We are a property management company that owns and operates our own property. We are looking for a CPA that knows this field and knows software like QB and Expensify. Our current CPA is kind of too hard to work with is too old school
This post has been removed.
You created a separate entity for your property management business? Do you have a specific reason for doing this?
There are pros/cons for doing so.
You transferred items that may be considered passive to active income. However, you may potentially be subject to self-employment taxes.
You may also be able to set aside a certain amount towards a retirement account.
You are correct - Florida does not have an income tax on individuals.
If you operate out of state - a portion of your income may be sourced to a different state.
You may be required to file a non-resident state return in that state.
The Federal tax return reports income that you earned from worldwide sources. As a result - you would be reporting income that you generated in all the states(and foreign).
I don't see moving out of Florida happening too soon but good to know. I would love to master Federal Tax mostly.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing