Proper Real Estate Accounting and Business Setup
Proper accounting for your real estate business can help boost your bottom line.
7:00 pm - 9:00 pm
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 – what’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 – 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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