Filing taxes and managing accounts for your real estate business can be hectic. You may have to navigate various complex laws on property tax, mortgages, sale contracts, and rental agreements. Organizing your finances yourself can take a toll on your business. You’ll find yourself doing more putting your files together instead of focusing on your business operations. Fortunately, a real estate CPA can help you with your accounting needs while ensuring you are tax-compliant.
Here’s how a real estate CPA can help your real estate business to thrive:
Real Estate Accounting
As with other sectors, the real estate industry has numerous accounting tasks. Realtors, investors, real estate brokers, and property managers must track, manage, and record their company’s financial transactions. Organizing your finances and tracking your transactions can be overwhelming for someone with no accounting background. Here’s where a real estate CPA comes in to help you implement effective financial systems.
An experienced CPA can help you with the following tasks:
- Accounting
- Bookkeeping
- Audited financial statement preparation
- Custom financial reports
- Cash flow analysis
- Bank account reconciliation
Tax Services
The commissions you receive from your real estate transactions are taxable. Moreover, real estate agents must pay self-employment tax to remain in the good books of the Internal Revenue Service. However, keeping track of your tax obligations can be overwhelming. You must calculate your income and itemize your expenses to help maximize your deductions and minimize your tax liabilities. A top-rated real estate CPA can help you on this front.
A reputable CPA firm has experts who can help you file your taxes by collecting your profit and loss statements, itemizing your expenses, and creating your tax profile to file your returns. They are well-versed in various tax laws, ensuring you maximize your deductions while remaining tax compliant.
Payroll Services
Hiring employees in your real estate business is a sign of growth. However, expanding your workforce comes with a new set of challenges. You must pay your workers promptly to boost their morale and improve productivity in the workplace. Enlisting payroll services can help streamline your payment mechanisms.
Let an expert real estate CPA manage your payroll system. After all, payroll services can be complex, given the ever-changing tax laws. If you don’t keep tabs on the latest changes, it can lead to hefty fines. Your employees may also show their displeasure at receiving their payouts late. An experienced CPA will ensure everyone receives the right pay promptly and are tax compliant, allowing you to focus on growing your business.
Business Valuations
If you’re into commercial real estate investing, you’ll require the services of an experienced real estate CPA. Mergers and acquisitions are an integral part of the industry. You’ll require an expert to ensure the process is smooth and seamless. A CPA will help you to conduct due diligence by checking the accounts of the business you intend to acquire or merge with.
Certified public accountants also perform business valuations. The primary objective is to minimize risks while maximizing value, ensuring you get the best deal when investing in a commercial property. Real estate agents who use a CPA have the upper hand as they can structure their business for tax compliance and efficiency.
Financial Planning
While the real estate industry is among the most lucrative, it is also highly competitive and volatile. Real estate investors with solid financial plans have the upper hand in ensuring their businesses remain afloat. A real estate CPA can guide you in creating a financial roadmap to help your business meet its targets. Financial advisory services can be quarterly, half-yearly, or annually, depending on your needs.
Contact Gurian Real Estate CPA
At Gurian CPA Firm, we offer expert real estate CPA services to meet your accounting, taxation, and payroll needs. We have experienced professionals well-versed in bookkeeping, accounting, tax preparation, financial forecasting, cash flow analysis, and business valuations, among other services.
Contact us today and let Gurian help your real estate business grow as we handle your accounting needs.
