I have a rental property. Because it’s bought in my wife’s and I name, we chose not to put it in an LLC. Instead, I have an umbrella policy that gives me greater protection. I’m can still get all the tax benefits that come with the property as is. So it’s maximized as long as I have clear records about expenses and deductions.

I have an LLC that is taxed as an S-Corp that I’m a part of beyond my regular w-2 job. I have a home office and other aspects that I have write offs.

Again, I have a tax professional that has coached me on all the available deductions that I can tax based on my situation.

In the end, get a professional and pay them.