All Forum Posts by: Leonard Romo
Leonard Romo has started 1 posts and replied 2 times.
Quote from @Natalie Kolodij:
Well.
A good tax professional will let you know that an entity and a cost seg may not even benefit you in any way.
If you don't have the money don't spend it on a tax professinoal.Then the buden shifts onto you to spend your time instead learning to try to do it correctly yourself.
Good advice, Natalie! For context, I have spent a lot of time learning. I’ve listened to podcast after podcast, read Mark J Kohlers “Tax & Legal Playbook”, Tom Wheelwrights “Tax-free Wealth” & Win-Win Wealth Strategy” and have been working with a CPA to determine what strategies are best for my specific situation. I worked with KKOS Lawyers to set up my entity (for liability - not tax reasons) and consulted with them on tax strategies in my business.
Up to this point, I’ve had the money. But, it adds up, and as I said, the estimates I’ve received are exorbitant. I try to do as much as I can myself within the business and have done my own personal taxes in the past but think I might be best served to work with a pro now.
Thank you for your comments. I appreciate this group!
I'm a new investor with a W-2 and 1 STR purchased in 2022. Looking for an affordable tax prep service. I'm not afraid to spend the money to work with a pro, and thoroughly understand you get what you pay for, but I'm literally running out of money after furnishing a whole house, setting up my entity, doing a cost seg, hiring a CPA firm for tax strategy purposes, and servicing the debt on my STR.
The couple firms I’ve contacted for Tax Prep want an extraordinary amount of money; money I just don’t have. I know my taxes aren’t all that complicated, but I would rather work with a professional than go the DIY route. It just feels like I’m getting estimates for tax prep that aren’t realistic for my situation and what I would expect for investors with multiple properties or more complicated situations.
Thank you in advance for any leads!