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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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.
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