You need something more. You need a solution that’s designed specifically for Real Estate Investors like you and me. You need a headache-free conversion and relationship investing tool that takes the time to learn about your customers and personalize each touch point. You need a CRM that actually delivers on the promise of taking your business to the next level. And that’s exactly why I built InvestorPO.
It’s that time of year again, and everyone across the nation is getting prepared to file their taxes for the 2019 fiscal year. Whether you’re a novice or an expert real estate investor, dealing with business taxes can be a real pain. While tax returns aren’t due until April 15, 2020, preparing now can save you a massive headache.
Here are 5 ways real estate Investors Can Prepare for the 2019 Tax Year Today.
1. Find a Well-Rated CPA or Tax Strategist Who Works With Real estate Investors.
If you don’t already have a CPA (Certified Public Accountant) or a Tax Strategist, then now’s the time to start looking since some of the best CPA’s get booked up well in advance. When searching for a good tax advisor, do your homework. Read online reviews and make sure they work with other real estate investors. Ask other real estate investors who they use. A skilled tax advisor can save you a good deal of money. Especially if they fully understand our industry and know how to get you the best deductions.
2. Get Organized with a List of Tax-Related Documents You’ll Need.
Ask your tax advisor for a list of what all they need from you to complete your tax return. Most CPA’s will send you a list upon booking your appointment, or they will tell you what’s needed over the phone. Don’t wait until the last minute to find these documents! Duplicates of missing documents could take weeks to arrive. And if you lost last year’s tax return, the IRS can take six weeks to mail a copy to you.
3. Receipts, Receipts, Receipts…
Work on gathering all of your receipts for business expenses incurred over the past year. You should be collecting these throughout the year so you’re not scrambling last minute to find a backup of your deductible business expenses. If you don’t like keeping paper receipts, that’s okay. Scan them to yourself throughout the year and save them in a folder. Better yet, use accounting software like QuickBooks that has a mobile app where you can upload receipts in real-time when you pay for business expenses. Don’t forget to keep up with your mileage too!
4. Prepare and Finalize Your Income and Expense Reports.
This is a must-have for all CPA’s and Tax Strategists. Utilizing an accounting software like QuickBooks to track your income and expenses throughout the year makes this a breeze. Your reports should include all income and all expenses incurred during the 2019 fiscal year.
5. Prepare Questions for the Meeting With Your CPA or Tax Strategist.
Keep a list of all questions that arise as you’re gathering your tax paperwork. While you have their direct attention, this is a great time to get your questions answered fully. Consider asking them about how you can save more on your taxes. If you’re looking to save for retirement, ask them about your options and how much investing in your retirement could save you. Be sure to be upfront and honest with your CPA and let them know if you can’t afford a tax bill. They can help you schedule an extension if needed or assist in setting up a payment plan with the IRS.
Looking For a Great Business Deduction for the 2020 Tax Year?
Operating systems, marketing expenses, and services are often considered tax-deductible. And guess who offers all of these under one platform? At RealEstateInvestor.com we’re on a mission to REVolutionize the business and REInvent Real Estate Investor’s lives. If you’re looking to reduce stress while still growing and scaling your business, we can help! Check out our website and ask us about our packages that grow with you as your business grows.
*Disclaimer: This article has general information on the subject matter and should not be taken as tax advice or legal advice. Each business and personal tax situations are different. Should you need tax or legal advice, consult with a tax expert, your CPA, an attorney, or other financial advisor.
To be successful in the real estate investment space, we have to build teams that can withstand competition. Who should we be including in our teams, and why is it vital to find a mentor? Should we be shying away from competition or embracing it?
On this episode, author and host of The Real Estate Locker Room Podcast, John Carney shares how to compete in the real estate investing space.
Look, if you’re like me—a fellow Real Estate Investor—you’re over it. The mere glimpse of these three letters makes you cringe. If you’re fortunate enough not to know what I’m referring to, count yourself blessed. But for the rest of us, you probably feel my sentiment deep down in your core.
This year alone, there are over 700 CRM’s vying for your attention. Every single one of them promises to answer all your business woes with one “simple to use” platform. They promise better customer relationships, more efficient processes, and time savings to name a few. As a busy Investor, anything that could save me time and streamline my processes was worth looking into. What did I find when I opened that shiny CRM door?
A bunch of empty promises…
Look, I’m not cynical by nature. But unfortunately, I’m well versed in trying out multiple tools, methods, and CRM’s that underperformed and failed to deliver on their promises. Much like all of my peers in the Real Estate Investing industry, time is money. The idea of saving time while streamlining my business made me jump at those shiny promises. After lots of money thrown out the window and endless hours wasted, I finally came to a conclusion.
That my Real Estate Investing company didn’t need another CRM!
I can almost hear your gasp—but it’s true. I’ve tried most all, and I’ve researched the market. What I’ve found is that most CRM’s today are simply too complicated to configure and maintain. Almost all of them were incomplete and required additional software, tools, or third-party services to work as promised.
Deals close themselves when your business invests in relationships.
It all comes down to relationships in our industry. Relationships that require a human touch and not a cold autoresponder that fills in their name and sends the same message to both buyers and sellers. I spent months searching high and low to find a service that had the tools I needed to manage my business and provided individualized touchpoints that were genuine, unique and personalized. Guess what I found…
So I decided to build it myself.
You don’t need another CRM. You need a Customizable Relationship Investment Tool.
If the idea of converting to another CRM makes your heart race, I get it. Trust me. I’ve been there. Through my own trials and tribulations, I’ve found most systems to be too generic and lacking true personalization, as well as the flexibility I need to manage my business.