Finding a good CPA
Has anyone had troubles in their early years of investing finding a responsive CPA? I am on my second CPA / Advisor and continually running into the same issues. I do a little bit of everything, flip homes, hold rentals, and have a few air BnB's. I know there are so many different advantages of holding some of these properties and im just not getting any guidance. They have been the send everything in at the end of the year and let me know what my taX bill will be type. I'm looking for more guidance throughout the year, when hired that is what I was told I would be receiving and it's just not happening. And its not because I went with a cheap company, I did the opposite to try and insure quality. I want to stay on top of everything as the year goes on, and if I can make any decisions to help save on taxes. I want to be prepared. There's so many reels on social media explaining so many different loop holes and I feel like I'm missing out on the advantages of real estate. Just wondering if this is a common feeling to have, or any recommendations of CPAs / Advisors who really work with you. Thank you!
- Tax Accountant / Enrolled Agent
- Houston, TX
- 5,299
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I believe these two posts can provide some helpful background regarding your concerns:
https://www.biggerpockets.com/forums/51/topics/1088325-expla...
https://www.biggerpockets.com/forums/51/topics/998718-explai...
Quote from @Luke Tetreault:
They have been the send everything in at the end of the year and let me know what my taX bill will be type. I'm looking for more guidance throughout the year, when hired that is what I was told I would be receiving and it's just not happening. And it’s not because I went with a cheap company, I did the opposite to try and insure quality.
Sounds like you didn’t get what you agreed to and paid for then. @Michael Plaks shared two excellent posts detailing why there may have been a misalignment between expectations and reality. Reach out to a few tax professionals and see who may be a better fit for you. Good luck!
- Randall E. Tannen, CPA PLLC
- 518-232-9244
- http://www.TannenCPApllc.com
- Accountant
- San Diego, CA
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Hey @Luke Tetreault,
Finding a good tax professional can be hard, and when you do find a good one you will pay a "good one" price. But this zoomed out is usually always worth it, because they can save you 10x+ what you pay a lot of time. I would say reels on social media are sensationalized and while some are "true" they often leave out nuance which is extremely important to appreciate.
Thank you everybody, these have been extremely helpful!