Finding a Tax Strategist-TX & OK LTR

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Finding a Tax Strategist-TX & OK LTR

Bethany HulseyPro Member
Member since 2021 · 21 posts · 12 votes

This has been a struggle for us. We live in the DFW area with LTR's in TX and OK, but will be selling our TX properties soon to invest more in OK. We have a healthy C Suite W2 position that has to be factored into our tax situation, but would like to grow our business and invest smart. Our current CPA is in Oklahoma and we interviewed him to see if he would be a good fit and offer strategy for us. However, we havent seen much of that and can't get even a basic email answered in re to growth or strategy within a week. I have acquired a list from he BP tax specialist resource, but would really prefer a referral if possible. Any advice is welcome. Thank you!

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  • Fulton Abraham Sanchez
    CPA| New Clients Welcome| 50 States · Member since 2016 · 435 posts · 93 votes
    1y

    @Bethany Hulsey, hi.

    You're right to expect more than just compliance, strategic guidance is key, especially when you're juggling W2 income and scaling across multiple states. I work with investors like you, helping align tax strategy with growth goals. If you are open to a second opinion, happy to chat and see how we can better support your vision.

    0Reply
  • Chase Busick
    Realtor · Oklahoma City · Member since 2020 · 258 posts · 139 votes
    1y

    Bethany, this is a valid concern. It is still also a somewhat busy time for many CPA's catching up on extended tax returns. Even though that is not an excuse to reply back, they can always get busy especially if they are a very small business or solopreneur. Getting on & answering questions from clients, then scheduling them in should be a priority since they are in a service business as well.

    Are you looking for anywhere in particular in Oklahoma?

    In OKC, there is Chrisman & Chrisman, P3 Accounting, & Plan Group. I do utilize C&C, but in an unbiased opinion they do a great job just as much as the others. There are a ton of local investors in OKC that utilize all 3 as most invest themselves. They also have teams that will service clientele & can always answer emails, hop on zoom or phone calls for strategy sessions etc. I know that many investors utilize P3 Accounting for their bookkeeping services for investors. But usually bookkeeping in general can be an expensive thing to outsource for newer investors but is something to consider when doing initial consultations with them. No obligation too, but I'd recommend chatting with multiple when you search that way you can see who y'all best match & align with in y'alls goals, vision, mission & lives.

    I hope y'all find someone to help support y'alls journey!

    0Reply
  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
    1y

    @Bethany Hulsey

    You came to the right place. Bigger Pockets is a great place to find an accountant specializing in real estate taxation.

    A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation, 1031 exchanges and tax planning.

    I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.

    Consider working with your accountant remotely to expand your options.

    I would also recommend looking for an accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

    Good luck.

    404-482-3170
    Hampton Tax and Financial Services LLC4.7106 Reviews
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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    1y

    Your first conversation with the CPA should be to calculate the gain / tax on the sale of your TX properties.

    The next conversation would be if there is a way to defer any of the tax through either a 1031 exchange or doing a cost segregation study on future purchased properties.

    Best of luck to you in your search for an accountant.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
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  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    1y

    There's a lot of great professionals on biggerpockets. I would encourage you to get a real estate focused accountant as they should know the tax code the best. I'd recommend reaching out to a few people in the forums you resonate with and go from there. Otherwise, getting recs from local investors can also be a resource!

    [email protected]
    Brick House CPAs53 Reviews
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