When investing in real estate in Greenville, you need an accountant to prepare your taxes. They will help you find all your deductions and make sure your taxes get done correctly. Our latest post will offer tips on how to find the right accountant, as well as the signs to let you know you need an accountant!
Most people don’t need an accountant when they start their investing journey, start off doing the books themselves. Things are still pretty straightforward at that point, and they can get by doing things independently. As time goes by and they acquire more assets, the finances can become a bit murkier. Finding and hiring the right accountant becomes necessary, and you want to make sure to work with someone you can trust. Realtor.com suggests you should hire an accountant when you have bought or sold even just one property in the past year! Below are three sure-fire signs you need an accountant to do your taxes and some signs you’ve found the right one.
#1 – You Own Multiple Properties
As you build your portfolio, your finances will become more complex. While you may like keeping track of your numbers for yourself, finding an accountant familiar with real estate will save you many headaches. When you have acquired multiple properties in the Greenville area, it is easy for things to get mixed up. By utilizing the experience of an expert accountant who knows the ins and outs of taxes, you will want to make sure you see the greatest returns possible from your Greenville area properties.
#2 – You’re Making A Lot Of Money
More money, more problems, right? Accurate and thorough managing your finances once you reach a certain level will require the aid of a professional. They will keep you updated on changing laws and find all the possible benefits that are important to you based on your increased cash flow. According to The Balance, you should hire an accountant when your income exceeds $200k, own your own business, or own any number of rental properties. Once you enter a specific tax bracket, the laws change, and you will want to have someone in your corner to help you plan accordingly.
#3 – To Be Efficient With Your Taxes
Why spend more than you need to? A great accountant will scrutinize every nook and cranny of the tax code, making sure you get every deduction that behooves you. They can make sure no money is left on the table and take the brunt of the stressful work you’d have to try to get done on your own. Real estate ownership is owning a business, and you should run it like one. It’s essential to hire someone who fully comprehends the laws and reliably shows you through the process so you don’t find yourself over-encumbered by receipts and paperwork come tax time.
What Great Real Estate Accountants Have In Common
The right accountant will have a firm grasp on your business and every financial aspect of it. They will update themselves on the ever-changing tax laws and will be able to utilize these changes to benefit you. They’ll leverage every tax benefit available to you, keeping more of your hard-earned money where it belongs, in your pocket. They advise you and assist you when it is time to make significant financial decisions. They will be accurate, organized, and focused on the details so you can spend your time reinvesting, with your family, or any other way you so choose. They will help you fully understand your finances, making a sometimes confusing topic simple and easy to comprehend. Hiring an accountant is instrumental in the success of property and business owners. The amount an account will cost is nothing compared to the amount of time, money, and trouble they will save you.
Finding The Right One
There are a few questions to ask when looking for the right accountant to meet the needs of an investor. These will help you ensure that they are the right person for the job when you need an accountant. These questions include:
- Do you work with real estate investors on a regular basis?
- As a CPA, do you have any special qualifications or certifications?
- How long have you been in business?
- Do you have partners within your firm?
- Will anyone else be working on my taxes or books?
- What services can you provide other than taxes? (Planning, bookkeeping, etc.)
- What kind of agreement will be in place when we choose to work together?
There are lots of accountants out there, but not all of them are versed in the needs of real estate investors. When looking for the right accountant in the Greenville area, be sure to ask the right questions, get references, and make sure they are someone you feel like you could have a strong working relationship with. Remember, the person you choose to hire will be instrumental in the financial success of your business or investments. You don’t want to work with just anyone.