Best Software For Tax Planning, And Minimizing?
Since this is my first year of REI, I expect to have some pretty complicated taxes. I've bought and/or sold several houses, some parcels of raw land, and have a few rental houses and multi-units I'll be keeping. I need a software program that could, ideally, keep it all straight so I know what to depreciate, what to expense, what's taxed at which rates, etc.
I've played around a little with MS Money but it doesn't seem to have what I need...or did I miss it? What works for you? Maybe it sounds like false economy, but at least in the beginning, I want to do my own taxes, so I can understand the process and gain insights for better planning and strategies. Thanks.
Hi!
I'm thinking about getting the course by John Hyre that is for tax preparation and real estate investing.
http://www.realestatetaxlaw.com/products.php
It includes a plugin for quickbooks to make quickbooks usable for us.
He says that no matter how you answer the setup questions with quickbooks, it will set it up wrong for real estate investors.
I use MS Money for now too. This is my first year so I plan to use a CPA (I'm looking for one with experience in the real estate field). I will pay extra and drive farther for one that works with investors or is an investor for this year. I hope to learn all I can from the CPA and from courses this year so that I can do my own taxes thereafter. I will see what forms he uses and get advise on deductions etc. I have always done my own taxes since I worked at HRBlock 12 yrs ago.
I am also reading information at http://taxloopholes.com/ That is also aimed at Real Estate professionals.
If anyone has tried the plugin by John Hyre, please let us know what you think of it and how it works.
Thank you,
DKDrake
DKDrake,
JHyre's program is an accounting program for real estate investor's. It is not a tax preparation program, though it may make it easier for you to do your taxes.
For tax return preparation, I use TurboTax. If you have your accounting system in Quickbooks, TurboTax will import your data directly.