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Tax Season Is Here, Are You Prepared? 4 Things You Need to Do If You Manage Property

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It’s that dreaded time of the year again…

Yep, tax season.

Except, it doesn’t have to be that unpleasant task you put off until the very last minute! (Don’t lie, we know you put it off). Taxes will never be fun, of course – we can’t promise you that. But they can be an easier pill to swallow with the proper preparation throughout the accounting year. So, what are some things you can do to prepare?

Keep Proper Records All Year

The most important task you can do to prepare for tax season is to maintain proper records of your finances all year round. Accurately tracking everything from expenses to earnings is a foundational step that will set you up for success when it comes time to file. Utilize a digital platform to optimize your organization and ensure the accuracy of your records. Failing to do this throughout the year will leave you scrambling at the last minute to gather the information you need, leaving you vulnerable to inaccurate reporting and auditing down the road.

Analyze Your Accounting Reports

Similarly important to keeping proper records, having access to accurate accounting reports is imperative to tax season preparation. Such reports provide a seamless view of your financial health and can provide valuable information to the tax professionals you consult. Plus, we don’t have to tell you that tax laws can be complex – accurate financial reporting will help you easily comply with local and federal laws. With the use of modern accounting software, you can view all your vital accounting records in one place; and pull important information on everything from your balance sheets to income statements, and more.

Understand Your Deductible Expenses

You’ll want to do your research and consider consulting a tax professional for this one, but it’ll save you substantial money in the long run. Find out everything you’re able to write off as a property manager, and take advantage of it! Common eligible deductions in property management include office expenses, property depreciation, insurance costs, maintenance and repairs, and utilities – but check with your own professional to see what you qualify to deduct. If you took our advice on maintaining records throughout the year, you should have a chart of accounts where you’ll be able to find each of your expenses and effortlessly pinpoint your deductions.

Know What Needs to Be Filed (and by When)

As a property manager, you’re likely working with contractors around your property for things like maintenance and repairs. Plus, you may have an in-house team to help manage your properties. In either or both cases, you’ll need to file the proper forms for everyone you’ve paid throughout the year. Again, we recommend consulting with a tax professional to understand which forms need to be filed, and by when, to avoid trouble down the road. Failing to file these documents will cost you fines, and yes, the IRS will know. 

Download our Tax Season Checklist below and keep track of your tax prep all year long.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our weekly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!

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