Property Management System Helping You Prepare for Tax Season
As 2015 comes to an end it signals individuals around the country to get ready for tax season. Tax refunds or penalties can determine whether you had a profitable year. Fortunately for landlords they can take advantage of several tax deductions. Here is a list of items you may be able to deduct on your tax return. Remember you should always have an accounted prepare or review your tax return to ensure that you get the most possible deductions.
Money spent advertising your property can be deducted.
Cleaning and maintenance of your rental units can be deducted.
You can deduct repairs made to your unit but be sure not to include improvements that add value to your rental.
Travel expenses related to managing your rental unit can be deducted.
Mortgage interest can be deducted as well as, insurance premiums.
This is just a short list of some of the items you can deduct to decrease your tax liability. In order to claim these deductions you need to have been tracking and itemizing your expenses over the past year. Whether you own a single rental unit or several, if you don’t have a property management system where you can easily input and track deductions then you could be losing out on a larger tax return. Realty Information System’s affordable property management software has a complete general ledger and is capable of generating all financial reports required by any owner, manager or accountant. Save time and money this tax season by purchasing RISSOFT’s lease management software.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
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