Whitestone CPA

Is Your Accountant Delivering This Level of Service? The next couple of months are make-or-break for setting your business up for financial success. Here’s what you should be experiencing if you have a truly great accountant on your side: - 2024 Financials: Completed 2024 financials early in the new year, ensuring your tax return is filed without stress. - Financial Insights: A clear picture of where your numbers stand for 2024, along with expert guidance to finalize your tax planning decisions. - 2025 Roadmap: Proactive offers to help you create a solid roadmap for next year’s growth. Looking for actionable tax-saving tips and market updates delivered right to your inbox? Subscribe to our FREE newsletter, Wealth and Tax Insider, crafted for real estate professionals who want to grow their wealth smarter and faster. https://lnkd.in/gdYWisc8

Qualifying for Real Estate Professional Status and using a short-term rental strategy both transform certain rental properties from passive to non-passive.

Don't ask "why do I pay so much in taxes?" Instead ask, "how can I pay less in taxes?" Tax planning does not happen when you are meeting your accountant to file last year's tax returns. That is just reporting! Tax planning happens all year long.

If you are a flipper who is making over 50k in profit, you should ask your CPA about becoming an S Corp. If not, you maybe overpaying in taxes!

Considering starting a real estate venture? Here's a myth-buster: you don't necessarily need an LLC to deduct real estate expenses. The IRS is more interested in your profit intent than fancy legal structures. It's about purpose, not paperwork. #realestateinvesting #taxtips #business

Real Estate Professional Status To qualify: 50% test - The first test requires that real estate professionals work over half their annual working time in a “real property trade or business.” 750 hours test - In addition to meeting the 50% test requirement, real estate professionals must spend more than 750 personal service hours materially participating in one of the real property trades. It's not just about the time clocked; it's about actively managing your real estate affairs.

?? #TaxTipsTuesday ?? Did you know that the IRS collected about one million returns every hour during Tax Day? It's true! 70% of the 146 million expected were filed before the deadline. But what if you missed the deadline? Late filers face fees and penalties. The IRS imposes a 5% penalty on any unpaid taxes each month you don't pay, capping at 25% of your balance due. Now that tax season is over, the real work begins. It's time to strategize for 2024! Reach out to your CPA today and start planning for a successful tax year ahead. #TaxStrategy #FinancialPlanning #IRS #CPA #TaxSeason #TaxPreparation

#TaxTipsTuesday 1. Don’t let the tail wag the dog. 2. LLCs do NOT provide tax savings. 3. Don’t put rentals in S-Corps. 4. LLCs – Holding Company LLC – Living Trust (works well for most investors). 5. Accurate financial statements - great way to save taxes.

Ever felt that rush of excitement from a big tax refund? It's tempting, but did you know it might signal a missed opportunity? Why let Uncle Sam hang onto your money all year when you could be using it to treat yourself or reach your goals? ?? With a bit of tax planning savvy, you can keep more of your paycheck each month. ?? keep more money where it belongs – in your pocket! Send us a DM if you are a real estate investor looking for a CPA that specializes in real estate. #personalfinance #financialplanning #taxtips

?? Bookkeeper: Picture your meticulous friend who loves organizing everything from your sock drawer to your receipts. They're the ones who diligently keep track of WHAT happened in your financial story, ensuring every transaction is accurately recorded. ?? Accountant: Think of your insightful mentor who always seems to have a deeper understanding of things. They're the ones who delve into the numbers to uncover WHY those transactions occurred, offering insights into trends, efficiencies, and potential areas for improvement. ?? CFO: Meet the strategic visionary in your life, the one who's always thinking three steps ahead. They're the ones who take the insights provided by the Accountant and translate them into actionable plans. They're not just telling you WHAT happened or WHY; they're guiding you on WHAT TO DO NEXT to drive growth, mitigate risks, and achieve your financial goals. Remember, behind these titles are real people with unique personalities, passions, and perspectives, all working together to navigate the financial landscape and help businesses thrive. ???? #bookkeeper #cfo #accountant