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.
Cash flow management can make-or-break a company, and if you aren't properly managing the flow of your money, then you are setting your business up for failure. If you want to achieve long-term success with your company, then you need to make sure that you have cash available at all times.
Being a good landlord takes practice, and no matter how much you read, there really isn’t a substitute for experience. But if you are thinking about investing in rental property or you are a new rental property owner, there are a few basic rules that will help you hit the ground running.
If you are investing in rental property, then you’ll become well-acquainted with the Schedule E tax form. The Schedule E is where you’ll report all of your expenses and income for the year, and take advantage of any deductions you may want to claim.
You wouldn’t spend more than necessary on utilities for your rental property, would you? Then why would you spend more on taxes than you have to? Every year, landlords lose money because they overpay on their taxes, missing important and easy deductions that could put cash into their pockets.
April 15th is a dreaded day for many people because it is the day that their annual tax payments are due. How are you doing so far this year? Have you been able to gather and organize all of the information you need to complete your business and individual tax returns for the year? If not, you may need the help of tax preparation services.
As a real estate investor, accounting is part of your daily life. You have to monitor the cash flow in, and make sure you’re managing your outflow in a profitable manner. For many investors, a paper accounting system is the one they know and use. However, paper may be holding you back; for many, it’s past time to make the switch to an accounting software program.
If you’re a small business owner, you need a business plan. Not only will a business plan help you think more clearly about your business’ future, it also forces you to organize your goals and strategies, and keeps your business on track.
As a small business owner, you have a lot on your plate. And trying to focus on growing your business can be tough, especially when you have to deal with auxiliary demands, such as accounting. But, by outsourcing the accounting work, you can free up time and energy, and devote yourself to the number one goal: increasing your revenue.
Taxes. That word alone is often enough to strike fear into the heart of small business owners the world over. But, taxes don’t have to be scary. People often fear what they don’t understand; thankfully, we’re here to give you some quick tips on how you can take advantage of small business tax savings strategies this year.