Well, we’re approaching that time of year again. Prepping income tax returns is an annual event most people do not get excited about but must be done. As we make new resolutions at the beginning of every year, hopefully one of yours is to use landlord software to make tax time easier.
Landlord Software Tracks Rental Income and Expenses
Landlord software to track rental income and expenses makes life really easy. It can generate reports that tell you how well your rental property business is doing. For example, a profit and loss statement is a financial review of the business’ revenues and expenses over a period of time.
You have a lot of choice. For tax time, there are some excellent and free landlord income and expense tracking software such as RentalIncomeExpense.com. With RentalIncomeExpense.com, you can generate a Schedule E Helper report that mimics the Schedule E you will have to file with your taxes. Schedule E is one of the many schedules that are part of the IRS Form 1040. Taxpayers use Schedule E to report income and expenses from supplemental income. Landlords need to file Schedule E with their form 1040 to report income (or loss) from rental property.
The information and speed you will achieve with landlord software will make tax time less of a chore!