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Updated about 1 year ago on . Most recent reply

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Fong Xiong
11
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16
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Any CPA recommendations in Northern Cali?

Fong Xiong
Posted

So I'm new to real estate investing and need some financial consultations in regards to the following:

- So I'm trying to raise private money for investing, and thought of the idea that, there was a possibility that I can have our own "business" fund me the private money for real estate investing and there could possibly be tax benefit for our family business? (Mom and Pop supermarket)


- My family and I run a family business for the past 15 years, a supermarket with 7 family member just running the entire business, our net income is about $700k a year. But our tax owed/payback the last 4 years has been ridiculous between $250-400k a year owed to Uncle Sam, its a mom and pop store and we've have only been using a bookkeeper because she gives my family really cheap rates, which I've been persuading them that its why we're paying a lot of taxes back every year. SO after a year of profit, 300K split between 7 people is much less than the average pay now a days considering we work 6-7 days a week 8-12hrs a day. This is also a reason why it pushed me to invest into real estate.

Any CPA recommendations would be greatly appreciated!

Thank you in advance!


  • Fong Xiong
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