Los Angeles Property Management
You can never be too early to prepare for that tax deadline we all “love,” especially when tax season starts on January 23. Los Angeles Property Management prepares for tax season all year by updated records being kept, verifying information entirely and accurately and document organization.
Los Angeles Property Managers Get Information for 1099s
When sending out 1099s to property owners or vendors, you have to make sure that you have their correct names, tax IDs, and addresses on file. W-9s have to be requested from anybody who gets a 1099. Seasoned Los Angeles Property Managers learn that it’s usually best to simply require a W-9 before making that first payment, but this doesn’t always happen. A few Los Angeles Property Managers aren’t sure which owners or vendors should receive a 1099. If that so, you might want to consult with a tax professional or check the latest IRS information to clarify.
Property Managers Add Tax Deductions
When doing your taxes you may overlook common deductions. An example is insurance that got purchased for the property management business, the insurance needs to be tax deductible. Most Los Angeles Property Managers should know about deducting landlord insurance. Although, if an umbrella insurance policy was purchased to provide extra liability insurance for the property owner, that should be something to consider. Another example of other commonly overlooked deductions includes mileage for vehicles and software or additional computer expenses.
Once you know your deductions, hire a tax professional to save money in the long run.
Make sure to keep track of all of the money that you spend on maintenance, business operations, and repairs, this is key to get all things in order for tax season. Certain expenses seem too small to even bother with, due note that they can add up over time especially if you manage multiple properties.
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