I am looking for a Tax Accountant (CPA, EA) in Pennsylvannia with Real Estate Tax filing experience with reasonable fees to file LLC 1065 partnership and personal returns for 2017 tax year. I have 3 rental properties in a LLC with a holding LLC company.
Any recommendations? Looking for someone close to Philadelphia area (PA, NJ, DE etc)
Try chris LaSpada in Deleware or kerr and Cummings in philly an nj
@Saran Mandhadapu I know a couple of good CPAs in those areas please PM me for contact details.
Hi Saran - PA is a great state to invest in! I purchased my first property there a couple months ago and I have plans of acquiring 8 more in 2018.
Each state in unique in their tax perspective.
PA does not recognize NOL's at the individual tax level. This may be something to factor in when doing your tax planning.
PA also does not recognize like kind exchanges.
You will still be able to have net operating losses and 1031 exchanges at the federal level. It just gets a little tricky at the state level.
There are many CPA's here on BP who work with clients remotely. You may want to consider interviewing a couple and see who you feel would be a good fit.
Following this post. I'm located in Lower Merion and do business in Philadelphia and surrounding areas. I'm looking to change my accountant for the upcoming year. For those that have a "good" real estate investor friendly accountant, can you share what your accountant does that makes them stand out from others you've used in the past or why you've remained loyal to them? Honestly, I have minimal problems with my current accountant, but I can say that I'm pretty sure that he doesn't have too many real estate investor clients, based on conversations we've exchanged on how certain transactions should be taxed. Curious to know whether your CPA advises you on the best way to proceed with a transaction from a tax perspective, or if you have someone else in your power team that you use to do that for you.
There are several reasons that you may want to hire a CPA
- The CPA can offer you tax advice and strategies for you to minimize your tax liability.
- The CPA can save you time from researching tax laws, form updates and actually completing the form.
- The CPA can offer you confidence that the return is completed accurately.
It doesn't look like your accountant is doing the first item.
Real estate investing is an interesting business model. We don't have a storefront like a lot of retailers. We don't have a corner office in Wall Street like a lot of traders. However, we still are operating out of a space that we are using to make our decisions on where to buy, where to buy, emailing our connections etc. Many investors do not take into account the home office deduction when they might be entitled to it.
There are other items that you may be entitled to. A talk with your accountant would be a good start.
I am actually interested in the Philadelphia area and I see that you are a wholesaler in the area. I will message you my criteria and see if you can help me.
In the meantime - feel free to ask me any other question that you may have.
I use several CPAs for different purposes. In my experience, no CPA can be an expert in every realm. So one helpful strategy is to find a CPA with substantial experience in a particular field (e.g. real-estate investing, construction, manufacturing, etc.) that you are or want to get involved in.
It is also worth noting that for most professionals, the level of advice they can offer to you partially depends on your knowledge level. For example, the advice I would give as a lawyer to an "average" person is very different than someone who is experienced in that field. As a general rule, I tend to give simpler, more conservative advice when working with inexperienced clients.
So often times, you may need to: (1) really study up on a particular issue; and (2) communicate with your professionals about what you found to get their thoughts on it. You may also want to get referrals from mentors or other investors that you want to emulate.
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.
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