When Should You Start Thinking About Taxes? It’s Never Too Early
Do you own rental properties in the Portland Oregon area? If so, one of the most important things that you should never do is wait until the end of the year to start thinking about taxes because taxes can be a huge burden that many landlords are unprepared to take care of when tax season comes around again.
In this article will provide you with several handy tips that you can use for staying on top of taxes all year long.
Tip #1 – Don’t Hesitate to Invest in Your Business
One of the first things that you should do is invest in your business by purchasing the software programs like Quickbooks to help you better manager your finances. Besides investing in the right software, you should also hire a property management company to manage your rental properties in Portland Oregon.
With Rent Portland Homes Professionals, each month you will receive a detailed income and expense report. At the end of the year you are also provided with a 12-month cash flow statement for your tax records. Our experienced accounting dept. is always available to you.
Tip #2 – Use All of Your Deductions Including Section 179 Deduction
Besides investing in your business, you should also use all of your deductions including Section 179 deduction which allows a business to put equipment, fixed assets, machinery, and equipment into service over one year rather than deducting those costs over time.
Tip #3 – Fund Your Own Retirement with Your Rental Income
It doesn’t matter if you’re 25, or 55, if your rental properties in Portland are generating income on a monthly basis you should consider using that income to fund your own retirement. There are a wide variety of strategies to consider including starting a company 401(K) plan then if you are an “employee” of your own company you could make the maximum contribution to your 401(K). For more information about this contact your tax specialist today!
Tip #4 – Estimate Your Taxes If You Are Filing Quarterly
Another handy thing you can do regarding taxes is to estimate your taxes if you’re filing quarterly. To learn more about how much in taxes you can expect to pay, sit down with your tax specialist and come up with a plan today.
Get Property Management For Your Rental Properties In Portland Oregon
To learn more about how to manage your taxes as a landlord, or to speak with us about the property management for your rental properties in Portland Oregon contact us today by calling (503) 516-2648 or click here to connect with us online.