You Need More than a Tax Preparer, You Need a Tax Strategist! with Melissa Broughton, Ep 100

Journey to Multifamily Millions

Today's guest is Melissa Broughton, she is a co-owner of Busy Bee advisors, where she helps small business owners find financial clarity in their business through accounting and tax services.

In this episode, Melissa shares her inspiring journey from corporate accountant to small business owner, fueled by a passion for financial clarity in business, especially for real estate investors. Discover essential topics like the importance of proper bookkeeping, effective tax strategies for various types of investors, and understanding the critical IRS 750-hour rule for real estate professionals.

Melissa highlights the importance of partnering with a tax professional who specializes in real estate to avoid costly mistakes and optimize financial outcomes. Gain insights into the unique challenges faced by accidental landlords and active real estate investors, along with practical advice on managing business finances.

But more than anything, you’re in store for a whole lot of positive energy and great conversation!
Episode Topics

[01:08] Meet our guest, Melissa Broughton
[03:32] The Birth of Busy Bee Advisors
[08:44] Navigating the Pandemic Together
[13:31] Advice for New Real Estate Investors
[21:08] The 750 Hour Rule and Real Estate Professional Status
[26:20] The Importance of Specialized Tax Professionals
[30:58] What is one red flag every investor should look out for?
[31:51] What is a myth about the real estate business?
[33:22] Connecting to Melissa

Notable Quotes

• "There's a ton of opportunity for our firm to provide bookkeeping, accounting, and tax services." — Melissa Broughton
• "There was a comfort in the fact that one plus one is always going to equal two." — Tim Little
• "You want someone who actually enjoys doing the thing, especially if you don't." — Tim Little
• "I am a very entrepreneurial spirit. I've always been drawn to helping people with business plans." — Melissa Broughton
• "Keep separate accounts for your separate properties. It's just a no-brainer." — Melissa Broughton
• "Set up a business email as well. It helps to present that more professional image." — Tim Little
• "I call those the accidental landlords. They have this property that wasn't intended to be an investment." — Tim Little

👉Connect with Melissa Broughton

• LinkedIn: Melissa Broughton
• Website: BusyBee Advisors
• Email: [e-mail]
• Telephone: [phone]

👉 Connect with Tim

• Linkedin: Tim Little
• Instagram: @tim_at_zana
• Email: [e-mail]
• Visit www.ZANAinvestments.com for more info on Tim and how you can passively invest in multifamily real estate
• Get your Passive Investor's Cheat Sheet FREE

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https://podcasts.apple.com/us/podcast/journey-to-multifamily-millions/id1634643497