Looking for a CPA in the area

Tax, SDIRAs & Cost Segregation
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Looking for a CPA in the area

Matthew W.
North Fort Myers, FL · Member since 2018 · 15 posts · 0 votes

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

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    8y

    @Matthew W.

    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.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
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  • Matthew W.
    OP
    North Fort Myers, FL · Member since 2018 · 15 posts · 0 votes
    8y
    How would that work with working in a different state? awe don't have state income tax so is the federal the same in every state? This would be something I would bring to the team to see if that would work, I'm down for everything local doesn't matter.
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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    8y

    @Matthew W.

    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).

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
    View Page
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  • Matthew W.
    OP
    North Fort Myers, FL · Member since 2018 · 15 posts · 0 votes
    8y

    I don't see moving out of Florida happening too soon but good to know. I would love to master Federal Tax mostly.

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