Navigating Tax Season: Tips for Property Management Accounting

Navigating Tax Season: Tips for Property Management Accounting

May 25, 2023

Tax season can be a daunting time for property managers in property management accounting. With deadlines looming, complex regulations to navigate, and an endless array of forms to fill out, it’s no wonder that many professionals in the industry find themselves feeling overwhelmed. But fear not! This blog post explores expert tips and tricks for quickly navigating tax season. From understanding the latest tax laws to streamlining your record-keeping processes, you’ll discover everything you need to know to make this year’s tax season a breeze. So grab a cup of coffee (or tea), sit back, and get ready to tackle tax season like a pro!

What is Tax Season in Property Management Accounting?

When it comes to taxes, there’s no one-size-fits-all approach. That’s why property managers and accountants need to comprehensively understand the tax law in their jurisdiction in property management accounting. Here are a few tips for navigating tax season:

1. Know your federal income tax brackets. Federal income tax rates vary depending on your annual income level. The 2017 federal income tax brackets are as follows: 10%, 12%, 22%, 24%, 32%, 35% and 37%.

2. Keep accurate records of all income and expenses. Property managers and accountants should keep detailed records of all rental revenue, costs associated with leasing, such as advertising, management fees in real estate accounting, and any capital gains or losses realized from property sales or other investments related to their business. This information can help you identify potential deductions and credits that may reduce your taxable income.

3. Pay attention to depreciation rules. Property managers and accountants should know the various depreciation rules to claim allowable tax deductions in property management accounting. For example, depreciable assets such as buildings, equipment, and furniture may be eligible for accelerated depreciation (e.g., 50% deduction first year, then 25% each subsequent year). This can result in significant savings on taxes over time!

4. Review estate planning options. Estate planning is an essential step for anyone who plans on leaving behind a legacy after they die – whether that means setting up

Tips for Property Managers and Accountants in Property Management Accounting

Property managers and accountants should be prepared for the tax season by reviewing their situations, adjusting their planning accordingly, and staying organized in property management accounting. Here are a few tips to help:

1. Establish an overall plan. Property managers and accountants should have an overall game plan for the tax season rather than simply reacting to changes in tax laws as they happen. This will help them stay organized and on track and make filing taxes easier.

2. Review your situation. Each property manager or accountant will likely have different tax obligations depending on the type of business they operate, their personal income levels, etc. It is essential to review these obligations carefully before preparing taxes so that you know of any potential issues or deductions that may apply to your case.

3. Stay organized. Property managers and accountants must be very organized to file taxes on time and avoid penalties. This means having accurate records of all transactions, tracking down relevant paperwork (such as receipts), and being mindful of deadlines.

4. Understand the importance of preparation tips. Many people find it helpful to read about the ins and outs of taxation before filing their taxes to ensure they are doing everything correctly – this is especially true for property managers who may have yet to fill out taxes in a while or are new to this process. There are many more benefits also in Appfolio bookkeeping.

How to Prepare for Tax Season

There are a few key things to do to prepare for tax season. Here are four tips for property managers and accountants in property management accounting:

1. Keep accurate records of all income, expenses, and deductions. This will help you track your progress and ensure you benefit most from your deductions.

2. Review your returns with your accountant or tax preparer before filing. Ensure you have all the information to file correctly, including W-2s and 1099s, if applicable. If there are any errors, they can be corrected before filing.

3. Plan – know what changes or updates you must make to your tax return to get the most favorable results. For example, if you have investments that generate income in different years, be sure to update those values on your tax return so that you’re taking advantage of all available deductions and credits.

4. Stay organized – keep your paperwork together so it’s easy to find when you start preparing your taxes. This includes copies of documents such as leases, mortgage papers, bank statements, and more.

What to Do When You Encounter a Problem

Property managers and accountants often encounter tax season problems. Here are some tips to help navigate the process:

1. Contact your accountant as soon as you realize there is a problem. This will allow them time to research the issue and give you a plan of action.

2. Keep track of all communication with your accountant. This will help you reconstruct the timeline of events and better understand what needs to be done to resolve the problem.

3. Understand the tax laws that apply to your business. Familiarize yourself with relevant provisions in IRS Publication 535, Taxation of Partnerships, S Corporations, Other pass-through Entities, and IRS Publication 946, Domestic Production Activities Deduction. This information can be found on IRS Web sites or at an association or professional organization for accountants.

4. keep track of important documents related to your taxes, such as receipts for expenses incurred during the year, copies of canceled checks, and letters from your accountant advising specific tax issues. Having this information readily available will make resolving any issues much more manageable. For more information you can also visit to answerteant.


As property managers and accountants, our jobs often require us to keep track of much different information. This can be difficult when navigating tax season, so we have put together some tips on making the process as smooth as possible for you and your clients. By following these simple steps, you can reduce the stress levels that come with tax season and ensure that all relevant paperwork is completed promptly. We hope this article has helped, and if not, please let us know in the comments below!

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