Finding that right accountant is imperative to your real estate investing business. You must interview your future accountant to make sure you have the right fit. Be sure to ask these questions. A few helpful hints on finding that right accountant for you at tax time is as follows:
- What is 2+2? A good answer is 4. But a better answer is what would you like it to equal? This shows that they know the loop holes and that they can save you money on your taxes.
- Do they own real estate? The answer better be “yes” or have some experience with rentals, flips, wholesaling, owner carries, etc.
- How are they structured as a business? The answer better be as one of the following a sole proprietor, a partnership, an LLC, S-corp, or C-corp. If they are a S-corp or C-corp, they are a keeper. They will know all the rules for taxing on these structured businesses.
Other things to think about. Are they highly recommended? Do your mentors or peers who are in the same field as you are in real estate investing recommending them?
Hope these hints help.—-Johnny and Crissy Jackson