Tax Planning and Filing for a New LLC

[Reuben Dacher-Shapiro]

My team and I have an LLC that is the titleholder of our first investment property. We did not bring in any income last year. We want to write off start up expenses and start depreciating the property. We are seeking a CPA for tax preparation and longer term tax planning. I am interested in what people have done to manage their books while also working with a CPA. Excel sheets? Tax software? Outsource everything? Any recommendations or insight into the above would be appreciated.

[Lance Lvovsky]

@Reuben Dacher-Shapiro

Best get a program such as QuickBooks that can feed in all LLC transactions into the program. You can connect the llc bank and credit card accounts. A good bookkeeper can handle the accounting side / write up for the LLC. That will keep your fees down when you hire a CPA. Inadequate accounting records are the most problematic I see for many new investors.