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Updated 11 months ago on . Most recent reply presented by

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Hannah Potter
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When to hire a CPA?

Hannah Potter
Posted

At what point in your RE Investing journey did you hire a CPA to do your taxes? At one rental? At ten rentals? After creating a business? Trying to determine how much longer I should do my own taxes. Thanks!

  • Hannah Potter
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    Julio Gonzalez
    #1 New Member Introductions Contributor
    • Specialist
    • West Palm Beach, FL
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    Julio Gonzalez
    #1 New Member Introductions Contributor
    • Specialist
    • West Palm Beach, FL
    Replied

    @Hannah Potter I usually tell investors that the sooner you get a CPA the better to ensure you are capturing as many tax benefits as possible. The tax code is very complex, so it's better to rely on someone who works with it full time rather than doing it ourselves. Whenever you do decide to look for a CPA, here are some questions that I would typically ask a CPA:

    Are you experienced in working with my industry? Do you know the ins and outs of it? How long have you been working in the industry?
    Do you work with any specialty tax firms to help us small business owners get access to R&D tax credits, cost segregation and other specialty tax credits?
    Do you meet with us routinely to be proactive and do planning?
    What real estate tax saving strategies have you utilized with other clients?

    I've found that CPAs that focus on a niche area such as real estate rather than offering general services to everyone are typically much more knowledgeable about real estate tax incentives.

  • Julio Gonzalez
  • (561) 253-6640
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