Entries by Steven Kiander

The Profit Motive Matters: Why Your LLC Needs a Legitimate Purpose

A client recently asked me how to set up an LLC to reduce taxable income. Their question came from something they’d seen in another country—renting out high-value assets while claiming the related expenses to minimize taxes. My obvious response: If your main goal is to cut your tax bill, it’s hard to do that legally […]

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Do You Own Rental Property or Rent Out a Vacation Home You Own?

Are you accurately reporting your rental income and calculating gross amounts from annual rents? Do you know whether your rental activities are considered “active” or “passive”? Are you tracking the hours you spend managing your rental property each month? And how are you handling deductions for rental expenses? If you’re unsure about these details—like the […]

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