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Updated over 6 years ago,
Looking for an accountant!
Hey Everyone,
So I'm beginning my first stages of REI, and about halfway through my Real Estate License. I've been researching the different types of business options I have available to me in this industry and I just keep getting more confused the farther down this rabbit hole I get. I also took a major hit on my taxes last year due to my misunderstanding of different laws and stipulations, and after reading multiple books, and attending seminars, I'm beginning to realize that learning how to utilize my taxes and a business can mean MAJOR savings at the end of the year, and money back in my pocket. I'd also like to begin building my investment team and I thought, where better to start than to build a relationship with a great accountant. So... I have some questions for my fellow BP members:
1. Does my accountant need to be in my state of residence for any reason since we have an endless supply of technology at this point?
2. Depending on the answer above, does anyone have references to accountants that work with Investors and Real Estate Investors (possibly in the Portland, OR area)?
3. Am I barking up the right tree as far as looking for an Accountant? I'm looking for someone that can guide me on the correct business entity to open (LLC, C-corp, S-Corp), help with taxes, and help me save/ get money back from my taxes at the end of each year, and someone to help me understand the tax and financial perks of financial decisions.
Forgive me if this comes off the wrong way, but I'm looking for someone that is looking to help put money in my pocket. The reason I feel the need to say this is I met this real stickler type guy that worked at H&R Block a few years ago, and when I asked about legal loopholes to saving me money, and not just giving 30% of my income to the government, he acted as if I said "I hate America, burn it to the ground". I feel like it's ridiculous for me to have to defend wanting to keep as much of my income as possible, I'm 23 and new to the investing game. The more I read about people that are financially intelligent such as Robert Kiyosaki, I find that one of the biggest things they do, is utilizing their business, and taxes. They find innovative ways to make family trips become write off's and to legally hack the system. I'm looking to learn these tricks, by no means are my intentions to do anything illegal, but I'd like to legally do as much as I can to save money.