1. S Corporation Business Structure – When Does It Make Financial Sense- A CPA’s Perspective

    S corporations can save their owners a significant amount of tax. This tax savings can exceed their entire annual CPA fee. The IRS is naturally monitoring for abuses in this area as the potential dollar savings are substantial. An ideal CPA to advise in this area is a financial expert that works primarily with real estate agents and other professionals utilizing S corporations so they have industr…Read More

  2. Real Estate Investor or Dealer IRS Classification – A CPA’s Perspective

    The real estate investor and dealer classifications determine how the income earned by an investor will be taxed. The real estate dealer classification is scrutinized by the IRS and the definition is subjective. Real estate investors purchase real estate with the intention of holding their properties and gaining a financial return.  Real estate dealers buy and sell real estate as part of their ev…Read More

  3. Commingling Funds – A CPA’s Perspective

    Commingling funds is a substandard business practice although it is common for small businesses and entrepreneurs to commingle funds. This is something that is especially common for our clients that are in the early stages of business and finances. When you commingle funds, you treat business funds as personal money, whether it is income or expense. If you commingle funds you create the potential …Read More

  4. Developing an Exit Strategy for Real Estate Partnerships and Small Businesses

    In our previous article we outlined general steps and benefits to implementing a well-tailored succession plan into your business strategy. The next step in business planning is to develop a bullet-proof plan to ensure your business interests are protected. This is often an overlooked step to many business plans much like succession planning. There is a myriad of reasons that you will need to rely…Read More

  5. Developing a Flawless Succession Plan for Your Real Estate Business– CPA’s Perspective

    When entering any business arrangement, including real estate partnerships, it is important to consider all potential future business changes. As time passes and the dynamics of your business change, a judicious succession plan can streamline the process of leadership changes, saving resources in both time and money. A succession plan is a written document that outlines how one leader will replace…Read More

  6. Expense Management for Real Estate Agents and Investors

    It is common for real estate agents to commingle personal and business finances. However, maintaining a proper accounting methodology by keeping your accounts separate allows you to stay organized, grow your business, and maximize your deductions during tax season: ·         Maintain Separate Bank Accounts o   Set up a separate business account in addition to your personal bank account.…Read More

  7. Important Year-End Planning Considerations for Business Owners and Investors

    Year-end is right around the corner which means year-end planning for business owners and advisers has commenced. Strategic tax and business planning can position you to reduce taxes and accelerate your business growth to new levels in 2017. Business owners should team up with accredited and trusted financial advisors to develop comprehensive tax and business strategies. Comprehensive planning rel…Read More

  8. Items Required for Filing Income Tax Return

    Below is a comprehensive list of the items that you will need to provide your CPA to file your income tax return. Best practice is to compile a file of these items throughout the year as applicable so they are available to send to your CPA as early as possible. ·         Basic Information o   Full names, Social Security Numbers, Birthdays, and Addresses of self and all family members o…Read More

  9. RE Agents – Best Business Structure – S Corporations

    S corporations can save their owners a significant amount of tax.  This tax savings can exceed their entire annual CPA fee.  The IRS is naturally monitoring for abuses in this area as the potential dollar savings are substantial.  An ideal CPA to advise in this area is a financial expert that works primarily with real estate agents and other professionals utilizing S corporations, so they have …Read More

  10. Benefits of CPA Business Advisor

    Regardless of whether you are flipping properties, developing a major project, or building a rental portfolio, maintaining a trusted CPA as your business advisor is essential to the success of any business. Investors and business owners of all types should look for an advisor that serves as a partner; an ideal CPA is a financial expert with companies within your industry that can provide ongoing f…Read More