All Forum Posts by: Antonette El Baz

As an accountant, I recommend using a software solution for tracking and documenting business receipts. While the traditional shoebox method may have worked in the past, it can be time-consuming and prone to errors. With a software solution, you can easily track your receipts and categorize them for tax purposes. Plus, many software solutions offer features like automatic data entry and integration with accounting software, making the process much more efficient. Popular software solutions include QuickBooks, Xero, and FreshBooks. Ultimately, the choice of software will depend on the specific needs and budget of the business.

As an accountant of AE Pinnacle Accounting, LLC, here are my two cents:

1. Credit cards:

A) In general, it is not advisable to use one LLC's credit card to pay expenses for another LLC. Doing so can blur the lines between each LLC's financial activities, potentially exposing each LLC's assets to liability. However, if you are diligent about recording each expense in the correct LLC's books and maintaining clear separation between the LLCs, it may be possible to use the holding company's credit card for expenses of the other LLCs. Nevertheless, you should consult with a lawyer to ensure that your LLCs' corporate veil remains intact and that you are not exposing any assets to unnecessary risk.

B) I recommend speaking with your bank about their options for issuing credit cards per subsidiary. Some banks offer credit card programs that are designed for multiple LLCs owned by the same holding company, which can simplify the process of managing expenses across multiple accounts.

2. Operations LLC:

If your Operations LLC is structured as an S-corporation, the income earned by the LLC will pass through to the shareholders and be subject to self-employment taxes. However, S-corporations can offer tax advantages by allowing shareholders to receive income in the form of distributions, which are not subject to self-employment taxes. It is essential to consult with a qualified tax professional to understand the tax implications of your LLC's structure and to ensure that you are properly reporting income and paying taxes.

As a professional bookkeeper, I understand that finding a bookkeeper who is well-versed in real estate investing businesses can be a challenge. It's important to find someone who not only understands the nuances of real estate accounting but also has experience working with businesses like yours.

At AE Pinnacle Accounting, LLC, we specialize in providing accounting and bookkeeping services to real estate investors and businesses. We have experience working with clients in all aspects of real estate investing, from house flipping to rental properties to commercial real estate.

Our team is well-versed in real estate accounting and has the knowledge and expertise to help you stay on top of your finances and make informed business decisions. We offer a range of services, including bookkeeping, financial statement preparation, tax planning and preparation, and more.

We pride ourselves on providing personalized and responsive services to our clients, no matter the size of their business. We understand that every real estate investor has unique financial needs and goals, and we are committed to providing tailored solutions to help you achieve your objectives.

If you're interested in learning more about how we can assist you with your real estate investing business, I encourage you to check us out. You'll find more information about our services and expertise, as well as testimonials from satisfied clients.

Thank you for considering AE Pinnacle Accounting, LLC for your accounting and bookkeeping needs. We would be honored to work with you and help you achieve your real estate investing goals.

I can tell you that there are a few different ways that accountants typically charge for tax consulting services.

Hourly rates are a common method, where you would pay for the accountant's time based on the number of hours they spend working on your taxes or providing consulting services. This can be a good option if you only need occasional assistance or have a limited budget.

Another option is a monthly or annual retainer fee, where you would pay a set amount each month or year to have access to the accountant's expertise on an ongoing basis. This can be a good option if you anticipate needing regular assistance with your taxes or have a more complex financial situation.

Some accountants may also offer project-based pricing, where you would pay a flat fee for a specific project or set of services, such as preparing your tax returns or providing advice on a real estate investment.

When choosing an accountant, it's important to discuss pricing and billing practices upfront so that you can understand exactly how much you'll be paying and what services are included. Many accountants also offer a free consultation to discuss your needs and determine the best pricing structure for your situation.

Overall, working with a real estate-savvy accountant can be a valuable investment in your financial future. I recommend doing your research, reading reviews and referrals, and interviewing multiple candidates before making a decision. Good luck!

I noticed you're looking for a reliable CPA in or near Orlando, FL to assist with personal tax preparation and potentially real estate tax needs in the future. While I am not a CPA myself, I would be happy to offer my services as a local Virtual CFO and accountant through my business, AE Pinnacle Accounting, LLC.

We offer a range of accounting and bookkeeping services to individuals and businesses, including tax preparation, financial statement preparation, and budgeting and forecasting. While we may not have the CPA designation, we have the knowledge and expertise to help you navigate the complex world of tax and accounting.

