When it comes to real estate property you must know how to keep good records and managing your rental property at all times. If you buy one property, you might be able to get by with stuffing receipts and cancelled checks in a shoe box, but if you own multiple properties, you'll need a better way to organize your finances or you will lost a lot of accounting.
No matter how small amount of money you earn through rental income, you need to keep track of it for tax purposes. If you have only a handful of rental properties, you could probably track your rental income using a computer program.
If you have dozens of properties, you'll probably be better off hiring an accountant. An accountant can not only free your time but also advise you on the best way to save on taxes and keep track of rental expenses.
Create a rent roll, listing the name of each tenant, the amount of rent paid , and the date when it was received. A rent roll enables you to keep track of your monthly rental income.
Set up a folder for each rental apartment or house you own. In this folder, put leases, correspondence with your tenants, and a maintenance log that shows when repairs were made, how much did the repairs cost, and when the repairs were completed.
By keeping such a setup, you can quickly track down documents as evidence in case you need to settle a dispute in court between you and a tenant.
Set up a separate checking account strictly related to your rental properties. When you receive your rental checks, deposit them in this checking account. When you pay repair or maintenance bills related to the rental property, write a check from your rental checking account.
Now when you pay yourself, write a check to yourself from this checking account. By using a separate checking account, you can easily track the cash coming in and expenses coming out. Then you can see how much money you're making from your rental property. A separate checking account tracks your income and expenses for tax purposes also.
Keep Up The Good
Cincinnati Schools are pleased to announce that three area schools have been selected to participate in a nationwide pilot program to improve teacher quality. The three Cincinnati Public Schools chosen include John P. Parker School in Madisonville, South Avondale School in Avondale, and Whittier School in Price Hill. All the schools were chosen based on their federal ranking within the No Child Left Behind Act. The program is intended to show the strong influence that quality instruction has on student achievement as well as developing professional opportunities for teachers to hone their skills and receive rewards for their hard work.
Rationale for the Teacher Advancement Program
The Teacher Advancement Program recognizes that many young and gifted teachers choose to leave the professional early in their careers. The Teacher Advancement Program seeks to change that by offering qualified teachers the career opportunities and recognition that will keep them in the Cincinnati Public School system. The overall aim is to make teaching a highly rewarding career choice that attracts talent to serve the children in Cincinnati Public Schools.
Superintendent Rosa Blackwell expresses her feelings about the Teacher Advancement Program in this way: I am extremely excited about this pilot program, which is closely aligned with other instructional initiatives in Cincinnati Public Schools. Research shows that quality teaching is the most important factor in raising student achievement, and this program is designed to enhance teaching by directing instructional resources where they are most needed in the heart of the classroom.
The Ohio Board of Education as well as the Cincinnati Federation of Teachers both endorse the Teacher Advancement Program. Cincinnati Federation of Teachers president, Sue Taylor, comments, This is a reform initiative that brings together in a structural way the work that our teachers already are doing. It's a value added model that will monitor a student's progress from the first day of class to the last and will measure the value that the teacher has added. TAP complements the instructional strategies being implemented in our schools, giving teachers a cohesive and aligned structure.
The National Institute for Excellence in Teaching praises Cincinnati Public Schools for adopting the Teacher Advancement Program. President Lewis C. Solomon explains, We are very pleased that Cincinnati Public Schools and the Cincinnati Federation of Teachers have taken this bold step to implement the Teacher Advancement Program in three schools. The implementation of TAP is aligned to district goals focusing on improved instruction and the increased achievement for all students.
Overview of the Teacher Advancement Program
The Teacher Advancement Program seeks to help Cincinnati Public School teachers in four ways. First, it seeks to provide opportunities for applied professional growth, allowing teachers to meet with each other and devise strategies to help all students learn the week's agenda. Secondly, the program will show teachers the multiple career paths open to them, offering mentors and master lead teachers to help teachers plan and reflect on instruction. Thirdly, the program monitors instructionally focused accountability, where teachers learn how to interpret student data in order to improve instruction. Finally, incentive pay is possible to reward teachers for high student achievement as well as seeking out professional and instructional growth.
Both C R Bolden & Stacy Andell are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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Stacy Andell has sinced written about articles on various topics from Education, Politicians and Education. Stacy Andell is a staff writer for Schools K-12, providing free, in-depth reports on all U.S. public and private K-12 schools. Stacy has a nose for research and writes stimulating news and views on school issues. For more on Cincinnati schools visit http:. Stacy Andell's top article generates over 40500 views. Bookmark Stacy Andell to your Favourites.
