All Forum Posts by: Charles D. Smith

Hi David,

Innovative CPA Group is based in CT but has remote employees in the greater Austin area. We have a niche specialty in real estate and construction. Take a look at our website and feel free to call my cell 203-641-3916 is you have any questions.

thanks charlie

As a real estate investor, you need a CPA who understands the unique challenges and opportunities presented by your industry. Whether you are looking to maximize your deductions, minimize your tax liabilities, or simply streamline your accounting processes, I can help.

With my expertise in real estate accounting and taxation, I can provide you with tailored solutions that meet your specific needs. From identifying tax-saving opportunities to helping you navigate complex tax regulations, I am committed to helping you achieve your financial goals.

My team and I are dedicated to providing you with exceptional service and support throughout the year, not just during tax season. We believe in building long-term relationships with our clients, and we strive to become your trusted partner in all aspects of your real estate business. We are based in Connecticut, but work with RE investors nationwide!

So if you are looking for a new CPA who truly understands the needs of real estate investors, please don't hesitate to connect and message me. I would be happy to discuss how I can help you achieve greater financial success and peace of mind. 

Thank you for considering my services.

1. Take advantage of depreciation: Depreciation is a tax deduction that allows you to recover the cost of your investment property over its useful life. By taking advantage of this deduction, you can reduce your taxable income and save money on taxes.
2. Keep track of all expenses: Be sure to keep track of all expenses related to your investment property, including repairs, maintenance, and property management fees. These expenses can be used to offset rental income, lowering your taxable income and saving you money on taxes.
3. Consider a 1031 exchange: A 1031 exchange allows you to defer paying taxes on the sale of an investment property if you reinvest the proceeds into another qualifying investment property. By taking advantage of a 1031 exchange, you can delay paying taxes and potentially save money in the long run.
4. Hire a professional accountant: A professional accountant who specializes in real estate can help you identify all the tax deductions and credits available to you, and ensure that your taxes are filed correctly and on time. This can help you save money by avoiding penalties and maximizing your deductions.
5. Keep up with changing tax laws: Tax laws related to real estate investments can change frequently. By staying informed and keeping up with these changes, you can take advantage of new tax breaks and avoid costly mistakes that could lead to penalties and higher tax bills.

Hi Everyone!

I’m a Partner at The Innovative CPA Group, a Certified Public Accountant firm specializing in providing expert accounting and bookkeeping services to real estate professionals like you.

As a fellow member of the real estate industry, I understand the unique challenges and opportunities that come with running a successful real estate business. That's why I'm excited to share with you how our firm can help you thrive in this competitive market.

At The Innovative CPA Group, we have a proven track record of helping real estate professionals achieve their financial goals through personalized accounting and tax services. From bookkeeping and financial reporting to tax planning and preparation, we have the expertise you need to keep your finances in order and your business on track.

I would love the opportunity to learn more about your business and how we can help you achieve your financial objectives. If you're interested, please Private Message me or contact us through our website so we can set up a time to discuss!

At the Innovative CPA Group, we have created a Free Real Estate Valuation Excel Tool for Download. This tool is great for residential property investors who are looking to value a prospective investment. Input all the known information about a property to calculate Loan Assumptions, CAP Rate, Net Operating Income, Net Property Cash Flow, and Annual Return on Equity. Also, view the property's vacancy rate and unit mix.

Connect with me or Private Message me if you are looking for a CPA who specializes in Real Estate Accounting!

While this might not be critical if you’re purchasing an apartment building with many tenants on short-term leases, for multi-tenant commercial properties with tenants who occupy larger spaces, the information you can learn in tenant interviews is invaluable. During a tenant interview, you may discover that there are certain tenants who you expected to renew their leases, only to learn that they have decided not to renew because they have complained about HVAC issues to the current Landlord a dozen times only to have their complaints never addressed. The fix might be something so simple that you may be able to address this right away upon taking ownership and retain that tenant. Or maybe you might find out from talking to your retail tenants that they are all unhappy with the location because the parking is inadequate, and their sales are suffering as a result. This might change your perspective on the deal because it may be an issue you can’t easily resolve. At the end of the day, no one is going to know the property better than your current tenants.

At the Innovative CPA Group, we have created a Free Multi-Property Cash Flow Excel Tool for Download. This tool is great for those looking to keep track of their property cash flows, but do not want to spend the money on a cash flow software. It helps property owners and managers keep track of their monthly income and expenses giving them a better insight into their overall gross income! Keep track of up to 12 different property finances, as well as your current overview of all your properties for the entire year!

While ordering a property condition assessment (PCA) is common practice with most commercial property purchases, having specific trade professionals out to inspect the property may be a more insightful additional step. Having a roofer come out to assess the roof or an HVAC contractor out to inventory and assess the HVAC units can often be done at a nominal expense and can uncover issues or areas of concern that would likely be missed in a more general inspection. Reaching out to all current contractors and vendors is also a great way to understand the property. You may learn from the landscaper that he’s been recommending irrigation or well repairs for a long time, an issue that was not disclosed to you. Understanding the physical asset and any unknown issues during your due diligence period could save you money up front (through pricing negotiations with your seller) and allow you to plan more appropriately for the future.