Retailers start preparing for the holiday season earlier and earlier, and it's not a bad idea for property owners to follow their lead in preparation for tax time. If you've ever taken a shoebox full of receipts to your accountant on April 14, here's a list of documents you should start gathering now to avoid the last-minute tax season rush.

1. Vendor 1099-MISC statements. Any vendor with whom you've done more than $600 business with in the past year needs a 1099-MISC statement from you.
2. A 12-month ledger report that catalogs income and expenditures. This includes rent paid in the current year (even advance rents) and maintenance expenditures (including insurance and HOA dues). Keep that shoe box full of receipts with this report, which should list them all somewhere. While you're at it and since you'll be logging receipts in the reports, file them neatly for quick reference. You and your accountant will be glad you did.
3. A 1099-INT statement for mortgages paid.
4. Paid property tax receipts.
5. Tenant statements showing total rent paid this calendar year. Of course, these won't go out until after January 1, but you'll want them to go out the first week of the new year. At least get a draft copy completed for each tenant that you can update quickly to send out that week.

It's never too early to speak with your accountant about what to expect with changes in the tax code and any other tax-specific concerns you may have. Most importantly, don't hesitate to ask for help; a tax preparation mistake is a red flag that could land you in the audit hot seat. While you’ve still got some time before the tax deadline crunch hits, it’s best to get ahead of everyone else who will be beating down your accountant’s door in early April. At least a cursory review of where you stand right now will reveal what documents you’re missing and what actions you must take before December 31.