LANDLORDS SHOULD NEVER JUST HAND THE TAX FORMS TO THEIR CPA You did the hard part. You chased down contractors. Got the W-9s. Survived January without meltdowns. Now the mailbox is filling up. 1098s from your lender. 1099s from your bank. And suddenly you are thinking, maybe I can just stuff these in a folder, drop them on my CPA's desk, and say, "Let me know what I owe." Don't do that. CPAs are historians. They report what you hand them. They don't know if a bank form is wrong. They don't know the backstory behind a number on that paper. If you just drop forms on their desk, you're leaving money on the table. Or worse, you're inviting an IRS audit.
PUT this on your wall as a reminder:
• Get the W-9 before work starts. • Keep the W-9, invoice, and payment in one file. • Make “no W-9, no payment” your rule. • Assign one person to their own vendor docs.
SO IF YOU TRUST JUST THE 1098, YOU COULD MISS THOUSANDS IN DEDUCTIONS.
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