Manicurist, salon owner and amateur long term rental investor
Hello! My name is Caitlin! I am a licensed manicurist of 6 years, in an effort to scale my buisness and make more money I expanded to a salon suite business, added in 2 more streams of income and in addition run the salon and continue to do nails. All while breaking even if that each month. My partner and I have invested in 2 rental properties in the past 2 years which I now manage and starting to realize I need a better system when it comes to tax strategies. (I can’t do it all lol). He has a high earning stable W-2 income and this is the way I have been able to stay afloat with all my crazy ideas. My question now is how can I help him save money with his taxes, legally and effectively write expenses off and offset some of the tax burden. Also since we have the 2 rentals now (they don’t generate income). I am curious about putting them into LLCs for asset protection and tax savings. Any and all advice is appreciated! We are early on in both of our businesses and want to start out correctly from the beginning! Thank you!!