How to Prep for Tax Time Without the Panic

Real estate investors, this one’s for you!

Tax time shouldn’t feel like a horror movie. But let’s be real...If your books are messy, you're scrambling for receipts, or your CPA is texting you last-minute questions, it’s a problem.

Here’s how to prep like a boss and keep tax season chill 😎

1. Keep Your Books Updated All Year 📅

Don’t wait until December to get your books together. Tracking income and expenses monthly makes life so much easier. You’ll always know your numbers, and your CPA won’t hate you come April 😅

2. Use Classes or Tags for Each Property 🏘️

If you own multiple rentals or flips, don’t lump everything together. Use classes, tags, or separate accounts to track each one. That way you can quickly see:

• Income per property

• Repairs by unit

• ROI for each deal

Your tax pro will thank you 🙏

3. Categorize Expenses the Right Way 🧠

Repairs vs. capital improvements? Meals vs. travel? If you mess this up, you could either overpay or risk an audit. Talk to a bookkeeper who knows real estate — it matters.

4. Save Receipts and Docs Like a Pro 📂

Go digital. Snap pics of receipts. Store invoices in folders. Keep things like:

• Closing statements

• HUD-1s

• Rehab invoices

• Lease agreements

No more digging through drawers.

5. Schedule a Tax Prep Meeting Early ⏰

Don’t ghost your CPA until the deadline. Book a meeting by February or March at the latest. Send them:

• Updated P&L

• Balance Sheet

• 1099s

• Any big purchases or sales

The earlier you prep, the fewer headaches later.

Bonus Tip: Hire a Bookkeeper Who Knows Real Estate

You’re not just running a business. You’re building an empire. Make sure your numbers are tight, your books are clean, and your strategy is tax-smart 💪

Need help with real estate bookkeeping? I got you. Let’s make tax season stress-free. Hit me up anytime 🧾🏡