All Forum Posts by: Tee Cruse

@Anna Watkins I would advise you to speak with a CPA that specializes in Real Estate. They will be able to give you the best options for your situation.

@Anna Watkins 

You can have your LLC taxes as an S corp, but the S corp does not pay corporate taxes. The income from the company is still passed to your personal return on a schedule K1 from the business. The benefit to being taxes as an S corp is to reduce self employment taxes and to take advantage of additional deductions.

@George Rodriguez 

You can create a budget by job and keep track of the budget vs actual expenses per job.

1. *Go to the Company menu, choose Planning & Budgeting, and then click Set Up Budgets.
2. *Click Create New Budget.
3. *Select the year and type of budget that you want to create.
4. *Select Customer:Job.
5. *Choose whether you want to create the new budget from scratch or from the previous year's actual data.

   *Click Finish.

In the Set Up Budgets window, click the Current Customer:Job drop-down list and choose the Customer:Job.

Enter or modify the budget amounts and click Save.

@Gagan Johal 

All of the workshops in my area are full through the end of the year so I spoke with a representative and they will be releasing dates for 2015 workshops later this week. One thing I plan on doing is having as much of the information and documents they need with me when I go to the workshop. I've read that it will help cut time off of the process.

@Carlton Kohler @Simon W. @Jared Reimer Thank you all for welcoming me. Carlton, I am not a CPA, and I haven't had the chance to work with real estate investor yet. I work for a local CPA firm here in Atlanta.  Simon is correct, not all accountants are CPAs, and each business industry has different ways of accounting their business operations. I can definitely answer any general accounting principle questions, but you should consult also with a CPA that specializes in Real Estate.

Have a good week everyone!

Thanks @Rick Baggenstoss @Ben Biggs @Frankie Woods for welcoming me. This is a great community.

Thanks @Eric Mayers I will definitely check it out and be prepared for the long journey.

@Azeez K. 

 Count me in! Did you finalize the date and time?

@Eric Mayers How long did the entire process with NACA take?

This post is very inspiring I look forward to following your journey. You are definetly on the right path.