All Forum Posts by: Gita Faust

-- Start with your last tax returns: take the amounts for property, capital improvements etc, depreciation and enter a journal entry. 

-- Add your loans balances as of 12-31-2013

--Any money your borrowed or you invested 

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Gita Faust

Hi Nancy,

So sorry to hear about your husband. Stay strong and it does get better over time. Keep in touch - miss chatting with you.

Gita Faust

QuickBooks 2015 is OUT!

40% OFF QuickBooks Pro, Mac, Premier 2014 PLUS when you buy 2014 version you get the same QuickBooks 2015 version for FREE!

This is only for two DAYS September 15 and 16, 2014.

Before you purchase please read this important article: http://fasttracconsulting.com/2014/09/quickbooks-2015-system-requirements/

Give us a call at 215-579-1465 for fast and quick ordering!

Do all PMS company own their services they provide or do they partner with other companies? And when you log in do you see the providers name? I am guessing they have one portal with one user name and password?

@Beth L. Which software are you using? I agree with Dick. Right real estate CPA and Attorney is a must. We have heard many different stories as well. Just make sure if one of them asks you to make a major change, get a second opinion - money well spend.

Here is our system for QuickBooks clients - create one file for property management business. All money received from the tenant and money spend on the properties should go through this company with exceptions such as capital improvement and mortgages. Then at the end of the month you should take the summary from the property management company and enter it to the LLC files.

I have seen more of S-Corp rather then an LLC. One of the benefit amount others with S-corp you can take a paycheck. Yes there will be payroll expense and tax return fee, but in the end it is beneficial.

Dan, 

We can surely help you with segmenting your expenses. I am strongly going to recommend you use an Accountant for depreciation calculation unless you are going to do them yourself.  When they do they tax returns, they have to enter all the details for depreciation, so why do double work, second guess yourself and then beat your head over Evernote (just kidding).

We do not offer tax service, but would help you get ready for taxes. We gave up our tax practice two years ago.

All the best!

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