All Forum Posts by: Sarah Pelton

Hello--

I will spare you the details, as I should have known better anyway, but I have been remiss and never applied for a NH meals and tax license and now have three STR properties in NH. They are all under different LLC's. I obviously want to apply and get compliant ASAP, but I also have some taxes that should have been remitted in the past that haven't. I also want to correct that. Luckily, the vast majority of my listings were through Airbnb and therefore tax was remitted, but I did start direct booking at the end of 2022.

My question is, can someone please either recommend someone in New Hampshire that can help me not just apply for the licenses but also navigate working with the state to pay the back taxes (hopefully without fines or penalties)? My research shows that there are possible ways. I know I could do this on my own, but I would feel more comfortable with someone to guide me. We plan on expanding this year so I really want to talk with someone familiar with all the rules and regs specific to NH as I worked with an attorney to get set up and never did they mention or advise about needing the license. 

Thanks, @John Underwood. Do you find that cumbersome from a bookkeeping perspective to keep expenses separate? Any advice on business credit card(s)? I see your point as I scale (and that is the plan). I am trying to balance keeping filing easier and not having an unnecessary number of accounts. 

@Kevin Crowell, thank you! Do you recommend any specific online ones? 

Hello! I have 3 LLC's right now--one for each STR. My plan is to open up a separate business checking account per LLC. My questions:

1. Who do you recommend for the business checking accounts? Is Bluevine a good option?

2. Do you think I need savings accounts for each business?

3. For the business credit card(s), is there a way around opening a separate one for each LLC but still keep transactions separate? Or, best to have one per LLC.

4. Recommendations for best business credit cards? 

Thanks! What I was hoping to find out though is advice on where I should join. Local to where I live (easier to attend in-person events), closer to my investment properties (makes more sense for building my network, I would think), or do investors tend to join more than one? 

Hello, I currently reside in Massachusetts but my three STRs are located in NH. I want to join a REI association to build my network. Does it make sense to join one closer to home, or closer to where my investments are located? Or, should I be considering joining more than one (local and/or national). Thank you!

Is it possible there was a type and it should have read $240,000? I would inquire about that and then ask for a second opinion. When I did that once, they modified the original appraisal after I provided plenty of proof that the appraisal was way off base. 

@Julio Gonzalez, thank you that would be great! I have a couple calls set up with other recommendations, but I want to find the best fit for a long-term professional relationship. 

Hello-

I have searched a lot of posts, but couldn't find specifics. I live in Massachusetts, but my three STRs are in New Hampshire. I am also a 1099 as my day job. I am looking for an excellent tax strategist / CPA to help me maximize my tax savings and help me grow my REI business. They don't have to be local since it seems most professional work remotely. Thank you!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $339,000
Cash invested: $30,000

Our third short-term rental purchased with 1031 exchange. Prime location only 1 mile from beach!