Looking for accountant to help set up systems
Hello!
We have a 2 unit(soon to be 4!) property in Norwalk, CT but live in NYC and are looking for an accountant for guidance to set up systems for us to follow and to submit to our tax accountant, as well as creative solutions for tax sheltering! I'm currently using quickbooks to track expenses but would love to hear more from an expert about what I should be tracking and if an LLC is for us?
If this sounds like someone you know I'd love to hear more
Thank you
Alli & Fran!
Hey Alli & Fran,
My CPA Charlie Smith is a good guy. He is a resident here in CT and has always been quick to answer my questions. He has also been an investor in multiple areas of real estate. You can find his info on his page here if you are interested https://www.innovativecpagroup... . His team provided specific items to track with a template which helped my wife and I adjust for the following tax year.
Good luck on your journey!
P.S. 4 units in Norwalk is killer, congrats!
-
Real Estate Agent Massachusetts (#9576248) and Connecticut (#RES.0824703)
- Berkshire Hathaway - The Cozzi Team
- Podcast Guest on Show #221
#3 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- New York, NY
- 3,051
- Votes |
- 7,477
- Posts
#3 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- New York, NY
Data Storage - Google Drive, Drop Box, Apple Drive, etc to save receipts
Recording of transactions - Excel, Google Sheets, Quickbooks, Stessa, etc
Best of luck
-
CPA
- Basit Siddiqi CPA, PLLC
- 917-280-8544
- http://www.basitsiddiqi.com
- [email protected]
@Allison Black
QuickBooks in a separate bank account will be a pretty good system. The big one is also if you have a property manager who reports the finances to you.
Sounds like you might be constructing two more units on the one that you already have. That would be where the systems will be needed or just someone to look over the transactions at the end of the year to make sure that you can classify them all to get the most benefit.