Tips For Preparing For Tax Season

Landlord Insurance

By Property Management Systems

PORTLAND, Ore. – Tax season is here and if you’re getting ready to file by April 14th, or you’ve already files and are moving forward with the year, now is the perfect time to simplify accounting so that you can make every tax season easier by following these simple tips.

tax season

Tips For Getting Ready For Tax Season 

Simplify the process for paying bills
Accounts payable is so much easier when all of your notes, documents, vendor information, bills and payment info is organized and easily accessible.

Manage bank reconciliations
Picture all of your bank information, consolidated: bank account, deposits and reconciliations and much more. This organization greatly simplifies the year-end close as you get your books ready for tax time.

Enable online payments
Centralized payments made to your property owners and vendors makes a huge difference for your peace of mind.

Manage your budget
From property level to business wide, a portfolio of income and expenses can make you secure in your ability to see the big picture.

Manage fees with accuracy
Fee management and accounting tools are designed to make that part of your business a piece of cake.

Generate financial reports
In one click, you could be viewing your business from dozens of customizable, easy-to-read reports. From cash flow to profit and loss, your business’ financial health is at your fingertips.

Sync with QuickBooks®
Find relief in knowing that the right property accounting software can sync with your third party accounting software such as QuickBooks®, Microsoft Dynamics and others. These platforms streamline the tax preparation work for your accountant, saving you time and money.

Don’t Stress Out About Tax Season

Sadly, one of the biggest problems that owners face is lack of organization during the course of a normal business year and they spend the week before April 14th racing to get all of their documents ready to file by he start of tax season.

Thankfully, it’s easy to prepare for tax season, especially if you apply one of more tips mentioned in this article:

 

  • Don’t wait until the last minute. Get a head start. It is much more relaxing and gives you time to adjust to surprises if needed. Procrastinating could lead to mistakes. Mistakes could lead to fines. Fines could lead to jail.

  • Get organized. As with most things in life, the more organized you are the smoother things tend to go. Hopefully, you took a little bit of time periodically throughout the year to organize things. If not, just do it. Take a day and chalk it up as a loss. Get it done. Get organized yesterday. It will help clear your head and make your CPA happy (and probably save you money as a result). Remember to include all sources of income. Income, expenses, receipts…categorize them all.

  • Deductions. Take advantage of all the deductions you are allowed.

  • Stay organized. You took the time to get organized. Now keep it that way.

  • If you own a business, make sure to send out W2s and 1099s to your team. Here is a link to the IRS site which will help you figure out how to handle contractors. If you don’t own a business, gather all of your income statements for all of your income sources.

  • To DIY or not to DIY? That is the question. You know your business. CPAs know theirs. If your situation is easy and you understand what you’re doing, give it a whirl. There are several software tools out there to help you do it yourself. If you are hesitant at all, it is probably best to hire an accountant. Ask people you trust who they use. Find someone you like and trust. If you own a business it would help if the accountant understood your industry and your business.

  • Double-check your work or have your accountant walk you through it before submitting. It takes a little bit of extra time, but a lot less time than having to file an amendment.

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