All Forum Posts by: Daniel Hyman

Great question. I'd love to have a software that integrates QBO and PM software seamlessly. 

@Xavier Karikitan

A multi member LLC has particular tax compliance requirements. You probably know this, but it's critical to have a CPA that gets real estate. Ask open ended questions to potential candidates in order to get a feel and see who you click with.

@Colleen Cupp

Most of us work with investors in all 50 states.

@Colleen Cupp

The STR does offer some unique tax planning opportunities so it's not a bad idea to partner with a CPA for strategies and compliance.

Reach out to the BP CPA's and see who is still taking on new clients. As Jim mentioned, experience is key here and more critical than geographic closeness.

There are some creative strategies revolving around STR and tax planning, so be sure to ask prospective CPA's about that. Of course they will need to dive into your specifics to offer constructive advice. But the clock is ticking on strategies for 2021. Once 1/1 rolls around, we are all laser focused on tax compliance.

The time for tax planning is now before the end of the year.

You can check the network tab or reach out some of the regular posters here on BP. However, with multiple properties and multiple states, be prepared for quotes much higher than what you are used to paying for tax prep.

I think a separate bank account is helpful even without an LLC. It should streamline the bookkeeping immensely.

Having to comb though all of your personal transactions to fish out the real estate ones can be a big time water. Having the transactions segregated in their own account is much more efficient. Same with the CC's

There are several CPA's that are regulars on the BP forums. Reach out to a few that you and see who you connect with.

With one property, excel or stessa are less of a learning curve and more cost effective than other options.

@Courtney Oldrin

It sounds to me like you need some coaching on bookkeeping and taxes. Most newbies could benefit greatly from an hour or two from a CPA that can set you up on a DIY system and be there for you for tax time.