bankaccounts

Simplify Your Accounting by Using Separate Bank Accounts

Sep 13, 2017

I know I talk about the value of having separate bank accounts quite often, and I may seem like a broken record, but it is only because it is still one of the easiest suggestions I can make to my clients to take the accounts from stressful to simple.  As you your portfolio scales, your systems […]

recordkeeping

Why Recordkeeping is Essential for Landlords

Sep 7, 2017

While important for most industries, recordkeeping is absolutely critical for landlords—among other things, it can keep you out of a major legal snafu! Here, on behalf of The Real Estate CPA, I provide reasons why keeping records is so essential for landlords. Before knowing why record keeping is essential, you should probably know what records […]

5 mistakes

Top Five Financial Mistakes That Can Break Your Real Estate Investment

Sep 3, 2017

Real estate investment—a financial path fraught with blunders, trials and tribulations but a lucrative path nonetheless. Thankfully, it doesn’t have to be as tough, if you know what to avoid. Here we provide an expert’s insight regarding the top ten financial mistakes that can break your real estate investment, and how to avoid them! Buying […]

Wave

Freemium Accounting; A Wave Software Review

Aug 21, 2017

Free can be an attractive word when you are on the receiving end.  Of course, certain free offerings, can make you think twice. Here, I’ll review the free Wave Accounting Software to help you decide if it is right for your business. The Wave Accounting software touts itself as being 100% FREE.  But then comes […]

repairs

Accounting for Repairs, Replacements and Rowdy Tenants

Aug 21, 2017

Let’s face it, owning real estate isn’t all profit and glamour. Headaches happen: broken AC units, tenants who smash a window or punch a wall, refrigerators that need replacing—we’ve seen it all! But, how do you file these expenses come tax time? Here we explain how accounting works when dealing with repairs and replacements. IRS […]

business man light bulb head and computer room

Why I’m Not Scared Of A Flat Tax

Aug 18, 2017

The Trump tax plan is rumored to be coming down through congress by the end of the year. Many of the conversations thus far have focused on a flat tax, a simplification of the tax code or even just the returns.  If you haven’t kept up to date with the who’s and why’s, Tony Nitti […]

Image of two young businessmen using touchpad at meeting

When Is It Appropriate To Hire A Property Management Company

Aug 16, 2017

At some point in your investing career, as you continue to build your portfolio, you will likely need to hire professional help to maintain and manage your properties. Such professional help is often called “property management.” Today I’m going to walk you through considerations on the timing of onboarding a property management firm. This is […]

Accounting hacks photo

Tips and Tricks to Make your Accounting Less Stressful

Aug 15, 2017

The accounting function for rental real estate is quite different than that of any other business. It’s not as simple as “money in = revenue; money out = expense.” Instead, accounting entries are much more complicated and convoluted. This article will provide you with accounting tips that you can use to streamline your accounting function. […]

Person writing on paper documents

May The Tax Code Be Ever In Your Favor

Jul 20, 2017

Taxation is tricky. We want to simplify it. Today we delve into the ins and out of taxation on credit cards, freebies, gifts and promotions!  “Are my Casey’s pizza box tops taxable!?” This was the question that popped into my head when I was cleaning one evening and came across 19 box tops.  That’s only […]

Above the Clouds

It’s not personal, it’s business- Maximizing Your Business Travel Deductions

Jul 20, 2017

Who wouldn’t want their travel to be tax-deductible? Here’s the basics of the rule: If your trip is primarily for your business, then it is tax-deductible. If it’s not primarily for your business, it’s not tax-deductible. Sorry, but unfortunately your personal trips are not tax-deductible for your real estate business. Well, like we said, if […]