Tampa Real estate CPA / tax property specialist

[Todd Groom]

I’ve kind of asked a ijt this before but have not been able to really locate anyone on here with in my budget. And to be honest there was only one person I had found and that was Anderson Partners and that was in the tens of thousands way over our budget.

We are looking for a local CPA in Tampa who specializes in realestate that we can first consult with to make sure we are set up correctly and on the right path. As well as possibly start a relationship with doing our books. New to real estate on the larger rental side and have almost 20 doors here in Tampa. I also have a medical practice that operates separately. So I'd like to see what options I have in refused store that and these operating as two separate companies. That one has partners this one is mine. I have an Attorny now who's setting up an LLC just need a good CPA.

I am not really interested in an expensive plan that cost tens of thousands of dollars like Anderson has. I understand a good accountant cost money but $11,000 for an LLC? For each one? Come on, really made me realize you gotta be super careful on here that not everyone is your friend here.

[Lance Lvovsky]

@Todd Groom

$11,000 to do an LLC partnership tax return? Unless this is a large entity that is probably too much. Having good accounting records will help keep your tax preparation costs down. Having the cpa firm do the accounting may not be such a bad idea too because the cpa firm can then handle the accounting with an understanding of the tax nuances and keep your overall costs lower. Good luck.

[Todd Groom]

@Lance Lvovsky correct. Looking for local CPA firms or even mom and pop people in the area. Down the road maybe we can do more stuff on our own but I’d rather focus all our time on the business. Can’t beat someone at their trade.

[Bill Hampton]

Todd, 

Are you open to working with your accountant remotely? I recommend finding an accountant who specializes in real estate taxation over one that is local. You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

Good luck and let me know if you have any questions.

[Courtney Francis]

@Todd Groom I agree with Bill on the remotely. Especially now, practically the whole world is doing everything remotely. Technology. Perhaps a remote CPA for your tax return at year end and a remote accountant for keeping your books. Reach out to @Simon W. for possibly maintaining your books. Good luck!

[Todd Groom]

Thanks, I will follow up. Right now we need to see where we are tax-wise. Should we hold off on certain projects or go for them as far as write-offs go? Why trying to push through this. We just had a major flood in a unit and this is a headache trying to navigate these waters. There's ABSOLUTELY NOTHING online as far as to help when it comes to what you should do and if you should hire help or do stuff on your own for clean up. Someone needs to do a series on this they will be a hit. Will post this on another topic soon. 

[Basit Siddiqi]

@Todd Groom

$11,000 is a lot of money for one LLC. This amount of cost will kill all the cashflow and appreciation you will have in a year. Almost better off not having a property at all.

Normally smaller firms that are owned by CPA's will be your best bet. These firms will provide you the expertise and allow for the flexibility in price that you are looking for.

Another great thing is that you live within the state of Florida which does not have a state income tax. 
A) This opens you up to searching for a CPA outside of the state of Florida.
B) Not having to file a state income tax = less work = less cost

Good luck!