CPAs Memphis area

[Michael Hayes]

Hello BP family.  Who are you guys using for CPAs in the Memphis area?

Thanks.

[Jordan Ray]

Quote from @Michael Hayes:

Hello BP family.  Who are you guys using for CPAs in the Memphis area?

Thanks.

Ive actually been interviewing CPAs myself and I have narrowed it down. I will DM you who I chose to go with.

[Bill Hampton]

@Michael Hayes

Bigger Pockets is a great place to find a real estate accountant. 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck. 

[Basit Siddiqi]

@Michael Hayes

Your profile mentions you wholesale properties and have long-term rentals. You may want to see if the actions you do as a wholesaler allow you to claim real estate professional status.

If you can, you can potentiall offset the wholesale income with the rental losses.

Discuss the above with your CPA.

[Basit Siddiqi]

Quote from @Jordan Ray:

Quote from @Michael Hayes:

Hello BP family.  Who are you guys using for CPAs in the Memphis area?

Thanks.

Ive actually been interviewing CPAs myself and I have narrowed it down. I will DM you who I chose to go with.

 Your profile mentions that you are an agent with rentals.
You would want to see if you are able to claim real estate professional status.

If you are able to claim real estate professional status, you can potentially offset the rental losses with your real estate agent income.

Furthermore, TN does not have a state income tax allowing you to be more open with your options.

Best of luck

[Sean Graham]

Quote from @Michael Hayes:

Hello BP family.  Who are you guys using for CPAs in the Memphis area?

Thanks.

There are plenty of good CPAs that will work remotely (not in Memphis). Lmk if you need a contact. 

[Ahad Ali]

Hi Michael,

Finding the right CPA is crucial for managing your investments effectively. If you're open to working with remote professionals, there are experienced CPAs who can provide valuable insights and strategies tailored to your needs. Feel free to connect if you'd like more information on how they can assist you.

[Aaron Zimmerman]

Michael - while there may be great local CPAs, you can open up your pool of CPAs that can help you by working remotely. Most CPAs can file in all states. 

I would also recommend that you find a CPA that also invests in real estate.

Check out the forums for CPAs including this thread.