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wildwestinvest!

accounting for your REI business

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*kinda lost but sitting on a wad of cash*

 

I only ever took up to Accounting 1. Now that I've turned some deals, I need to reconcile this business account, figure out what I have to pay in taxes, and then spend some of the money I've generated on personal stuff. Maybe it sounds like I know what's going on, but that's because I just talked to my first CPA today and I slept at Holiday Inn last night.

 

I mean literally, I have no idea where the pros go to handle accounting. I have no idea what this should cost.

 

Should I..... talk to a tax advisor? talk to a cpa? I don't even know what services to ask for.

 

I suspect I need an accounting system for my business that I can use throughout the year, then an accountant to prepare my financials once? twice? a year and then my taxes at some point. does this sound right? throw me a bone here! you guys (gals, internet Gurus, RE Investors at large) got me into this, now help me get the money out! :D

 

Thoughts on paying taxes? getting paid? simple accounting systems RE Investors use? this shouldn't be hard, but I want an expert who can get my car and my travel expenses, etc. into my business. what/who do you use? CPA? family member? lawyer? internet?

 

Please be specific: I'm getting very lost reading so much internet theory.

 

Thanks everyone.

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taxes? what taxes, I ain't never heard of taxes.

That's what the govt takes from its citizenry to buy $16 corn muffins and $240 hammers.

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Nick, try contacting Dave T from our Tax Strategies forum. He is positively brilliant about the tax codes. Perhaps he can offer some suggestions.

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sick

 

where my CPAs at?

 

I'm planning an early retirement starting at 3:30pm today..... as long as this buyer gets his insurance figured out. There he was, calling me on Monday, "Why can't we close this today?" and just now he's talking to insurance companies and our closing (rushed for $300 [that I'm paying!]) is scheduled in less than 2 hours.

 

Almost there!

 

I'll try those forums.

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I pay a monthly amount for my CPA/bookepping firm. They have full access to all my biz accounts and do the monthly books and we have quarterly meetings etc.

They do all my 1099's and my yearly taxes.

I pay $350 a month for all of this, which is worth it to me, but may not be to others.

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Update:

 

Went to an H&R Block. The nice old gal there scooped me and sent me to her daughter in law (so now I'm working with her private bookkeeping business). The daughter in law helped me with 940, 941, plus what I have to do with my state as of 1/31/2012. So I had FUTA to deal with plus deposits on salaries, some state UI, and I don't have to deal with workman's comp. I'm now working with this gal to create a book for the year and then I'll probably work with that original gal (cause she does S-corps).

 

Long story short I found a bookkeeper who got me on track with my state and the feds. Now we're making a book that I'll use to file a tax return and my W2s. I think I'm going to get setup with Quickbooks this week.

 

There must be a better way...

 

Oh. Wad of cash is gone. Damn. Good thing I plan to start making money before... Sept(?) this year.

 

Happy investing.

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