Do you have a good CPA referral ?

Question

I am looking for a CPA. I work in NY full time at s bank. I live in the poconos and have an Airbnb rental there. I am looking to do end of year strategy Self directed 401k. What type of changes do I make to meet my goal of rental income with low tax rate.

My margins rate is 18%.

Bernard Reisz · Answer

@Mark Pedroza Honored by the mention!

Some great names mentioned here, but if you want incredible expertise along with the ultimate sense of humor @Michael Plaks is your man!

Michael Plaks · Answer

@Kenneth Moerschel

In order to establish a self-directed 401k, you either need to have a currently profitable active business or at least an active current business plus a 401k from some previous job. Your AirBnB is unlikely to open the door for a 401k, although it is sometimes possible. Need to discuss it with your tax accountant.

Which brings us to your question about an accountant. There are over 20 real estate accountants on this forum, all of us working remotely and nationwide, all experts in real estate. If you prefer a local one, reach out to @Nicholas Aiola and @Basit Siddiqi first. They are in NY.

Mark Pedroza · Answer

@Kenneth Moerschel

You can try @Bernard Reisz who may be the type of CPA your looking for...

Good luck!!

Seidy Lasker · Answer

@Kenneth Moerschel

Ashish. InvestorFriendlyCPA.com

Natalie Kolodij · Answer

I would toss in @Steven Hamilton II as well for someone else to talk to. He's REI specialized and a long time investor and active member on BP for years.

Basit Siddiqi · Answer

@Kenneth Moerschelas @Michael Plaks mentioned, you do need some sort of business to establish a Self-Directed 401k(Solo-401k). Some establish a property management company to manage their rentals to create that 'business'. However, given only 1 rental, it may not make sense at this point.Best of luck.

Kenneth Moerschel · Answer

@Michael Plaks thank you so much. I am not sure if local is better or the pros and con. Mainly I figure they need to have done NY or PA taxes. Again not sure but really love your proactivity and hope to connect to find a new one CPA.

Do you have a good CPA referral ?

Most Popular Reply