The Income Tax School has partnership deal with Intuit

The TimesDispatch writes: The Income Tax School Inc. has partnered with Intuit Inc., a California-based software company whose products include Quicken and TurboTax, on a program aimed at providing bookkeepers with the tools to learn the basics about tax preparation services.

“Participants will be trained on individual and small business Federal and state income tax returns, while simultaneously learning how to use Intuit’s professional-grade cloud-based software – Intuit Tax Online,” Charles E. McCabe, chief executive officer of the tax school, said Friday in a statement.

The cost of the Intuit Tax Education program is $58 per month on a one-year contract.

This program provides 90 hours of tax training. It also teaches students how to use the Intuit Tax Online cloud-based tax preparation software.

Students enroll in the program through Intuit.

The Income Tax School provides the online tax preparation and tax software education. Intuit provides graduates with the cloud-based tax software and 25 free tax returns provided for the 2014 tax season.

A “getting started” guide is included, since the program is meant to help students get into the tax business. Unlimited tax software support will be provided by Intuit during the tax season.

A 15-hour continuing education bundle is included after completing the program.

The training program is provided online. Participants can start any time and study at their own pace with Internet access. Quizzes and exams are graded instantly with instructional feedback. Instructor support is provided by email.

A complete description of the program and enrollment details are available at www.intuittaxed.com.

The Income Tax School is a division of Peoples Income Tax Inc., which McCabe founded in 1987.

Intuit creates products and services for payroll processing, personal finance, and tax preparation and filing.

Self-Directed IRA for an Investor

From BiggerPockets we read:

Ky Sharp

· RSM, California

• 37 posts

Sep 14, 11:58 PM

Hi,

I know someone who wants to lend me money from his retirement account.

I have suggested that he set up a self-directed IRA, which could then put his money into an escrow account, where he could basically act as a mortgage broker, using his self-directed IRA to invest in trust deeds.

Would someone with knowledge and experience please provide more insight into this? I want to be able to walk him through it step by step.

Thank you

Ellis San Jose

Real Estate Investor · Westlake Village, California

Pro Basic

• 227 posts
• 3 awards

Sep 15, 12:26 AM

Have him speak with a third party administrator like uDirect IRA or Quest IRA.

Ky Sharp

· RSM, California

• 37 posts

Sep 15, 12:52 AM

I could say just go talk to so and so but I want to be able to explain it to him.

So I would say something like:

1. Set up self-directed IRA

2. Set up an LLC and join it through your IRA

3. When I have a deal, you will extend me a mortgage through your LLC, and your LLC will have a trust deed.

Ellis San Jose

Real Estate Investor · Westlake Village, California

Pro Basic

• 227 posts
• 3 awards

Sep 15, 01:03 AM

Drive him to their office or call them on the phone together to answer his questions.

It's best to have an expert explain the process than to risk you trying to become an expert yourself & make a mistake.

The message will have more credibility coming from a 3rd party.

Robert Leonard

SFR Investor · Lafayette, Louisiana

• 35 posts
• 1 award

Sep 15, 04:58 AM

I use Guidant Financial for my SD IRA. I like that you have a thorough training/education component to start. Plus they include a mandatory legal consultation as part of account setup. Their upfront account setup fee is higher but it's a fixed cost. Thereafter you have a low annual fee($150) that's not based on the value of your assets. I write a check at the moment I need funds from my SD IRA owned LLC's checking account - I don't have to fill out paperwork to ask somebody to please send me some money. It is definitely a "big boy" account and you have to know the rules. But I am confident that Guidant Financial did a great job setting me up for success!