Chicago Real Estate Investing Blog

By Aaron Zimmerman

How Accountants Contribute to Your Business

Tax preparation and tax planning are two valuable services offered by the best CPA (Certified Public Accountants)/EA (Enrolled Agents). In this article, I'll detail some ways a skilled accountant can help your business. Tax preparation is ensuring you and your rental bus...

By Aaron Zimmerman

Multi-member LLCs for Taxes: The Inside Scoop

LLCs are often talked about in real estate circles. Everyone knows about the asset-protection benefits that LLCs provide. And, as it turns out, many people also don't realize that LLCs can save them a substantial amount of money on their taxes, too. In this article, I'll ...

By Aaron Zimmerman

RETIREMENT ACCOUNT FOR THE SELF EMPLOYED

While it is increasingly more popular to become an entrepreneur, there also needs to be some consideration for setting yourself up for future growth. In traditional W-2 jobs, there are 401(k)’s that function as excellent retirement vehicles with some restrictions. When you&...

By Aaron Zimmerman

Passive activity losses—what are they, and do you need to know about them?

In this article, I'll discuss the basics of passive activity losses. This can be a complicated topic, but I'll boil it down to its essential elements. I'll start by discussing what PALs are and where they're formed, then move on to how you can use them up in...

By Aaron Zimmerman

The Rental Property Life Cycle

Previously, I’ve talked about each stage in the life cycle of a rental property (purchase, rehab, monthly work, and disposition). In this article, I wanted to piece together the entire life cycle of a rental property.Key TermsBefore we start, please see the key terms that w...

By Aaron Zimmerman

The Fix and Flip Life Cycle

I haven't had the chance to talk about fix and flips yet. My apologies to the fix and flip real estate investors for the delay! This article will be a comprehensive guide for understanding the tax implications of fix and flips. There are three main stages: purchase, rehab, an...

By Aaron Zimmerman

Become A Better Client To Your CPA

In a recent article, I discussed all the ways your CPA can add value to you. Now, let’s turn the tables around back on you. People like to do business with people they know, like, and trust. Here are four tips for how you can be an ideal client for your CPA.Be OrganizedBein...

By Aaron Zimmerman

When You Need Tax Advisory Services (And When You Don’t)

During an investor’s journey, there are many times when professional assistance is required. One of the most common questions after explaining our services is, “Do I need tax advisory?”. The answer, as with many things in this world, is “It depends”....

By Aaron Zimmerman

Switching Accountants? Two Tips To Ensure Accuracy For Your Tax Return

From time to time, we outgrow our current accountant. At that point, it is always wise to switch to another accountant that is best suited for your needs. When this occurs, you provide the new accountant your prior year tax return. It is absolutely crucial you provide them with t...

By Aaron Zimmerman

Working With Your Tax Advisor, Develop Strategies To Reduce Your Taxes

If you want to maximize the benefits of investing in real estate, craft a proactive strategy for maximizing tax savings and other benefits for your business. Here, I explore each component of the tax return, starting with the federal portion.Overall Outlook on Tax Rates Base...