Micah Olson, THE Effective Agent (EXP Realty)

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Rainer
90,255
Val Evans
Scottsdale, AZ

Your best bet is to become self educated on tax matters that pertain to your specific business as much as possible. Hubby and I fired our CPA years ago when he didn't know what a self directed 401k was or how to set one up. We researched the matter and each of us set up our own with both of us designated as our own trustees, custodians, and beneficiaries. Same goes for individual LLC's. There are many "hidden" IRS rules that are written specifically for the ultra-rich. Cool thing is, they apply to anybody and everybody that wants to take advantage of them.

Nov 29, 2016 10:55 AM
Rainmaker
516,859
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

If you don't trust your CPA to give this to you, change CPAs. If you just want to save money and do this on your own, good luck.

Nov 29, 2016 09:49 AM
Rainmaker
1,367,527
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Micah Olson I just Googled "tax strategies for real estate agents" and came up with 25,300,000 results. You should be able to find something.

Nov 29, 2016 09:26 AM
Rainmaker
4,877,301
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

I never even think about it....I have a CPA who does a marvelous job...and I've used him for decades.... 

Nov 29, 2016 08:40 AM
Rainmaker
2,426,549
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Seek further and you will find....

Nov 29, 2016 10:15 AM
Staff
1,217,983
Bob Stewart
ActiveRain - Mesa, AZ
ActiveRain

Micah,

I was referred to Nielsen Law Group (Chandler AZ) by a very successful Keller Williams team here in Arizona. Since then I have referred them to a few friends in WA state as well so I'm sure they can help in Utah. 

Their phone number is 480-888-7111. http://www.nielsenlawgroup.net/

They have been really amazing in helping my wife and I with tax planning. 

Nov 29, 2016 10:13 AM
Rainmaker
3,247,067
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

It sounds as if you might need a new CPA if you can't get a satisfactory response from him.   I don't mean to be snarky but why did you hire him?

Nov 29, 2016 09:33 AM
Rainmaker
3,049,971
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Ask the CPA for a recommendation?

Nov 30, 2016 04:59 AM
Ambassador
4,298,316
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Micah Olson - I rely on my tax consultant who knows inside out of savings!

Nov 29, 2016 11:25 PM
Ambassador
2,188,650
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I think you need to find a CPA you can trust to do what you want done. 

Nov 29, 2016 08:55 PM
Ambassador
3,981,968
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I am not sure what you are asking but will share a couple of things that work for me. Owning rental property when you are an active owner can greatly benefit you taxwise as opposed to passive ownership. Ask your CPA about this. Also each year you can take a large writeoff for business expense (equipment). Check with your CPA. Maximize what you can invest in your SEP/IRA to save now on taxes. Having an Health Saving Account can also help taxwise. Your CPA should be able to help you on all of this. Health insurance premiums paid by self employed folks have higher deductibility ceilings.

Nov 29, 2016 08:47 PM
Rainmaker
4,025,287
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have a CPA that assists me too.

Dec 01, 2016 07:20 PM
Rainmaker
823,788
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

If your CPA can't advise you on those issues, perhaps you have the wrong CPA?

Nov 30, 2016 08:03 AM
Rainmaker
4,432,083
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

no

Nov 30, 2016 07:28 AM
Ambassador
1,613,518
Harry F. D'Elia
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

CPA is best resource

Nov 30, 2016 06:25 AM
Rainmaker
281,293
Nancy Robinson Ranked #6 in MI
Century 21 Town and Country - Royal Oak, MI
#10 Century21 Realtor in the US, #16 in the World

Hi  Micah, Hows the request for help working out?   Which advise did you take? ANY????

Nov 30, 2016 05:41 AM
Ambassador
907,585
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

I agree with Debbie Reynolds response. Look further into investment business for Tax relief. In addition, I would shop for a more aggressive CPA. 

Nov 30, 2016 05:20 AM
Rainmaker
2,982,189
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I would look for it on Amazon.com. This is not something I look to read.... that's what we have an accountant for... I don't want to deal with him the way some sellers deal with us... they read up on strategies to sell a home and then think they can tell us the best way to do it.

Nov 30, 2016 04:22 AM
Rainmaker
1,478,586
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Why not to take a college course online? It is convenient and gives you a dood understanding of basics. 

Nov 29, 2016 11:47 PM
Ambassador
4,065,896
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Thousands of good books for tax strategies for small businesses, stop at your local library and spend some time on that shelf.

Nov 29, 2016 08:29 PM
Rainmaker
1,157,264
FN LN
Toronto, ON

Which country or countries are you looking for strategies?

Nov 29, 2016 07:51 PM
Rainmaker
2,765,739
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

I do not.  My CPA goes over all of it with me.  That is part of what I pay him for.

Nov 29, 2016 07:34 PM
Rainmaker
1,212,879
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Me, no.  I'd reach out to your local tax people that are affiliates with your board.  They might be able to give you help.

Nov 29, 2016 06:38 PM
Rainmaker
985,754
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Like wise if your CPA- not a tax preparer does not even know what is tax deductible and what is not. 

Realtors are the first to be audited for taking excessive deduction. There is expense and there is commission. If you claim a negative loss long you will be questioned by IRS.  

Strategy is maximize all legal deduction and maximize income. Add SepIRA, add ROth IRA and save your commission for the rainy days.

Nov 29, 2016 04:55 PM
Ambassador
3,193,574
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I don't know of any books but, it looks like Val Evans has given you a good one to begin with.  I would caution you that a published book may not be as up-to-date as the IRS website.  (i.e. what we could deduct before, we can't now.)  The info you're seeking could very well be right at your fingertips!

Nov 29, 2016 04:40 PM
Rainmaker
5,271,131
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Go to the IRA website for the information you need.

Nov 29, 2016 04:01 PM
Rainmaker
3,977,723
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I would take you CPA out to lunch and pick his brain.  but remember, when you start using some odd deductions it could throw up red flags.

Nov 29, 2016 02:56 PM
Ambassador
3,673,547
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

I just scanned your answers looking for a good suggestion - and it sounds like it's not a book that you need!

Nov 29, 2016 02:02 PM
Rainmaker
730,830
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Taxes is one of the things I don't discuss, along with religion, politics, and legal topics.

Nov 29, 2016 12:44 PM
Ambassador
1,614,454
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I like listening to Chris Bird on seminars or CRS courses. He is speaking in OKC on Thursday and I will share anything worthy. If you haven't done this yet ask your CPA about a 105 plan and a defined benefit plan.

Nov 29, 2016 12:32 PM
Rainmaker
1,523,537
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

A self-directed financial strategy is akin to a surgeon operating on himself.  "Seek further" as Richie Alan Naggar wrote, but I would add, get second opinions before making a move that you will regret for years to come.

Nov 29, 2016 12:25 PM
Rainmaker
4,321,969
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Go to Amazon and research the subject.  Then pick the best seller, and continue on.  A

Nov 29, 2016 11:36 AM
Rainmaker
1,508,432
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

There are always people giving us strategies & I always read them just to be sure that I am taking full advantage of the laws.

Sorry I don't have anyone specific but I know some coaches have these packages at the beginning of the year always.

Nov 29, 2016 11:29 AM