Thomas Castelli has his area of focus in Tax Planning Real Estate, and he owns an 82-unit apartment building. He got his education in BS in Accounting at Farmingdale State College. He is a CPA and a Certified Real Estate Financial Modeler. He previously ...
Thomas Castelli has his area of focus in Tax Planning Real Estate, and he owns an 82-unit apartment building. He got his education in BS in Accounting at Farmingdale State College. He is a CPA and a Certified Real Estate Financial Modeler. He previously worked with BDO.
In this episode, Thomas lets you understand why at the onset of your real estate investing journey it’s best to set up your accounting system and get help from a service company like his to deal with the nuances of the tax side of the business so you minimize your tax liabilities.
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What you'll learn in just 17 minutes from today's episode:
“The foremost thing you should do when you're starting out, make sure you have an accounting system in place to make sure you're tracking your income and expenses and not missing out on any of the more basic deductions you could be taking. That's the first step and that's the first thing I see a lot of people missing.” - Thomas Castelli
“We found that we typically work best with clients to whom we can add the most value who have already got their engine going. And what I mean by that is that you already have a handful of properties and you're really ready to scale.” - Thomas Castelli
“If anybody wants to check it out, taxsmartinvestors.com, basically, that's our service for people who are just getting started. We provide a lot of the foundational strategies and a lot of the foundational knowledge through that platform at a relatively low cost compared to what you would get by actually working with the one-on-one with a CPA.” - Thomas Castelli
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