How do I find a trustworthy accountant (CT)

Question

Hello Everyone,

I feel silly asking this but I meant what I said when I mentioned I was very very new to this. I am currently deployed and I need a trustworthy accountant from CT to assist me with my taxes this year. I own a single family property with tenants, and this past year I poured a lot of money into the property after I had family cause a lot of damage to it. I also have to cover some of the mortgage every month and I pay the water bill. I'm looking for someone who is familiar with these deductions. I feel if I use the tax software myself I might miss out on things. Can anyone provide some guidance on how I go about finding someone I can trust?

Dave Spooner · Answer

@Julissa Perez I know it's not precisely what you're looking for, but I do want to reassure you that I think your instincts are right. I say this as someone that works in software and believes a great deal in the automation it can provide. However, when it comes to taxes, it's best to have a professional in your corner.

A good CPA will not only guide you on your tax return this year, but will also guide your investment strategy moving forward.

All that being said, a good resource is always your local REIT or apartment association. This is probably too big a place to start, but here's the Connecticut state association's site: https://www.ctaahq.org/

Do a Google search of your city + "apartment association" and you should find a resource you can at the very least reach out to for some guidance on recommended CPAs.

Good luck!

Basit Siddiqi · Answer

@Julissa Perez

Are you open to working with an accountant remotely?

I would prioritize finding an accountant who specializes in real estate taxation over one that is local.There are 20+ accountants on this message board who specialize in real estate taxation. Feel free to reach out to a couple and use the one you connect with the most.

Bernard Reisz · Answer

@Mark Pedroza Honored!

Mark Pedroza · Answer

Or you can try @Bernard Reisz for accountant assistance. Thank you for your service ....

David Wolber · Answer

@Mat O'Grady You still do you're own taxes??  Good for you!  I know math is your thing, but all the depreciation schedules and all that too?  No thanks!  haha

@Julissa Perez Generally speaking if the firm is operating with a brick and mortar office then you are probably good to go.  Unlike Mat O'Grady, I use a CPA to file my real estate, businesses and personal taxes and I use a firm out of Groton that I like and I know several well established development companies use as well.  It's painful to pay that bill each year, but i don't have to worry about anything and I like the fact I can scale without any new surprises.  Not to mention, if I have any questions though out the year about anything financial or tax related she's there and always willing to answer the questions.

Good luck!

-Dave

Mat O'Grady · Answer

@Julissa Perez

If you have the time and you enjoy learning about rules,it is not too hard to learn the rules when you are dealing with a single property.

If you have no interest in doing it, I know an accountant in CT who works with real estate investors his name is Ted Lanzaro. He has spoken at many meetups in CT. I haven't hired an accountant but he knows his stuff and he invests in real estate himself.

On another note, if your property is located in New London County, we have a small meetup group. We are meeting tonight via Zoom.

Michael Noto · Answer

We use Ted Lanzaro as well. Highly recommend him.

Julissa Perez · Answer

@David Wolber

Thank you David! Yes it sounds like a plan to me I’ve gotten several leads through here and linked in. Are there any specific questions you recommend I ask when reaching out to these contacts ? Any specific certifications?

Dave Spooner · Answer

No problem Julissa! Happy to provide any insight I can.

Julissa Perez · Answer

@Mat O'Grady

I would love to contact him and just leave it to a professional for the accounting portion. To be honest I still feel a little shy to put myself out there and ask questions but getting over that hurdle. Especially since there’s a big back story to this property. It’s in new haven county but I actually drill out of new London when I’m stateside. Thank you for your response.

How do I find a trustworthy accountant (CT)

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