Can you believe that tax season is already approaching? That’s right, the season officially starts at the end of January. With so many moving parts, it truly is never too soon to start getting organized and ready for the occasion.
Verify Information for 1099’s
Confirm owner and vendor information
- Correct Name
- Tax ID’s
- Addresses
- If you are unsure of which vendors you need to send 1099’s to, consult a tax professional
Request missing W9’s
- Many management teams know it’s best to require a W-9 before making that first payment, but this doesn’t always happen. Connect and confirm this information in advance to wipe out any future stress.
Tax Deductions
Search for those deductions!
- Ex. Insurance purchased for the PMC should be tax deductible
- Ex. Vehicle Mileage
- Ex. Software or Computer Expenses
Track and update all your expenses on maintenance, repairs, and daily business operations. These expenses can add up overtime and save you quite a bit of money in the long run.
Learn Tax Law Changes
Stay knowledgeable year after year! Tax codes on the federal and state level can make a big impact on business. Be proactive on learning these changes, and how it will affect your communities.
Lean into Software
Integrate, consolidate, and simplify your accounting procedures with software. These solutions can help you stay organized throughout the year, as well as prepare for tax season. By employing an accounting software that was created specifically for the association space you can collect assessment information, vendor information, tax documents, and up-to-date account information on a seamless platform.
Learn more about accounting software and the efficiencies it can provide your team all year long within this whitepaper!
It’s incredibly stressful to verify important tax details right before your deadline, and this may cause you neglect other important business duties. Prepare today and set your team up for success this tax season. If you have any questions about accounting software and how it can be utilized within your communities connect with a FRONTSTEPS representative today.
