Do I really need an accountant?

[Brenda Hedges]

I've been doing my own tax returns for over 20 years. Last year in addition to my regular real estate transactions as a real estate agent, I bought and flipped a SFR. Normally, I use turbotax business and have found this program to be adequate for my purposes. My REIA group has indicated that having an accountant would be beneficial. What would you recommend?

[Christopher Cousin]

@Brenda Hedges The true value of a CPA is that they serve as advisors. Plugging numbers into tax software is an easy task, but a credible advisor can save you literally thousands in taxes. For example, you mentioned that you bought and flipped a SFR. You should ask your CPA about the advantages of using an S-Corp entity in such a situation. A competent CPA can also advise you on how to structure transactions to maximize tax savings.

Please feel free to reach out to me if you have any additional questions.

You could also check out the Mark Kohler podcast for great educational information on tax/legal issues.