accountingTax season is stressful. Add onto that refinancing of your rental home or any property in general and the stress only multiplies. Everyone around you is asking for documents and you're just looking for a way to make everything run just a little smoother.

While some stresses that accompany investment into real estate and property management are unavoidable, stress during tax season can be eased by making sure you're organized before it hits. Solid bookkeeping is essential to easing your stress during tax season. You may not feel like you have enough time in the day to do this yourself and do not have the budget to hire someone to do it for you, but a few tips will help out in this:

First, organize as you go. Don't simply throw every receipt that comes along into a box and put it off until tax season. You won't know where to start. If you keep it organized the whole year through this will help when it comes down to tax season. If you're worried about losing receipts, take a picture of it as soon as you get it. Most people will have a smartphone that will allow them to take photos. You can store these photos in a file so that you can keep everything well organized for when you need it.

An accounting system that works for you should help you find the time that you think didn't exist to accurately keep your books.

Biggerpockets has an excellent article to help you stay on track here.

POSTED April 11 2014 9:10 AM

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