Key tips for upcoming 2019 tax returns

[Nathan Simons]

Hello everybody!

I purchased my first duplex earlier this year in February. Taxes are around the corner and I am looking for what I should look out for when submitting my taxes. What should I look for in choosing my accountant? What are some things that I can easily deduct? Do I combine my personal taxes with my LLC's taxes from my rental property?

Just looking for a step in the right direction when submitting my taxes this upcoming year and hopefully it will become easier year after year!

Thank you and Happy New Year!

[Will Fraser]

Hi @Nathan Simons!  I’m going to focus on choosing a CPA and I’d recommend you getting on the phone or a cup of joe with them NOW, since there are some things you may need to do in the physical year to be effective.

In general, you’ll want a CPA who understands real estate investing (it’s a plus if they are themselves an investor) because you’ll have access to some specific tax advantages through investing that you want your CPA to know how to leverage with you.

Further, I prefer a CPA who has more of a consultative/advisory approach that someone who relies on me to know what to do . . . .This will take time and experience to find, so I'd solicit recommendations from your local REIA group or facebook group of investors and try out the highly recommended CPAs from the investment community. This should be a good lead to get started with.

Remember, you’re not marrying your CPA.  Even if you decide next year to go a different route, a CPA who isn’t your “forever tax person” is still useful for today.