Why You Should Hire a Washington, DC Real Estate Accountant
Hiring a real estate accountant can help you create winning financial strategies to help your firm succeed. With in-depth knowledge of both taxes and real estate regulations, they can help you navigate the often confusing world of real estate transactions. This article will cover:
- What is a real estate accountant?
- 5 reasons to hire a real estate accountant
- How to choose a real estate accountant
- Tips for finding the best real estate accountant
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What is a real estate accountant?
A real estate accountant specializes in crafting financial strategies and preparing reports for real estate developers and property owners. Duties of a real estate accountant include tax preparation, consulting, strategy, and budgeting, as well as preparing annual reports. Real estate accountants are often the go-betweens for lawyers, advisors, and banks, and help with all referrals and day-to-day questions.
5 reasons to hire a Washington, DC real estate accountant
Why should you hire a real estate accountant? Here are five reasons:
- A real estate accountant can help you optimize your investments.
Real estate accountants know the ins and outs of both taxes and real estate operations. They’ll be able to help you plan and budget your next transaction, as well as prepare your financial reports. Need help figuring out items like your cash-basis income statement or operational costs? Your real estate accountant has you covered.
- They stay up-to-date with the latest tax updates and real estate codes.
Real estate accountants stay current and informed with the most recent updates in tax changes as related to real estate so you don’t have to. You won’t have to worry about running afoul of any tax or real estate financial regulations – your accountant will handle it.
- A real estate accountant can help you make objective business decisions.
By performing duties such as asset evaluations and budget analysis, your real estate accountant can help you make sound, objective business decisions that are rooted in facts and figures.
- They can help you grow your real estate business.
If your business deals with developing and/or acquiring property, you’ll want to have a real estate accountant to provide their extensive knowledge of investment analysis, development expenses, and real estate trends. They will also be able to assist on a micro-level, handling tasks like lease abstracts and property sales reports.
- Real estate accountants can save you money.
Take advantage of tax-saving strategies year-round, not just when you need to file your returns. Working with a real estate accountant can allow you to discover new tax-saving opportunities and make strategic business decisions by considering the tax implications ahead of time.
How to choose a Washington, DC real estate accountant
When deciding on a real estate accountant, consider the following:
- Their certifications and licenses: You want to ensure that they’re a certified public accountant with experience in real estate property and tax preparation/strategy
- Ask about the specific tax areas they specialize in: If they’ve never worked in real estate before, look elsewhere.
Tips for finding the best Washington, DC real estate accountant
Looking for the best real estate accountant? Consider the following:
- Do they have other accreditations besides being a CPA? It’s important to find someone who continues to learn and pursue new areas of knowledge, not someone who stopped advancing as soon as they passed the CPA exam.
- How are their referrals and online reviews? Ask around; make sure that their referrals and online reviews are positive.
- How long have they been in business? You want someone with extensive experience in tax and real estate. Try to find someone who has seen market fluctuations and different business scenarios. They’ll be able to guide you from experience.
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