Tax Preparation Done Right for Real Estate Investors and Business Owners
Real estate returns are not standard returns. Depreciation schedules, passive activity rules, basis tracking, Schedule E, 1031 exchange reporting, and multi-entity structures require a CPA who works in this space every day — not one who handles a few rental properties as a side case. At Sherry Aland PC, real estate tax preparation is the core of the practice, not an add-on.
Returns We Prepare — and Why the Details Matter
Accurate filing starts with knowing which return types your situation actually requires and how they interact. We prepare the full range of returns for investors, business owners, and real estate professionals across Oklahoma.
- Individual returns (Form 1040) — including Schedule E for rental income, Schedule D for property sales, and all real estate transaction reporting
- S corporation returns (Form 1120-S) — for investors and agents operating through an S corp structure
- Partnership returns (Form 1065) — for multi-member LLCs and investment partnerships holding real estate
- Single-member LLC and sole proprietor returns — filed on Schedule C or as a disregarded entity, depending on your structure
- Business returns with real estate activity — for entities where property ownership intersects with operating business income
If your situation involves rental property, a property sale, a 1031 exchange, or depreciation recapture, those items are routine here. We do not hand them off or flag them as exceptions.
Two Decades of Real Estate Accounting Before the First Return Was Filed
Sherry Aland, CPA, MBA, MSCTA, spent ten years as controller for a real estate group and additional years at a property management company that grew from 21 to 90 apartment complexes. That accounting background is what distinguishes the returns prepared here from those prepared by a generalist CPA who handles a handful of rental clients. The real estate piece is not a specialty add-on. It is the foundation of the practice.
Preparation Is Compliance. Planning Is What Reduces the Bill.
Filing an accurate return is required. It is not a tax reduction strategy. If your goal is to pay less next year — not just report this year correctly — preparation alone will not get you there. Tax planning is the work that happens before the return is filed: depreciation elections, entity structure decisions, timing of income and deductions, cost segregation coordination, and qualification strategies for real estate professional status or short-term rental treatment.
We offer both services, and they work together. Clients who engage for ongoing tax planning consistently see a lower tax liability than clients who engage for preparation only. If you want to understand what that planning could look like for your situation, the tax planning page explains how that engagement works.
What the Filing Process Looks Like
A Secure Portal and a Clear Checklist — Not a Shoebox
Document intake runs through a secure client portal. When you onboard, you receive a guided checklist specific to your return type — rental property owners get a different list than S corp owners. You upload documents once, digitally, and we flag anything missing before we begin. No paper packets, no back-and-forth email chains hunting for a single form.
We Read Your Prior Returns Before We File Your New One
During onboarding, we review the last two to three years of returns. This is where we find missed depreciation, misclassified property, incorrect basis, and unclaimed deductions that prior preparers left on the table. Amended returns can recover overpayments within the statutory window — typically three years. If your prior returns were prepared by a generalist who wasn't deep in real estate, there is a reasonable chance something was missed.
Rental Property and Real Estate Transaction Reporting
Schedule E preparation, depreciation schedule maintenance, passive activity loss tracking, and gain or loss reporting on property sales are standard components of our client returns — not exceptions we work around. If you own multiple properties across different entities, we coordinate the reporting across all of them. Clients in Edmond, Oklahoma City, and Tulsa regularly come to us specifically because their previous preparer wasn't comfortable with the real estate piece.
S Corporation and Partnership Returns
S corp and partnership returns require attention to basis, distributions, officer compensation, and the interaction between the entity return and the individual return. These are not forms to rush. We prepare both the entity return and the corresponding individual return together, so nothing falls through the gap between them.
Multi-State Property Situations
If you own rental property in more than one state, you may have filing obligations in each state where income is generated. We identify those obligations during onboarding, prepare the required state returns, and coordinate credits between states to avoid double taxation where the law permits it.
What Accurate Filing Actually Requires
Accurate real estate tax preparation depends on three things: a complete depreciation schedule carried forward from prior years, correct classification of each property and its associated expenses, and proper treatment of any transactions — sales, exchanges, or refinances — that occurred during the year. These are not details a generalist firm typically tracks with the same discipline. This practice was built around them.
What is the deadline for filing my individual return?
The standard deadline for individual returns (Form 1040) is April 15. An extension moves the filing deadline to October 15 but does not extend the deadline to pay any tax owed — if you expect to owe, payment is still due by April 15. We handle extension filings for all clients who need them.What is the deadline for S corporation and partnership returns?
S corporation (Form 1120-S) and partnership (Form 1065) returns are due March 15. Extensions are available and move the deadline to September 15. Because the K-1 from your entity return flows into your individual return, getting the entity return filed on time — or extended — affects your individual filing timeline as well.Can you file an extension if I'm not ready by the deadline?
Yes. Extensions are routine and we file them for any client who needs more time to gather documents or whose situation warrants it. An extension is not a red flag — it is a standard filing option. The important thing is that any tax owed is estimated and paid by the original deadline to avoid underpayment penalties.I think my prior returns were done wrong. Can you review them?
Yes. Reviewing prior-year returns is a standard part of our onboarding process. We look specifically for missed depreciation, incorrect property classification, unclaimed deductions, and basis errors. If we identify material errors, we can prepare amended returns to recover overpayments within the statutory three-year window. Missed deductions do not expire immediately — there is usually time to correct them.I own rental properties in Oklahoma and another state. Do you handle multi-state returns?
Yes. If you have rental income or property sales in another state, you likely have a filing obligation there. We identify all state filing requirements during onboarding, prepare the required returns, and coordinate any applicable credits between states. Multi-state situations are common among the real estate investors we work with.Who prepares S corp tax returns in Edmond, OK with real estate expertise?
Sherry Aland PC prepares S corporation returns for real estate investors and agents operating through an S corp structure in Edmond, Oklahoma City, Tulsa, and across Oklahoma. The firm's background in real estate accounting — including ten years as controller for a real estate group — means the real estate and business income interaction is handled correctly, not approximated.Do you only prepare returns for clients who also do tax planning with you?
No. We prepare returns for clients who engage for preparation only. That said, we will be direct: preparation alone does not reduce your tax bill. It reports what happened accurately. If your goal is to lower what you owe next year, tax planning is the work that makes that possible. We make that distinction clearly at the start so clients can decide what level of engagement fits their situation.
