Real Life Accounting for Real Estate Investors

This is a can't-miss opportunity for you if you are a: 

- New investor ready to set up good bookkeeping practices
- Experienced investor tired of lousy accounting and wasted money
- Bookkeeper working with real estate investors

Two-Day Bootcamp:
February 8th & 9th | 8:30 a.m. to 4:30 p.m.
- Breakfast provided both days

About the Teacher: Michael Plaks is the go-to income tax guy for the Wealth Club. Michael is a Federally licensed tax expert who works exclusively with real estate investors. Since 1996, he has prepared thousands of tax returns for Houston investors, and he has saved hundreds of his clients from the IRS troubles. He is known for his expert knowledge and for his quirky sense of humor.

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Day One Program | 2/8
- Critical distinction between accounting for cash flow and accounting for IRS taxation

- Introduction to IRS taxation of Real Estate businesses (there is no such thing as “Real Estate investor” for the IRS)

- Classification of REI businesses (there are only two principal kinds of real estate investments; everything else are variations of these two)

- Real-life examples of lousy bookkeeping (why most general-practice bookkeepers are unable to help REI investors)

- IRS concept of taxable income and deductible business expenses.

- Three types of money spent: expenses, assets, and inventory (aka COGS)

- IRS treatment of start-up costs in various types of REI businesses

- Introduction to double-entry bookkeeping (why QuickBooks trade name is misleading)

- How to read HUD-1 statements (aka settlement statements aka closing statements)

Day Two Program | 2/9

- Recommended Chart of Accounts for REI businesses

- Recording fundamental transactions for property dealers/resellers/flippers

- Recording fundamental transactions for landlords

- Recording financing and refinancing of investment properties

- Recording money transactions between business and its owners

- Advanced REI transactions: owner-financing, repossessions, foreclosures

- Bookkeeping approaches for multiple business entities owned by the same investor

- Best accounting practices

- Preventing and surviving an IRS audit

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  • Sarah L.

    I'm reading Mr.Plaks's excellent informational website, and I STRONGLY RECOMMEND that everyone read it carefully, and you will learn how to make distinctions about the path you may be charting for your business. My experience has taught me that when you are in business as an owner or contractor you must comply with IRS tax regulations using a seasoned and savvy tax professional and advocate, and when you do, you will have peace of mind, soul, and heart.

    January 8, 2014

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