Expenses Not Associated with a Property

[Leonard Holmes]

How do I account for expenses that are related to my LLC and not to any particular property? Most of the software I've seen organizes everything by property. So far I like Simplify-em, but I can't figure out how to categorize a new scanner I bought, the monthly cost of the software itself, and a newsletter I'm considering buying.

Any help would be appreciated.

[Account Closed]

Thanks Bill, I'm here to share and if someone would like to work with me that would be great.

This is a great place to share information and get to know other investors. As with any kind of networking it takes time to develop trust.

IMO it is wise to choose a CPA familiar with the industry you are in. If you want someone that with general experience they will likely be cheaper, but may not know the nitty-gritty details. It takes time to develop an expertise in an particular tax area. I specialize in Real estate and construction because these have always been fascinating areas for me.

In the near future the IRS is going to require all tax preparers to be registered and have a PTIN number. For those that are not enrolled agents, attorneys or CPAs the IRS will require them to pass a test similar or the same as what enrolled agents are required to pass.

It is important to take the time to choose a CPA wisely. Not all professionals are created equal and you make get poor advice and not know it. Which is another reason that any business person should at least know the basics of accounting and tax. At least this way you can spot bad advice easier. Sometimes its worth getting a second opinion.