Tax Planning/CPA in Southern New Jersey

Philadelphia PA · Member since 2017 · 13 posts · 4 votes

Hello!

My family operates a home building business in South Jersey. My brother and I are starting to invest on the side ourselves, and from all the podcasts we've been listening to, we want to make sure we are doing things the right way to take advantage of any tax incentives. We are looking for guidance with that. Does anyone have recommendations for someone who may help with that in South Jersey? I see the BP list of CPA's but they are based all around the country. I was hoping for someone more local. Thank you!

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Kory Reynolds

Accountant · NH · Member since 2019 · 269 posts · 288 votes

There are a number of posters here on the forum that work with people nationwide, so you likely don't need to limit your search to just south Jersey. Even my local to me clients - 95% of them we never meet in person each year.

@Basit Siddiqi is exactly right that Philadelphia / NJ has some unique reporting headaches that are often screwed up, so whoever you work with, gauge their experience working in numerous jurisdictions, or their teams access to those subject matter experts.

Those in the construction world and rental world open themselves up to some substantial opportunities from a tax planning perspective, but also need to be sure they thread the needle carefully on the real estate professional rules to actually qualify for them.

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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
2y
Your profile and post mentions Philadelphia and New Jersey.

There are unique tax implications between those who live and work in another states as there is a reciprocal agreement between the two states. Make sure to work with a professional who understands that.
[email protected]917-280-8544
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Nick Russo
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Philadelphia PA · Member since 2017 · 13 posts · 4 votes
2y
@Basit Siddiqi
Good to know! I will keep an eye on that. Thank you
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Kory Reynolds
Accountant · NH · Member since 2019 · 269 posts · 288 votes
2y
There are a number of posters here on the forum that work with people nationwide, so you likely don't need to limit your search to just south Jersey. Even my local to me clients - 95% of them we never meet in person each year.
@Basit Siddiqi is exactly right that Philadelphia / NJ has some unique reporting headaches that are often screwed up, so whoever you work with, gauge their experience working in numerous jurisdictions, or their teams access to those subject matter experts.
Those in the construction world and rental world open themselves up to some substantial opportunities from a tax planning perspective, but also need to be sure they thread the needle carefully on the real estate professional rules to actually qualify for them.
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Account Closed
Accountant · San Diego, CA · Member since 2019 · 1k+ posts · 552 votes
2y
Quote from @Nick Russo:

Hello!
My family operates a home building business in South Jersey. My brother and I are starting to invest on the side ourselves, and from all the podcasts we've been listening to, we want to make sure we are doing things the right way to take advantage of any tax incentives. We are looking for guidance with that. Does anyone have recommendations for someone who may help with that in South Jersey? I see the BP list of CPA's but they are based all around the country. I was hoping for someone more local. Thank you!

For tax planning, I would recommend looking for a firm with EAs or CPAs who specialize in the asset class you are most interested in. Strategies like REPS and short term rental loop hole can be complex and expensive to get wrong from a time and money perspective.
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