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10 Things CPAs Don’t Tell Their Real Estate Agent and Broker Clients

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Real Estate Professionals

10 Things CPAs Don’t Tell Their Real Estate Agent and Broker Clients

Here at the Tax Planning Pros, we talk to Real Estate Professionals all the time. With the many conversations I’ve had with professionals like yourself, I’ve come to realize that there are just far too many myths and misunderstandings about what CPAs do, along with Tax Planning vs Tax Preparation, and a slew of other tax-related concepts that are completely wrong.

Here are just 10 of the things your CPA isn’t telling you:

  1. You are wasting your hard-earned money by only worrying about your taxes during tax season.
  2. Your estimated tax payments are wrong, and you could probably be paying a lot less for the Tax Season.
  3. That they are a generalist and that they don’t specialize in the real estate industry.
  4. They only do tax preparation and not tax planning.
  5. They only think about your real estate business when they are preparing your tax return.
  6. They are using a one size fits all approach when it comes to your business.
  7. There are only about 3 ways you can save on taxes after tax season is over.
  8. They don’t know the latest tips or tricks to save Realtor’s money.
  9. They aren’t updated on how Trump’s tax plan affects your real estate business.
  10. They are only available from January through April.

Does this sound like your accountant?

 
If it does, then we should be having a conversation.

Of course, as Tax Planners, we can always help you prepare and file taxes – But my concern for your business doesn’t begin in January and end in April. The Real Estate business is already tough enough without being undermined by misconstrued tax advice. Small businesses deserve to get the same big tax breaks as large corporations.

When your accountant doesn’t understand your business well enough to target areas that matter most to your line of business you will overpay on taxes. Then add to the reality that accountants most often focus on filing deadlines. They do not typically engage in productive Tax Consulting with their clients and it’s a recipe for financial disaster.

When you take time to speak with us, we can go over how you can effectively save money today, as in now. We’ll also talk about maximizing tax deductions, including tapping into obscure incentives hidden in the tax code. We’ll analyze your legal entity structuring to identify whether an efficient tax structure been designed to minimize tax liability. In addition, we’ll look at how to legally get money out of your business without paying taxes, the best ways to save for retirement and much more.

Please feel free to check out our free training for Real Estate Professionals here. If you’d like to share your thoughts on this article, just a want a free second opinion, call me at 469-343-1500 or email me at jtrapp@thetaxplanningpros.com.

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