All Forum Posts by: Charles Chang

An update from my last post.

I have decided to NOT continue using Anderson as my tax preparer.  I got a bill from them weeks after they filed my return and it was outrageous and unfair!  

At this point, I am keeping Anderson as my legal and business advisor.  Not sure how long it will last as there is a monthly fee of $55.

Update:

So, finally I got my tax return done.  Yes, it has been a bumpy ride but the result is not so bad.  For the first time in many years I actually got a refunded check from IRS.  As you all can see from my previous post, I was skeptical all these time.  Now that I have been with Anderson for about a year now, here are my final thought.

1.  While they do deliver results, they are expensive.  That been said, if your return is not substantial, it's probably not worth your time and money (and some aggravation).

2.  I highly recommend you to learn as much as you can via their recorded videos and/or live event.  This is because the only person who knows what to apply to your tax situations is you.  Only through knowledge, you can than ask the right questions.  (I know there has been some down talks about their videos.  To me it's same as people comes to BP search for answers for free, but if you want a well organized answers, then BP also sell their books as well.)

3.  Once you did #2, then complaints and frustrations comes.  Because than you will realized that working with different people in within Anderson, they don't necessary see your tax situation eye-to-eye.  At the end of the day, I am just one of their many customers.

4. Do your due diligent. Again, knowledge is the key element in this whole process. I found many mistakes on my returns. SEP IRA wasn't deducted, Real Estate Professional status was not applied, and Cost Segregation wasn't consider for the year 2022. Between just those 3 items, that's tens of thousands in tax return and lower of the tax brackets as whole. Talking about frustration!!!

5. Your financial advisor, tax coordinator, CPA and tax preparer are all different person.  Although they share notes among them, you do want to make sure nothing got lost along the way.  

6.  Paying the premium and not feeling that you having a full service team behind you.  Be prepare to deal with tax authorities at some point throughout the process.  I don't remember when was the last time that I have to go on IRS and/or my local taxation website to file payments personally.  For years, it has always been handled by my CPA firm.  This year, I have to do those myself..... (not very thrill about it)

Anyways, at the end of the day, they did delivered what they said.   I sure hope that I didn't have to go through all the frustrations, but giving this my first year with Anderson, I give them the benefits of doubts.  Let's see if this will be improves the next tax season.

Hopefully this is helpful.

I am with Anderson as their Titanium Client. Sounds pretty big hot shot right? Well, not really. So far they are not impressing me. I thought I got everything I needed, only to find out I need to buy additional tax package in order to have them prep tax for me. I bought it, and again "not yet" impress. All my taxes on all entities were all filed with extension. They claim that is the right thing to do. Well, that's new to me as I always file my tax on time, but I went along with it. During the extension period, I tried to communicate with Anderson's tax preparer. That didn't went well. Emails and calls were not return. Finally, I fed up and went on their live meeting and start to complaint. Now, I am with a new tax team (I think), and things are starting to move along. I just got one of my holding LLC back and the numbers seems much different than my previous CPA. In a good way (again, I think). Until all the taxes are filed for 2022, I won't know if the money is worth it.

For the record, I did everything they said.  Land trust, Living trust, WY holding llc, disregard tax to holding...etc. 

I ran into Toby's YouTube videos and they are great!   Seems like there is always something that he can offer and plan a well rounded overall strategies depending on your particular situation.  What makes me hesitated is just the same as what @DongHui Patel said, they will pawned you off to some junior staff.   Witnessed by Yelp reviews.

I personally went through many CPAs.  Some knows more than others, but they all comes down to just do file your tax return at the end.  Sure! You will eventually run into someone like @Michael S. talked about.  A CPA with more experienced, but that's where it really ends.    I think the value from Toby is the combinations of that he and his partners who understands tax, law and actively participate the things that he/they said.

What needs to make sense is if the value they provide offset their cost and if they can really deliver the end result as planned. Services like forming LLC, registered agent, state fillings...etc. doesn't spell value to me. Values to me is when they went through your files, point out mistakes, understand your goal, plan a strategy and follow through. Most importantly, do them within the tax year.

@Justin Strait Did you eventually went with Anderson?

I have been search answers for this topic for quite a bit on BP network.  Found some good articles here and there, but nothing solid.  I am bit of jack of all trades but master of none kind of guy.   Both me and my wife have W2s, 1099s and few LLCs that either owns real estates, having an active retail business, and for investing with other joint ventures.   Many of the CPAs that I have dealt with are simply focus on filling tax return at the end of year.    However, I am looking to get help to be more pro-active on strategizing before the filling.  Whether that is through structure or re-structure my current situation, I am all open ears.

If you or you know someone, please do share.   

Thank you to all the BP members.

@Youwei Chen Do you only want to look flip deal?

@Willie Abad  Perfect!  That's leverage.  Good luck!

First.  Welcome to BP.  Next, I like to say "it's better late than never".   I am local investor in Bergen County.  Licensed in multiple state as Realtor and mortgage loan originator.    I  do believe taking action is the key to success in this (any) business.   There is only one thing I think you should consider is to stay local to the area that you are comfortable.  And be good at it.  Master it.  All these counties have many different characters.  From up state NY to Hudson County is quite a drive.  Unless you have the time yourself or if you have a good team working with you, I will go for 20 to 30 mins driving distance radius and farming everything in between.

Good luck!  Should you come across any deals in Bergen county NJ, drop me a msg. 

Hi All,

Just want to shout out here that I am a local investor and mostly active in Bergen County. I do have open ears to surroundings.  I am mostly buy and hold.  I am all cash and can close quickly.  Looking forward to do business to some of you!

Welcome to the real estate fun.  I am a cash buyer in Bergen/Passic/Essex county.  Call me up anytime.

Good Luck!