Do I need a CPA / How best to get set up for Accounting

3 Replies

I've been renting out my home for a little over a year now. Originally I was hoping to get some help from a tax pro last year but with covid it got sent to the back burner. I'm sure I've missed a lot of deductions and made a lot of mistakes, and missed a lot of opportunities to record spending. I'm really not great with taxes and especially with real estate related stuff. I've been looking at remote CPA firms but it seems like most of them are not set up to work with smaller clients who are clueless and need to get set up.

Would it make sense to first try out QuickBooks and see how far I can get with that? Has anyone tried their consultation services?

Corbin, 

I recommend finding an accountant that specializes in real estate taxation. 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 I can be of assistance.

@Corbin Lane Even if you use a CPA, you will need to have a good system to track your rental expenses and profits unless you have a book keeper. I have used a free software called wave accounting to capture Profile & Loss reports and track major expenditures. You can use their receipt scanning app to scan receipt and load into the software. You may want to try it out, get the basics of accounting and see if it meets your need before you decide to invest in quickbooks. For mileage, use an app for tracking mileage.. there are several of them out there. Good luck!