As a property manager, accounting is part of your daily life. In addition to dealing with all the challenging tasks of property maintenance and tenant or owner issues, you have to monitor the books. If you are struggling to keep up, paper may be holding you back. Is it time to switch your property management accounting system from paper to software?

Do you use your home as an office? If so, it's worth considering whether or not you are eligible to take a tax deduction for your home office. The benefit can be significant. The home office deduction is one key way to reduce your tax bill. Here's some guidance from the IRS on how to determine your eligibility. 

Think you want to invest in rental properties? Are you considering buying residential property for rentals? Experts advise people who invest in real estate for building future wealth to make a long term commitment. Here’s how: 

You know that financial health is the key to peace of mind. When your money is working for you, you can provide for your family and retire when you're ready. The system doesn't own you. Instead, you are in control.

In our past blogs, we’ve talked about some of the tax deductions you can get as a landlord. But guess what? None of those tax deductions matter if you don’t have the records to claim them. 

When you're starting out - new career, new location, new relationships - you probably get lots of advice about planning for your future. Sure, you're fully engaged in budgeting your income and thinking about lifestyle priorities. Still, it's a good idea to start working with a personal financial advisor to develop your long-term financial plan. That comprehensive plan will include, at the least, savings and investment, an emergency fund, debt elimination (student loans), retirement, and income protection (life insurance).

Most people look forward to retirement. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, you will need retirement income to support your lifestyle. Many people depend on multiple sources of retirement income. Here's a quick review of the six primary income sources:

Does it seem like you’re always paying more in taxes than other small business owners do? If so, it’s likely because you’re missing out on deductions that help you offset your income and pay less taxes. If you fail to claim enough deductions, you will end up swimming in tax debt. 

When you hit your 50s, you are in your peak earning years and getting close to life beyond work. As you think about the future, do you have a vision and, more importantly, a plan for how to achieve the retirement life you want? You want to make sure that you have adequate resources to support your future lifestyle. Why not use the years of work left to focus on building your retirement security.

When you first open a business, you have a lot of decisions to make. Choosing your business structure is one of the most important decisions you will make. Your business structure refers to the entity that you form so you can practice business in your state. You cannot sell a product or service without forming a business entity.