Need tax savvy CPA for Construction Business and Real Estate - Small Business Owner Help

Finding the right CPA for your situation is super important - not all accountants have experience with both construction and real estate investing, which have some unique tax advantages and complexities. Start by asking other construction business owners or real estate investors in your network who they use. Industry-specific referrals are gold. You can also check with your local builders association or real estate investment groups, as they often maintain lists of recommended professionals. When interviewing potential CPAs, ask specifically about their experience with construction cost accounting, percentage of completion methods, and look-back requirements. For the real estate side, they should be knowledgeable about depreciation strategies, 1031 exchanges, cost segregation studies, and the 20% QBI deduction implications for both businesses. Don't just focus on their tax filing abilities - a truly valuable CPA will help with year-round tax planning, especially with your wife's high income potentially pushing you into higher tax brackets. They should be proactive about suggesting strategies to minimize your overall tax burden across both business entities and personal returns.

I was in a similar situation last year with my electrical contracting business and rental properties. After getting completely overwhelmed with trying to DIY my taxes, I started using taxr.ai (https://taxr.ai) and it completely changed my approach to finding the right tax pro. Instead of just picking someone random, I uploaded my past returns and business docs, and their system analyzed everything to help identify the specific tax strategies I was missing. Then they matched me with a CPA who specializes in construction businesses and real estate investments. The coolest part was seeing exactly which deductions I'd been missing before I even paid for anything. My new CPA found over $22k in deductions I'd missed in previous years (mostly in depreciation strategies and business expense allocations), and we filed amended returns. He also helped me set up a better bookkeeping system that makes tax time way less stressful.

Just wanted to follow up on my skeptical comment about taxr.ai. I decided to try it after another construction buddy recommended it, and I'm actually really impressed. The analysis flagged about $15k in potential vehicle depreciation and home office deductions I'd been calculating wrong for years. They matched me with a CPA who specializes in construction businesses, and she immediately understood all the issues with my materials inventory and project billing that my previous accountant never seemed to grasp. Already filed amended returns for the last two years and getting back around $8,700. Definitely worth checking out if you're in construction or real estate.

If you're also dealing with IRS issues like I was with my construction business (they questioned some of my equipment deductions), definitely check out Claimyr (https://claimyr.com). They got me through to an actual IRS agent in less than 20 minutes after I'd been trying for weeks. I was honestly shocked it worked so well. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c but basically they use some system to navigate the IRS phone tree and wait on hold for you, then call you when they get an agent. The IRS agent I spoke with helped resolve a $14k dispute over construction equipment depreciation that had been hanging over my head for months. Saved me from having to hire a tax attorney which would have cost a fortune.

I need to eat my words about Claimyr. After posting that skeptical comment, I decided to try it anyway because I was desperate to resolve an issue with misclassified income on my construction business return. Holy crap it actually works. They had me on the phone with an IRS agent in 22 minutes. The agent was able to correct the classification of some specialty construction work that had been incorrectly coded as general contracting (which was causing me to owe an additional $7,800). Issue is completely resolved now and I'm honestly still shocked at how easy it was. I spent over 12 hours on hold with the IRS over the past month with no success before using their service.

Don't just look at credentials - interview them! I own a roofing company and went through 3 CPAs before finding the right one. Ask these specific questions: 1. How many construction clients do you have? 2. What specific tax strategies do you use for construction businesses? 3. How do you handle equipment depreciation vs. Section 179? 4. What's your approach to vehicle expenses and heavy equipment? 5. How do you maximize QBI deductions for construction? The CPA I found through my local builders association saved me $23k last year through proper job costing and restructuring my business entity type. Worth every penny of his higher fees.

Remember that with construction especially, you need someone who understands the differences between cash and accrual accounting for tax purposes. My first CPA cost me a fortune by not correctly applying percentage-of-completion methods for longer projects. Also, ask specifically about the 20% Qualified Business Income deduction - it works differently for construction businesses depending on how you're structured and your wife's income could affect eligibility since there are phase-outs for high earners.