Are you ready for taxes?
The time is upon us to prepare your final documents and get your taxes filed before April 15, 2018. It is our hope that all of your data and documentation is easily accessible and in order. This should make for a an easy appointment with your tax professional.
You want to ensure your transactional data is intact so that you don’t under or overpay the Internal Revenue Service (IRS).
As a business owner it is vital to ensure you and your team keep accurate and reliable data throughout the year on your earning and expenses.
Even tax professionals aim to product clean and error free files but whenever you are importing data, having multiple hands touching the data, errors can be made. This is why you want to keep your accounting and financial data current throughout the year vs. just a few long weekends before tax time.
In our case, we tend to check and double check the numbers as a $1,000 rent payment from a tenant can sure mess up balance sheets and income statements if entered as either $100 or $10,000. One zero either way can make havoc on the books. Avoiding a last minute tax crunch can be avoided by doing your tax prep daily, weekly or even monthly throughout the year.
Here are some tips that will help you with tax prep and ensure a speedy tax appointment:
- Get a checklist from your tax professional of the needed documents
- Reconcile all bank accounts – remembering to watch for high or low transaction entries.
- Before you print or release any 1099 or W2 info, confirm the recipient’s personal information.
- Generate year end financials including owner statements, employee earnings, vendor transactions, purchase orders and any other information that your tax professional will need to reflect your profit and/or loss.
- You’ll need your vehicle logs, list of capital assets, summary of mortgage interest, property tax paid
- Keep your employee profile updated at all times.
- If you don’t use a tax professional, make sure you check IRS.gov fo the latest tax code rules and regulations
- In our case we use an amzing Property Management software to help us track data accurately which shortens the need to scrub data, update records and prepare documents at the last minute.
- We highly recommend you invest in your industries data management software to help you keep track of your data as well.
Your main job this tax season is to ensure your data is as accurate as possible.
All my best,
Picket Fence Properties, located in Windsor, CO is Northern Colorado’s Top Notch Property Management company helping owners with their rentals, income/investment properties and vacancies in Northern Colorado. Are you a owner of a home for rent or that you’d like us to manage? We help you have the perfect tenants in NoCO. Are you looking for somewhere to rent in Greeley, Loveland, Fort Collins, Wellington, Eaton, Evans, Windsor, Frederick, Firestone? Look no further, we have all your real estate and rental needs covered. Check out website for vacancies today.