Proper Real Estate Accounting and Business Setup

Proper accounting for your real estate business can help boost your bottom line.

  • Upcoming Event: 

General Meeting 
โ€‹

๐Ÿ—“๏ธ Thursday, February 13, 2020

๐Ÿ• 7:00 pm - 9:00 pm

๐Ÿ“ The Met Business Center
315 N. Shary Rd. Mission, TX 78572

โ€‹What you will learn in our Thursday meeting:

1. Understanding Book keeping procedures

- IRS does not have a set standard

- US GAAP does

- Review a typical Chart of Accounts for real estate -bookkeeping

- QuickBooks vs Excel vs Zero โ€“ whatโ€™s the best system to use

2. Overview of Business Setups

- Dealer status vs Real Estate Professional
- C Corp, S Corp, LLP, LPs, and LLCs โ€“ what are they?
- Taxing of different company formations
- Overview of Financial Reporting and what a personal financial report looks like
- Business Planning documents

3) Questions to ask your CPA and RE attorney

- What tax savings am I getting with the new tax law cut?
- Are my assets protected? If you have multiple properties are they setup in a way that if you had an incident at one that they other is not affected?
- Ask to review depreciation of assets
- Ask what expenses are allowed now and which were taken away (i.e. entertainment is a big no-no now)
- Further points of discussion (only mention to not go into detail; living trusts, wills, what should be included, should they be revised or how often)

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