Real estate investing is an excellent strategy to earn virtually passive income, but without careful financial planning and tax management, you may not be earning as much as you could otherwise. A qualified real estate accountant can help you to manage the financial aspects of real estate investing so that you maximize your returns.
Here are just a few of the ways they can benefit your investment strategy:
1. Setting Up Your Investments Properly
An experienced accountant can set up your real estate transactions so that you invest as little of your own money as possible, leveraging other properties that you own, while keeping your tax liabilities and interest payments to a minimum. They are experts in real estate, taxes, and financial planning, and they can provide in-depth reporting so that you can stay on top of your real estate investments.
2. Keeping Up With Tax Changes
Tax codes change constantly, but by having an experienced tax expert on your side, you can know how any changes will affect your investments beforehand so that you can adjust your investment strategy as needed. Real estate accountants work with countless other investors, so they know the tax strategies that work the best.
3. Managing Maintenance & Repair Costs
When you need to have work done on any of your investment properties, your real estate accountant can make sure that any repairs that are eligible are deducted from your taxes. This way, you can keep the property in great condition while minimizing your costs.
4. Anticipating Market Conditions
If you are considering expanding your real estate investments, skilled real estate accountants can help to read the market and recommend the best investment at the moment, whether that is commercial real estate, residential, short-term rentals, or none at all. This helps to limit your exposure in a quickly-changing real estate environment.
5. Connecting You With Other Providers
Finding quality insurance agents, attorneys, contractors, or real estate agents can be a challenge for anyone new to investing. With years of experience, an accountant that specializes in real estate has the industry connections to find you the best professionals for all your real estate needs.
6. Providing Sensible Advice
As a real estate investor, you may not always look objectively at the transaction you make or your investment decisions. An experienced accountant can evaluate your assets and liabilities, look at your investment goals, and recommend the best path forward, whether that is selling underperforming properties, raising rents, or taking on new investments.
Real Estate Accountants in the Dallas Area
Would you like to streamline your real estate investments, minimize your tax obligations, and increase your returns? Talk to our expert real estate accountants at Gurian CPA. We work with real estate investors and businesses throughout Dallas, Houston, and the surrounding areas. We put the needs of our clients first, and we work hard to help you grow your business. From business accounting and tax preparation to payroll, we are here to help with all your accounting and bookkeeping needs.
For help with real estate investments, tax prep, and more in the Dallas area, call Gurian CPA today at (469) 306-9866 or contact us online.
