Looking for a CPA that understands Wholesaling Business

Tax, SDIRAs & Cost Segregation
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Looking for a CPA that understands Wholesaling Business

Rafael Pena
New to Real Estate · USA · Member since 2020 · 13 posts · 5 votes

I am currently in search of an accountant that has experience with clients in Real Estate. We have been virtual wholesaling since April 2020 in different parts of the country but our company is based in Willingboro, NJ. We've earned up to 50K this year and we are looking for an accountant that can save us as much cash as possible during tax time. Hopefully we can schedule a call or you can provide us with rates of your services.

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  • Steve Morris
    Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
    5y

    Umm, move to a lower tax place than NJ?  Since it's selling inventory almost all your income is ordinary.

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  • Eamonn McElroy
    Accountant · Atlanta, GA · Member since 2015 · 1k+ posts · 1k+ votes
    5y

    @Rafael Pena

    Your best bet is to self-educate about what tax deductions are potentially available (e.g. home office).

    At $50k of income, you're probably not currently a good fit for most tax professionals out there.

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  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
    5y

    Rafael,

    Are you open to working with your accountant remotely? I recommend finding an accountant who specializes in real estate taxation over one that is local. You may want to consider working with your accountant remotely to expand your options.

    I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

    Good luck and let me know if you have any questions.

    404-482-3170
    Hampton Tax and Financial Services LLC4.7106 Reviews
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  • Ahad AliPro Member
    CPA/Investor · Bronx, NY · Member since 2018 · 236 posts · 45 votes
    5y

    I would suggest to browsing around as much as you can and contact some accounting firms or CPAs. Most have free consultations and will be more than happy to answer some basic questions before diving into the details. You can browse this forum for accountants/CPAs who can definitely help you out. Speak with multiple people and see who works best with you in terms of services provided, rates, accessibility etc. 

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  • John Duston
    Accountant · Santa Barbara, CA · Member since 2016 · 213 posts · 66 votes
    5y

    Keep tight books and detail what expenses are business-related. S-corp and other common tax strategies aren't going to be relevant until your income is a bit higher. Beware you're looking at self-employed tax +federal and state income tax

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    5y

    @Rafael Pena

    You want to make sure you are tracking all the expenses most wholesalers go through
    1) Cost of post/cards
    2) Cost to obtain lists
    3) potential home office deduction
    4) Etc

    Making sure you keep track of all your expenses will allow you to report less in net income and as a result less taxes.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
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