If you're interested, I encourage you to take a look at our website at www.aepinnacleaccounting.com to learn more about our services and how we can assist you with your personal and real estate tax needs. We are committed to providing reliable and personalized services to our clients and would be honored to work with you.

Please feel free to reach out if you have any questions or would like to schedule a free consultation. Thank you for considering us for your accounting and bookkeeping needs!

I understand that managing your own bookkeeping can be overwhelming, especially when trying to juggle other aspects of your business. 

I would like to recommend AE Pinnacle Accounting, we are a professional accounting firm that provides a wide range of services, including bookkeeping, tax planning, and financial analysis. We have an excellent reputation for delivering high-quality services and have helped many real estate businesses like yours streamline their accounting processes and achieve their financial goals.

Our website, www.aepinnacleaccounting.com, provides a comprehensive overview of our services and expertise. I encourage you to check them us and reach out for more information about our rates and availability. We also offer a free consultation to discuss your needs and how we can help you.

I hope this helps and wish you the best of luck in finding the right accounting firm to assist you with your bookkeeping needs.

The decision to flip or BRRRR an investment property ultimately depends on a variety of factors, including your personal goals, financial situation, and the specific details of the property in question.

That being said, it's important to consider the financial feasibility of your options. When it comes to BRRRR, the general rule of thumb is that the rental income should cover the expenses associated with the property, including mortgage payments, taxes, insurance, and repairs. Ideally, you would also be able to generate positive cash flow on top of that to build equity and fund future investments.

If the rental income from this property is not enough to cover these expenses, it may not be the best candidate for a BRRRR strategy. In that case, flipping may be a more viable option to generate a profit.

However, it's also important to consider the potential for long-term appreciation in the Dallas market. If you believe that the property will increase in value significantly over time, holding onto it as a rental property may be a better choice, even if the rental income does not fully cover the expenses right now.

Ultimately, the decision between flipping and BRRRR depends on your personal goals and financial situation. Consulting with a financial advisor to help you weigh the pros and cons of each option and determine the best course of action for your specific situation.

Congratulations on creating your LLC and taking the first step towards your investment goals.

I completely agree with the other commenters who have advised against using personal credit cards for business expenses. While it may seem like a convenient option at the moment, it can cause a lot of confusion and complications down the line, especially when it comes to taxes and accounting.

One of the best ways to manage business expenses is to open a business bank account and use a business credit card for all purchases related to the LLC. This will not only simplify the process of tracking expenses and reimbursements but also help establish the LLC as a separate entity from your personal finances.

In the meantime, if you do decide to use personal credit cards for business expenses, I recommend keeping meticulous records of all purchases, including receipts, and tracking them in a separate spreadsheet. This will make it easier to reconcile expenses and ensure accurate reimbursement by the business in the future.

As for managing business expenses for your properties, I suggest setting up a system that works best for your specific needs. This could include using software like QuickBooks or spreadsheets to track expenses, setting a budget for repairs and subscriptions, and regularly reviewing and adjusting your expenses to ensure you're staying within your means.

Overall, it's important to establish clear and organized systems for managing your LLC's finances from the beginning. This will not only save you time and headaches in the long run but also help set your business up for success.

Congratulations on your success in real estate investing! It's great to hear that you have gone from zero to 33 doors in just 24 months. It's not uncommon for real estate investors to reach a point where they need help with bookkeeping, paying bills, taxes, and other administrative tasks, especially as their portfolio grows. 

As a bookkeeper that works exclusively in the field of real estate investing, I would love to offer my services to you. I understand the struggles that come with managing finances and keeping track of all the paperwork that comes with running a successful real estate investment business. I have helped many clients streamline their financial management and improve their bottom line by providing accurate and timely bookkeeping services. With my expertise in real estate investing bookkeeping, I can offer you the knowledge and support you need to stay organized and focused on growing your business. I am here to help. If you are interested in learning more about my bookkeeping services and how I can help your real estate investing business thrive, please don't hesitate to contact me.

1. Keep accurate records of all expenses related to the business, including receipts, invoices, and bank statements.
2. Take advantage of deductions related to business expenses, such as home office expenses, travel expenses, and equipment.
3. Consider hiring an accountant who specializes in real estate businesses to assist you with tax planning and preparation.
4. Consider setting up a separate business bank account to keep your personal and business expenses separate.
5. Make sure you understand the tax laws and regulations that apply to short-term rental businesses in Florida, and consult with a tax professional if necessary.