Category: Blog
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How Does Software Handle Trust Accounting Compliance?
Introduction Trust accounting compliance is a critical aspect of property management, ensuring that tenant security deposits and rental income are properly managed and allocated. Non-compliance can lead to severe legal repercussions and loss of trust with clients. Advanced software solutions can simplify and ensure compliance with trust accounting regulations, making the property manager’s job easier…
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How Do I Claim Home Office Deductions?
Introduction With the rise of remote work, many individuals are looking for ways to save money on their taxes through home office deductions. These deductions can significantly reduce your taxable income if you qualify, making it essential to understand the requirements and process. Eligibility Criteria To claim home office deductions, you must meet specific eligibility…
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Bank Reconciliation Basics for Property Managers
Bank reconciliation is a crucial financial process for property managers, ensuring that the transactions recorded in their accounting system match those in their bank statements. This process helps maintain accurate financial records, detect discrepancies, and prevent fraud. Understanding the basics of bank reconciliation can streamline your property management operations and provide clear financial oversight. Here’s…
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1099 Tax Deadlines in 2025 for the 2024 Tax Year
Introduction Understanding the deadlines for 1099 forms is crucial for businesses and individuals who need to report various types of income to the IRS. Missing these deadlines can lead to penalties and increased scrutiny from tax authorities. What Are 1099 Forms? 1099 forms are used to report various types of income other than wages, salaries,…
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10 Ways Property Managers Can Maximize Their Fees and Increase Revenue
Introduction For property managers, maximizing fees and increasing revenue is crucial for sustaining and growing their business. By implementing strategic measures, property managers can significantly boost their income while providing valuable services to property owners and tenants. Here are ten effective ways to achieve this goal. Evaluate Current Fee Structure Start by reviewing your existing…
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Pros & Cons of Hiring HOA Management Companies: A Complete Guide
For many homeowners’ associations (HOAs), navigating the complexities of community management can feel like walking a tightrope. But what if there was a way for self-managed HOAs to take the reins and achieve their goals without breaking the bank?