If residential or commercial holdings are a significant portion of your financial portfolio, you may have a lot to gain from enlisting the services of a professional real estate tax accountant.

What is a Real Estate Tax Accountant?

A real estate tax accountant provides financial guidance during real estate transactions. They develop strategies and prepare reports for individuals and businesses, including developers and property owners. Real estate accountants provide their clients with planning, budgeting, calculating tax liabilities, tax reporting or preparing income tax returns.

They offer these seven types of tax services and many others:

• Audits, reviews and compilations
• Cash flow analyses and forecasts
• Comprehensive tax services
• Finding and leveraging real estate tax deductions and tax credit programs
• Help with adhering to the legalities of the constantly changing tax code
• Monitoring ongoing business transactions
• Managing financial record-keeping

3 Services Real Estate Tax Accountants Provide

1)      Expert Advice

One major advantage of hiring a tax accountant is the expert advice they can provide. They can ensure you will comply with all applicable tax and governmental regulations. From investments to tax reporting to safe harbors, a tax pro can help you make wise decisions.

A real estate tax accountant can also offer easy answers to complicated questions about the intricacies of tax law. For example, accountants can advise you about federal or state tax credit programs for which you may qualify.

2)      Financial Reports and Records Preparation

A tax accountant is qualified to prepare your financial reports for many different types of real estate transactions, such as property sales and rentals. These reports can provide you with a better understanding of your business’ finances, including operational costs, development expenses and profits.

3)      Year-round Bookkeeping Assistance

Tax accountants also offer year-round bookkeeping services to real estate professionals. With their strong knowledge of the industry, they can help you stay on top of relevant changes to the tax code. These essential accounting services aim to improve your business’ cash flow and enhance its bottom line.

As the real estate industry continues to face financial challenges and compliance issues, tax accountants have become more relevant now than ever before. If you think you could benefit from any of these services, contact a local real estate tax preparer.