What else can we do?
Additional Tax Services
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Cost Segregation Studies
Real estate is one of the most tax-efficient investment vehicles — if structured and analyzed correctly. A cost-segregation study reclassifies portions of a building from long-term (39- or 27.5-year) property into shorter-life asset categories such as electrical, plumbing, finishes, or exterior improvements. This allows you to accelerate depreciation, reduce current taxable income, and improve after-tax cash flow. Our process includes:
Review of assets, cost data and invoices;
Preparation of supporting schedules that comply with IRS guidelines;
Integration of results into your current or prior-year tax filings.
This service is ideal for real estate professionals with commercial, multi-family rentals, and recently renovated properties.
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Partnership and K-1 Support
Partnerships and LLCs that elect partnership taxation generate Schedule K-1s — documents that report your share of income, deductions, and credits. These forms can be complex, particularly when they involve multiple properties, states, or passive-activity limitations. We handle the details so you don’t have to. Our K-1 services include:
Pre-year-end review of entity structure and anticipated allocations;
Basis and at-risk calculations to track deductible losses accurately (we keep our own records of basis for our clients);
Coordinating with other preparers when K-1s are delayed or amended;
Integrating K-1 data into your personal return.
Our proactive approach ensures that partnership reporting doesn’t hold up your filing and that your deductions and credits are fully optimized. Unfortunately, K-1s almost always require an extension, so we can help get estimates as well.
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LLC Tax Planning
Maintaining an LLC with the right structure, elections, and compliance is where some taxpayers can see long-term savings. Here we look at:
Entity selection and tax-classification analysis (S-Corporation in particular is valuable for small businesses);
Guidance on separating personal and business activity for cleaner records (please keep them separate!);
Annual filing support, including preparation of Form 1065 and K-1s;
Ongoing planning for estimated payments, distributions, and depreciation strategy.
By designing your LLC’s tax profile strategically, you preserve liability protection while keeping compliance efficient and tax outcomes optimized.
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Multi-State Tax Planning
Owning property or having income from separate LLCs in different states can be a headache. You may have tax filings you didn’t expect or neglect to withhold what was expected. We review where tax filings exist, prepare several state returns and look to avoid double taxation, and coordinate depreciation across different states (if necessary).
Bottom line, we want you to know how much you owe, where you owe, and even when you owe (Virgina’s tax filing deadline is not the same as the IRS for example). Let us help you elimiate surprises.
How We Work Through K-1s and Partnership Returns
Planning Before Year-End – We can identify which partnerships or LLCs will issue K-1s, anticipate timing, and model potential income or loss scenarios.
Receipt & Review – Once issued, we reconcile your K-1s with prior-year activity and check for basis sufficiency, passive-activity rules, and state allocations.
Return Integration – We classify each K-1 as ordinary, capital, and § 1231 income appropriately. Delayed K-1s are tracked so we can extend filings or plan around estimates.
Post-Filing Adjustments – We can manage amended or late K-1s, advise on whether an amended return is needed, and track adjustments for the next filing.
Forward Planning – Lessons from this year feed into entity and investment decisions for the next, improving cash-flow timing and minimizing surprises.
This process gives you visibility into where your K-1 income really comes from — and how to reduce its impact.
Seamless Coordination with Your Investments
Tax efficiency doesn’t happen at filing time — it’s built throughout the year. When you work with Independent Financial Planning with your investments and consider the access they have to real estate opportunities, the whole process is streamlined and simplified:
Purchases and improvements can be timed to maximize bonus depreciation or cost-segregation benefits.
We coordinate with tax-loss harvesting on investment accounts to reduce up to the amount able ($3k) ordinary income.
K-1s from IFP’s preferred real estate investments are qualified saving an additional amount on income.
Estimated payments are adjusted based on real-time activity, not year-old projections.
When your tax strategy and investment management work together, the result is simple: lower effective tax rates, stronger cash flow, and a clear understanding of how every move affects your after-tax return.