User talk:KCGuy
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May want to Purchase this
KC: If you are going to be advising in the real estate area, you may find this helpful:
"Surgen't McCoy's Gold Mine of Great Tax Strategies for the Real Estate Investor" Code: GOLD
Covers investors and dealers and brings many complicated issues together in one place.
Can be downloaded, but it's long. CrowJD 11:32, 5 February 2008 (CST)
KC, read purchase contract
KC: I was being a little silly on there to make you aware of some potential pitfalls. Take a look at the Contract of Purchase of the business to make sure it was an asset sale, and not a stock purchase. You have some flexibility of what you might want to 179 or depreciate, so read up on that. You probably already have a JK Lasser's Your Income Tax 2008? They have a chapter on Depreciation I think, available at Barnes& Noble for $17.95. Get QuickFinder "Accounting & Bookeeping" for the most current year also. It's loaded with a lot of good information, I highly recomend it [I know you have experience with accounting, but this book has a lot of practical, rubber hits the road advice for small business].
When you can afford to do so, start on some self-study at Surgent McCoy, www.surgent.com I think it is, and of course, take all the live CPE you can as you can afford to do so.
Hang in there, and I'm sure you will get some more specific, and much better, advice tommorrow on your question. CrowJD 00:55, 17 April 2008 (CDT)
