RCRE - Tax Time with Tom Castelli, CPA

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

Episode 32 of the Jake & Gino: Real Estate Investing & Multifamily podcast, hosted by Mike Taravella, titled "RCRE - Tax Time with Tom Castelli, CPA" was published on February 26, 2020 and runs 35 minutes.

February 26, 2020 ·35m · Jake & Gino: Real Estate Investing & Multifamily

Summary

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

Episode Description