CPA for multiple businesses and partners

[Stephanie Owen]

Situation

Currently we have a CPA that does alright, but I feel like we could have someone better for our real estate business. However, in an other business we have multiple partners which he takes care of everyone involved which helps with the complexity it has to it (this business is not real estate). We also have a service business and I am starting to wonder if anything is getting over looked tax wise with that business since it is not very common, especially in the area we live. 

Questions

Should I look for a CPA where we make the most money currently, even though we want that to be real estate in the future?

Would having a financial planner on top of a CPA help? Or should the CPA be doing some of that already?

Thanks for any advice/suggestions

[Nathan Faselt]

Hi there,

First of all, it's great to see that you're taking a proactive approach to finding the right CPA for your real estate business. It's always better to be proactive and ensure that your finances are being taken care of properly, rather than realizing too late that something has been overlooked. No one will fight as hard for your business as you do. I hate to say that because you pay experts, and it not scaleable to rely on your own knowlage, and nor should you fully rely on you own wit as that will surly slow you down, but its sad and true.  Im sure your aware being in a partnership and with this question being posed. 

As for your questions, here are my thoughts:

1. When it comes to finding a CPA, I believe that it's important to find someone who specializes in real estate, rather than just going with whoever is currently managing your highest income stream. Real estate can be a complex business, and having a CPA who understands the ins and outs of it can make a big difference in your bottom line. That being said, it's important to ensure that your other businesses are also being taken care of properly, so you may want to consider finding a CPA who has experience in both real estate and your service business.
2. While a financial planner can certainly be beneficial, I think it's important to ensure that your CPA is already providing you with some level of financial planning advice. A good CPA should be able to advise you on the best tax strategies for your business, as well as help you make informed decisions about investments and other financial matters.

In terms of finding the right CPA, I would recommend starting with your network. Talk to other real estate investors and business owners in your area and see if they have any recommendations. It's also a good idea to look for a CPA who owns a few units themselves, as they will have a better understanding of the challenges and opportunities in the real estate market.

Overall, I think you're doing the right thing by being proactive and seeking out the right advice for your business. Good luck in your search for the right CPA!