These may be the most important tax prep tips you will ever hear! When you have multiple investments like Rob, including rental properties and businesses in different states, it is so important to meet with your CPA regularly. Rob recommends a service which allows him to meet with his accountant monthly to discuss taxes, investments, and expenses.
Rob’s Best Tax Prep Tips
You may not like hearing this, but tax season is not just a once per year occurrence. Rob recommends meeting with your CPA at minimum in July and October, as well as in the Spring season.
Things move very fast in Rob’s business pursuits. If he waited until the end of the year to begin tax preparation, he would not remember all the details behind each endeavor. This drives his wife Claudia nuts!
While going through the process of selling their auto repair shops, they were in the midst of moving. They were also buying multiple rental properties in different states at the time! You can see why meeting with their CPA throughout the year would help.
Rob’s CPA offers a monthly meeting option called a CFO program. When they meet each month, they project Rob’s income from his various ventures. They also estimate what he expects to owe at tax time. The most important of Rob’s tax prep tips boils down to this: Stay informed throughout the year, so you a large tax bill doesn’t surprise you next April!
Join Our Community
Do you own multi-family properties? If not, do you aspire to one day? Then you should consider joining our online discussion group, the Addicted To Life Community! Each month, Rob Rowsell will teach you what you must do in order to build wealth in the real estate business. It’s not as easy as it looks! Property taxes, liens, and legal fees can all be hard to navigate, so having a successful guide in your corner like Rob is a must! Enroll today!
