Condos, Town homes, Single Family Homes, Mixed Development.
The Board of Directors have approved the annual budget and your HOA is going about collecting dues and pay its bills. Regardless of the amount of dues collected and expenses paid, you still have to file tax returns for your HOA.
HOA Tax Strategy
Accurate records of dues collected and expenses paid are necessary to make sure your HOA is not overpaying its taxes.
Quarterly board meetings that include a review of financial statements help to project any potential tax obligations.
Are You Doing These Things?
Tracking All Contractors Expenses
Tracking Insurance Payments
Tracking Legal and Professional Fees
Tracking State and Local Taxes
Projecting Major Repairs and Upgrades
Contributing to Reserve Fund
Tracking All Labor and Payroll Costs
Tracking All Supply Costs
Tracking Management Fees
Tracking Plumbing and Rotary Costs
Tracking Inspection Fees
Want to know more?