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Tax, SDIRAs & Cost Segregation

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Emelie Deans
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Tax Strategist & Accountant Recommendations in California

Emelie Deans
Posted Sep 7 2022, 10:20

Hello, 

My husband and I have had a busy year diving into buying our first investment property and starting an e-commerce business. We are having a hard time finding tax professionals that offer tax strategy consulting as well as basic tax filing services. We are located in the Central Coast of California, but are fine with anyone that has specific knowledge of California and could offer their services remotely. We would need them to be available to file our 2022 tax returns. 

All recommendations are welcome. We have 1 airbnb rental and 1 e-commerce business. We also sublet our own personal home that we own. 

My second question for experienced investors is should we not focus too much on finding the right person for the first year? How many different tax professionals have you tried in the past before finding your "go-to". What is the latest we can wait to find the right agency considering 2022 is coming to a close here soon. 

Regards,

Emelie


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Janelle Eagle-Robles
Pro Member
  • Real Estate Agent
  • Central Coast, CA
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102
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Janelle Eagle-Robles
Pro Member
  • Real Estate Agent
  • Central Coast, CA
Replied Sep 12 2022, 12:37

Hi @Emelie Deans! Fellow investor here on the Central Coast! I'm also a Reatlor® and work almost exclusively with investor clients, so this is my area of specialty.

I recently began working with @Account Closed and his team because beyond just taxes, they also advise and provide valuable services such as cost segregation studies. My experience so far has been SUPER positive, so hopefully you find them helpful as well! 

Let me know if you ever need anything else here on the Coast - I'm always here to help! 

She Helps Homeowners Logo

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Bonnie Griffin Kaake
Pro Member
  • Real Estate Consultant
  • Denver, CO
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Bonnie Griffin Kaake
Pro Member
  • Real Estate Consultant
  • Denver, CO
Replied Sep 12 2022, 15:00
Quote from @Emelie Deans:

Hello, 

My husband and I have had a busy year diving into buying our first investment property and starting an e-commerce business. We are having a hard time finding tax professionals that offer tax strategy consulting as well as basic tax filing services. We are located in the Central Coast of California, but are fine with anyone that has specific knowledge of California and could offer their services remotely. We would need them to be available to file our 2022 tax returns. 

All recommendations are welcome. We have 1 airbnb rental and 1 e-commerce business. We also sublet our own personal home that we own. 

My second question for experienced investors is should we not focus too much on finding the right person for the first year? How many different tax professionals have you tried in the past before finding your "go-to". What is the latest we can wait to find the right agency considering 2022 is coming to a close here soon. 

Regards,

Emelie


Hi Emelie, You don't necessarily need a CPA in your area. Most important is getting a RE knowledgeable CPA who knows to outsource the calculation-intensive work involved in a quality engineering-based cost segregation study.  This will give you the highest benefits available. One that covers you at no cost if you are EVER audited. The IRS has as long as you own the property plus 3 years to audit your depreciation schedule. 
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Account Closed
  • Accountant
  • Atlanta
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Account Closed
  • Accountant
  • Atlanta
Replied Sep 12 2022, 17:56
@Janelle Eagle-Robles Thank you so much for those kind words. Its been a pleasure working with you as well!

Quote from @Janelle Eagle-Robles:

Hi @Emelie Deans! Fellow investor here on the Central Coast! I'm also a Reatlor® and work almost exclusively with investor clients, so this is my area of specialty.

I recently began working with @Account Closed and his team because beyond just taxes, they also advise and provide valuable services such as cost segregation studies. My experience so far has been SUPER positive, so hopefully you find them helpful as well! 

Let me know if you ever need anything else here on the Coast - I'm always here to help! 

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Julio Gonzalez
Pro Member
  • Specialist
  • West Palm Beach, FL
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Julio Gonzalez
Pro Member
  • Specialist
  • West Palm Beach, FL
Replied Sep 13 2022, 06:54

@Emelie Deans Finding a CPA that specializes in real estate taxation is definitely a necessity to be able to take advantage of all the tax strategies. I would say a lot of it is based on their training or their resources that they utilize to complete your taxes. Here are some questions that I would typically ask a CPA:

    1. Are you experienced in working with my industry? Do you know the ins and outs of it? How long have you been working in the industry?

    2. Do you work with any specialty tax firms to help us small business owners get access to R&D tax credits, cost segregation, 1031 exchanges, and other specialty tax credits?

    3. Do you meet with us routinely to be proactive and do planning?

    4. What real estate tax saving strategies have you utilized with other clients?

    I've found that CPAs that focus on a niche area such as real estate rather than offering general services to everyone are typically much more knowledgeable about real estate tax incentives.

    I'd be more than happy to provide you with a couple recommendations if you need?

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    Replied Nov 28 2022, 09:18

    Hi @Emelie Deans did you ever find a CPA/Tax strategist in CA? I’m on the same mission and looking to get started with someone before the end of the year. 

    Kindly,

    Laura

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    Alysa Demetre
    • Sacramento, CA
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    Alysa Demetre
    • Sacramento, CA
    Replied Jan 17 2024, 12:04
    Quote from @Janelle Eagle-Robles:

    Hi @Emelie Deans! Fellow investor here on the Central Coast! I'm also a Reatlor® and work almost exclusively with investor clients, so this is my area of specialty.

    I recently began working with @Account Closed and his team because beyond just taxes, they also advise and provide valuable services such as cost segregation studies. My experience so far has been SUPER positive, so hopefully you find them helpful as well! 

    Let me know if you ever need anything else here on the Coast - I'm always here to help! 

     Hi @Janelle Eagle-Robles! Is this business still around? And if so do you still work with them? Can you send the name if so since their account is closed.

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    Janelle Eagle-Robles
    Pro Member
    • Real Estate Agent
    • Central Coast, CA
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    Janelle Eagle-Robles
    Pro Member
    • Real Estate Agent
    • Central Coast, CA
    Replied Jan 17 2024, 12:31

    Hi! Yes happy to intro you to a couple of options! PM me!

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    Replied Mar 14 2024, 11:37

    Hi, 

    A fellow realtor in San Diego, here. 😊 Could you also share their information with me, please? 

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    Zachary Jensen
    Tax & Financial Services
    #2 Tax, SDIRAs & Cost Segregation Contributor
    • Accountant
    • San Diego, CA
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    Zachary Jensen
    Tax & Financial Services
    #2 Tax, SDIRAs & Cost Segregation Contributor
    • Accountant
    • San Diego, CA
    Replied Apr 9 2024, 06:52

    @Angie Ware

    If i could chime in and help in the search:

    be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

    The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

    Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

    Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!