in an S corp. managed by a CPA over there & you couldn't tie the business to the personal if your life depended on it.
There is no "one size fits all" way to do it, but when the given situation is analyzed & set up properly, there's no way the IRS can say these people are "engaged in a trade or business". And a properly operated S corp. pretty much expenses itself out - yes, it has to file tax forms / returns, but the CPA does all that & it has nothing to do with personal.
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