9 Tips to Better Prepare You For Tax Season

The nine tips below are helpful reminders to make sure you have all the information you need in front of you when it’s time to file your taxes.

1. Mark important tax dates on your calendar. While April 15th is the biggest deadline, you also want to make sure you receive any W-2, 1098 or 1099 forms on time as well. All of these should be mailed to you by January 31st, so if you don’t receive them soon after, contact the company that is supposed to send them to make sure you have them well in advance of the filing date.
2. Decide on a filing system. Whether you use paper clips, accordion folders, color-coded Post-it notes, or some other system, decide on how you’re going to physically group and hold together important paperwork and documents. If you do everything paperless online, that’s great, but be sure to keep electronic records organized in folders. Having a physical paper trail can come in handy in case of an audit.
3. Gather all income statements and documents. Group together any and all sources of income, which may include W-2, 1098 or 1099 forms as well as paid invoices or any other evidence of income you have received in the past year.
4. Gather all deductions. Group together documents regarding mortgage interest payments, property taxes, charitable gifts, medical bills, and any other items that may count as deductions.
5. Gather all receipts. If you have deductions that only have accompanying receipts as opposed to a document with the information, keep them separately in a file or folder.
6. Use your filing system. This may sound obvious, but in order for a filing system to be most effective, you actually have to use it all year and not just when tax season comes around.
7. Decide how you’re going to file. Be sure to consider different tax statuses if you are eligible for more than one. For example, if you’re married and can file either jointly with your spouse or separately, be sure to consider both options. This might be something for you to investigate throughout the year, especially if your circumstances change.
8. Decide the method by which you will file. Will you e-file, use a tax filing software program, hand everything over to an accountant, or just fill out the paperwork by hand yourself? Whichever you decide, make sure you have everything in place for using this method well before the April 15th deadline.
9. Keep up-to-date on tax laws. While it might be a good idea to get expert advice regarding tax law, you should also keep an eye on the news for anything that might affect you or your business. A well-informed client can often help attorneys give the best legal advice, so make sure you know about any changes in tax provisions that could apply to you.

Top 7 Benefits of Outsourcing Your Property Management Needs

As a business owner, property management is another “to-do” item that needs to be checked off the list. However, if handled incorrectly, it can quickly become a costly headache that gets in the way of other activities that generate real bottom-line revenue and organizational value. Whether you’re a small business or large company, outsourcing your property management needs can help you reduce costs and stay focused on growing your business.

If you have yet to consider the option, below are seven reasons your business can benefit from outsourcing your property management needs.

1. Lower Costs

A good property management firm enables you to leverage established vendor relationships, staffing efficiencies and best practices for preventative maintenance programs to minimize costs while preventing premature equipment failures that lead to expensive repairs. Furthermore, outsourcing allows you to minimize your overhead, focusing your resources on your core business objectives.

2. Energy Savings & Being Green

An experienced property management firm can help you lower your monthly energy bills by up to 50% by analyzing your buildings’ power needs and providing simple, low cost upgrades to your lighting and occupancy sensors. Client retrofits typically pay for themselves in as little as 6 to 12 months.

3. Ability to Focus on Your Core Business

Worrying about your property can prevent you from focusing on what is really important to growing your business. Outsourcing your property management needs allows you to focus on the core activities that drive revenue while still maintaining a property that is clean, operational and beautiful.

4. Preventative Maintenance

By outsourcing your property management needs you are actively engaging in a preventative maintenance program to extend the life of your equipment, appliances and building structure. A property management firm will implement routine checks for leaks and structural issues to minimize cost and improve site safety.

5. 24/7 Coverage With Expert & Reliable Performance

Your business can benefit from an existing team of well-trained property management experts that are able to perform the services needed to maintain your property on a 24/7 basis. This includes plumbing and electrical services, drywall repairs, painting, ceiling tile repairs, carpeting, routine cleaning, lock & key maintenance, and closing/opening of facilities.

6. Emergency Management

Your property management firm will have the people and resources required to respond to any and all emergencies.

7. Safety Compliance

A key part of property management is maintaining all local, state and federal compliances. Your property manager will work with your established corporate standards, local fire marshals, landlords and building inspectors to ensure you’re up to date on all applicable regulations.

What are the differences between a Building Code Inspection and a Property Inspection?

Before we talk about any of this let us first clarify what a building code is. A building code is a published body of rules and regulations for building practices, materials, installation, performance designed to protect the health, and the welfare and safety of the public.  These range anywhere from the minimum size allowance for a room to how many, how far apart, and what size nails are used when the structure is put together. The code can also address what type of glass is used in a window, or the size wires used in the electrical system for the different types of applications. The building code list is very long and very technical, but is there to insure safety and awareness.

Building codes change through time and location, and there are literally thousands of codes. The building codes in the United States started in late 1927, before that time there were no written and agreed upon uniform standards of construction. The public was mainly relying on the builder and the tradesman to be an ethical, honest, and a good craftsman, which to a large degree they were. How this affects inspections today is that we don’t know what every code was when a property was built, nor do we know all the codes involved. Even a City Inspector doesn’t know all the current codes, much less past codes. 

Every year the codes change, and these changes are put out in writing approximately every three years into book form. The codes can be different depending on the city in which the building is located. There is no way to know all the codes for each different area, and for all the different possible times of construction.  Another thing you should know is that the on-site local Building and Safety inspector has final say as to whether something is acceptable per the code. He may also waive a minor infraction if he feels it is in the spirit of the code. There may be a Modification to the Building Code that was filed and accepted for the site, and for a particular circumstance or a variance. Without getting into the technicalities of what these are the simple explanation is that they are all circumstances. They’re not exactly per the code of the time, but are changes that have been approved by the local Department of Building and Safety.  They have the final say as to whether something is acceptable per the code.