RCRE - Tax Time with Tom Castelli, CPA
Mike Taravella interviews Tom Castelli, CPA from the Real Estate CPA to discuss tax time, what to look for a CPA group, and the importance of having clean books.
Key Information:
Find a CPA has experience with real estate specialization and have the same value based system
Understand the fee structure because it could be hourly or certain fee structures
Look to engage a new CPA before year-end
Do your bookkeeping throughout the year, not just at the end of the year
As a real estate syndicator make sure you have your K-1s by March 15 so investors can file their taxes by April 15
More sophisticated groups will have K-1s issued by March 15
K-1s are an investor’s portion of the profit/loss and distributions for a particular process
A great CPA will allow you to continue to apply offense in finding new deals, while they are playing defense
You need tax returns from last 2 years before being a General Partnership
Can take deduct W-2 income if you are a “real estate professional”
Always have an audit trail and document your income and expenses
Be proactive with your accountant
Expert Pro Tip: Engage your CPA for tax planning service
Contact Information:
https://www.therealestatecpa.com/
Tax and Legal Summit February 29-March 1, 2020
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