68 min listen
RCRE - Tax Time with Tom Castelli, CPA
RCRE - Tax Time with Tom Castelli, CPA
ratings:
Length:
35 minutes
Released:
Feb 26, 2020
Format:
Podcast episode
Description
Mike Taravella interviews Tom Castelli, CPA from the Real Estate CPA to discuss tax time, what to look for a CPA group, and the importance of having clean books. Key Information: Find a CPA has experience with real estate specialization and have the same value based system Understand the fee structure because it could be hourly or certain fee structures Look to engage a new CPA before year-end Do your bookkeeping throughout the year, not just at the end of the year As a real estate syndicator make sure you have your K-1s by March 15 so investors can file their taxes by April 15 More sophisticated groups will have K-1s issued by March 15 K-1s are an investor’s portion of the profit/loss and distributions for a particular process A great CPA will allow you to continue to apply offense in finding new deals, while they are playing defense You need tax returns from last 2 years before being a General Partnership Can take deduct W-2 income if you are a “real estate professional” Always have an audit trail and document your income and expenses Be proactive with your accountant Expert Pro Tip: Engage your CPA for tax planning service Contact Information: https://www.therealestatecpa.com/ Tax and Legal Summit February 29-March 1, 2020 50% off tickets with “Jake&Gino” www.taxandlegalsummit.com For more information/to connect with Rand CRE: To register to invest with us: https://invest.randpartnersllc.com/invexp/accounts/login/ Rand CRE's Facebook: https://www.facebook.com/randcre Rand CRE's Linkedin: https://www.linkedin.com/company/randcre Rand CRE's Instagram: https://www.instagram.com/randcre
Released:
Feb 26, 2020
Format:
Podcast episode
Titles in the series (100)
How to get your Accounting right to Grow your Multifamily Business: Good accounting can make or break your real estate investing career. It’s no surprise that lenders prefer working with investors who outsource their books to a 3rd party. But there’s more to the story than just outsourcing your bookkeeping. In. by Jake and Gino Multifamily Investing Entrepreneurs