JF3516: Tax Mistakes Investors Make that Drive CPAs Crazy, and How to Avoid Them ft. Kiyoshi Simon and Amanda Han
Apr 20, 2024
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Tax experts Kiyoshi Simon and Amanda Han discuss common mistakes investors make in real estate taxes, the importance of evolving tax structures, and how to avoid driving CPAs crazy. They highlight the significance of strategic financial planning, partnering with CPAs, and the necessity of open communication for effective tax planning and business growth.
Adapt tax structures as your real estate business evolves to enhance financial health.
Establish open communication with CPAs for tailored tax planning to support business growth.
Deep dives
Elevate Your Investment Game with Viking Capital
Viking Capital offers passive real estate investing opportunities for accredited investors, focusing on low-risk options to preserve capital and maximize long-term growth. With over $800 million in assets acquired and $230 million in equity raised, they provide a path to financial freedom and early retirement.
Maintaining Accurate Financial Statements and Processes
Ensuring accurate financial statements involves a partnership between in-house bookkeeping and external CPA expertise for tax strategy, planning, and consulting. The importance of adapting systems and processes to produce precise financial statements is highlighted, with the emphasis on proactive tax planning and strategic financial management.
Balancing Internal and External Expertise in Financial Management
Active real estate investors are advised to scale their financial management from in-house bookkeeping to outsourced tax compliance as the business grows. By incorporating detailed financial statements supported by invoices and focusing on balance sheet accuracy, investors can enhance transparency, optimize tax savings, and promote financial health.
Enhancing Communication with CPAs for Effective Financial Management
Establishing open communication lines with CPAs is essential for effective financial management. By understanding client businesses thoroughly, CPAs can provide tailored tax structuring, consulting, and planning to support business growth and minimize the burden on investors to become tax experts.
Kiyoshi Simon and Amanda Han join host Slocomb Reed on the Best Ever Show from the Best Ever Conference in Salt Lake City. In this episode, they discuss tax compliance, financial health checks, and why your tax strucutres need to evolve along wiht you and your real estate business. They also share the tax mistake investors make that drive CPAs crazy, and how to avoid them.