As a property owner or Homeowners Association (HOA) board member, it is essential you keep your accounting records updated throughout the year. At Gassen, we offer a variety of accounting services such as property management, the organization of tax records, and the tracking of incoming revenue and outgoing expenses. We design our services to help you keep your records accurate and updated. Let’s look at some ways we make accounting easier for you.
Separate Personal and Business Accounts
You need to keep your personal and business financial accounts separate. Managing each account separately will eliminate confusion when it’s time to do your taxes. By maintaining individual accounts, you can see where all of the tax deductions are, as it applies to your business instead of your personal finances. Trying to manage them together creates confusion, while wasting time and money.
Separate Property Accounts
You should also have a separate account for each property you own. Having an account for each property helps us monitor your incoming revenue and outgoing expenses for a specified property. You can observe which properties are more profitable for you, as well as help you manage separate bank accounts in various locations throughout Minneapolis or St. Paul.
Cash and Accrual Accounting
A way to ensure tax time goes smoothly is to use either the cash method or accrual method. The cash method is counting the cash when it is received or when it is paid out. The accrual method is recording transactions when they are made, not when they are received. Using only one method will keep things manageable. Our experts can evaluate your financial situation and recommend which method is best for you.
Digital Accounting Services
Going digital will give your tenants and HOA members several options for paying rent or HOA dues each month/year. There are more benefits to keeping track of records digitally over recording everything on paper. Paper copies can get lost, thrown away, or destroyed, whereas digital copies are saved until you delete them. We can create a wide range of digital files and formats for rental income, landscaping expenses, repair expenses, and more.
Business Tax Forms
Knowledge of all the tax forms such as 1099s, W-9s, W-2s, and other forms is crucial when running a business. If you have individual contractors working for you, then you need a W-9 to obtain their taxpayer identification number. If you pay them more than $600 a year, you will need to send them a 1099 by January 31. This is necessary for their taxes and yours. Gassen can help you with all of these tax forms and avoid tax penalties and fees.
HOA Accounting Services From Gassen
There is a lot of information and as well as records to keep track of when it comes to accounting for your priority. Let Gassen handle all your Eden Prairie, Minnesota property accounting needs. We offer services in HOA and property owner accounting as well as property management and property listings. To schedule your accounting appointment today, contact us at 952-922-5575, or you can message us on our contact page.