Latest Posts on Megan Hughes

  • Foreign Ownership of U.S. Property

    July 6, 2012 | Posted in Megan Hughes, USTaxAid's Blogs | 1 Comment

    We had a fantastic response to our webinar for real estate investors, Avoid These 5 Mistakes That Will Blow Up Your Real Estate Deductions. It will be available at this link for the next couple of weeks, along with the special offer of our Real Estate Accountant in a Box program. There were so many listeners with so many questions that we couldn’t fit everyone in, even after spending an extra 20... Read More »

  • Series LLCs … Banking and EINs

    July 4, 2012 | Posted in Megan Hughes, USTaxAid's Blogs | 2 Comments

    We had a fantastic response to our webinar for real estate investors, Avoid These 5 Mistakes That Will Blow Up Your Real Estate Deductions. It will be available at this link for the next couple of weeks, along with the special offer of our Real Estate Accountant in a Box program. There were so many listeners with so many questions that we couldn’t fit everyone in, even after spending an extra 20... Read More »

  • Regular LLC or Series LLC?

    July 3, 2012 | Posted in Megan Hughes, USTaxAid's Blogs

    We had a fantastic response to our webinar for real estate investors, Avoid These 5 Mistakes That Will Blow Up Your Real Estate Deductions. It will be available at this link for the next couple of weeks, along with the special offer of our Real Estate Accountant in a Box program. There were so many listeners with so many questions that we couldn’t fit everyone in, even after spending an extra 20... Read More »

  • Series LLC – Okay for Solo 401(k) Pensions?

    January 17, 2012 | Posted in Megan Hughes, USTaxAid's Blogs

    I’m seeing strong interest in Series LLCs these days. Real Estate investors are coming to the Series LLC in numbers, fascinated by the idea of having solid asset protection without paying to form and maintain multiple state entities. Business owners are also looking at the Series LLC as a great way to start multiple businesses, or create separate business identities quickly and easily, and without spending thousands in legal and filing fees. Recently, Series LLCs got... Read More »

  • Why Create Multiple Streams of Income?

    June 1, 2011 | Posted in Megan Hughes, USTaxAid's Blogs

    Instant gratification. For some people, it’s a lifestyle. For business owners, it can be a trap. I see instant gratification in business terms as a deal or a project that makes you money right now. Nothing wrong with that – we’ve all got to keep the lights on and food in the cupboard. And in the early days, it’s essential. You’ve got a reputation to build. But if you run your business solely on the... Read More »

  • Congress Repeals Form 1099 Requirements!

    April 5, 2011 | Posted in Megan Hughes, USTaxAid's Blogs | 1 Comment

    Late last year, we started telling you about 1099 changes in 2011 and 2012. As of January 1, 2011, all people receiving real estate rental income would need to issue a 1099 to all contractors who provided services to you valued at more than $600 in a year. Then, starting in 2012, you’d be sending a 1099 to every person or business you bought more than $600 worth of goods OR services, including corporations? Yeah... Read More »

  • IRS Internal Report Shows Collection Problems with its Own Contractors

    March 17, 2011 | Posted in Megan Hughes, USTaxAid's Blogs

    When you’re being chased by the IRS for unpaid taxes, it can seem like there’s no escape. The IRS is slow, but relentless when it comes to finding tax dollars from taxpayers. Except, apparently, when you work for the IRS. In that case, not only can you owe taxes, but the IRS will still pay you to do work for them. The scope of the problem came to light in a new Treasury Report released... Read More »

  • 1099-MISC Requirements to Change Again

    February 22, 2011 | Posted in Megan Hughes, USTaxAid's Blogs

    We’ve been hearing talk since last fall of the new 1099-MISC reporting requirements changing again. Now it looks as though those changes may be coming to fruition. Last year, as part of the health care reform, Congress enacted two different changes to how Form 1099-MISCs were distributed. The first change began on January 1st of 2011. It required all landlords receiving rental income to issue 1099s for all individuals and businesses (except for corporations) who provided $600... Read More »

  • Independent Contractor? Get it in Writing!

    February 17, 2011 | Posted in Megan Hughes, USTaxAid's Blogs

    We’ve been talking about contracts this week. Yesterday we talked about how you move from a simple conversation to a binding agreement. Today, I want to talk specifically about independent contractor agreements and why it’s more important than ever to make sure those agreements are in writing. Independent contractor relationships can be empowering and financially beneficial for both the contractor and the business owner. For a business owner, having independent contractors instead of employees means a... Read More »

  • When Do You Have a Contract?

    February 16, 2011 | Posted in Megan Hughes, USTaxAid's Blogs

    When it comes to contract law, nothing seems to be easy. Everything from wording, interpretation and consideration winds up in court. In fact, one big litigation area deals with whether or not a contract existed in the first place. That may seem strange on the face of it, but remember, a contract doesn’t have to be in writing. Think about various jobs you’ve had – did your employer make you sign a formal agreement,... Read More »

  • Is Your Contract Legal?

    February 15, 2011 | Posted in Megan Hughes, USTaxAid's Blogs

    Most business owners today understand the theory behind contracts: they’re important, they set out the rules and relationships between businesses and individuals and they’re usually in writing. But for many, that’s as far as it goes, other than calling an attorney for help in writing one, trying to get out of one, or even suing someone to make sure they do what they are supposed to under the agreement. However, when you understand what a... Read More »

  • Protect Your Home with a Homestead Exemption

    February 11, 2011 | Posted in Megan Hughes, USTaxAid's Blogs

    Think of the word “homestead” and what do you see in your imagination? It could be an old-fashioned cabin, and you have a Little House on the Prairie flashback. It can also conjure up feelings or images of safety, security, the place where you sleep at night, and where you raise your family. So, protecting it is important. A homestead exemption is a legal way to protect a portion of the equity in your principal residence.... Read More »

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