{"id":2259,"date":"2014-11-20T15:45:44","date_gmt":"2014-11-20T23:45:44","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=2259"},"modified":"2022-06-16T09:30:28","modified_gmt":"2022-06-16T16:30:28","slug":"its-beginning-to-look-a-lot-like-tax-season","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/its-beginning-to-look-a-lot-like-tax-season\/","title":{"rendered":"It\u2019s beginning to look a lot like&#8230;Tax Season"},"content":{"rendered":"<p>Reduce end-of-year stress with easy to manage tax reporting functions and e-filing services in your property management software.<\/p>\n<p>As much as we want this time of year of to be filled with nothing but candy canes and cocoa, the real life Grinch of the holiday season means the end-of year tax season will be here as soon as you wake up from your tryptophan induced food coma. \u00a0For property managers and landlords, tax season stress can be alleviated by preparing early and simplifying tasks with online services. \u00a0Using the tax features built directly into your property management software you can help you stay organized and prepared when it comes <a title=\"file your 1099s\" href=\"https:\/\/www.rentecdirect.com\/blog\/2014\/01\/time-to-finalize-1099s\/\" target=\"_blank\" rel=\"noopener noreferrer\">time to file your 1099-MISC<\/a> forms for 2014.<\/p>\n<p>Rentec Direct customers are able to electronically file 1099 forms for vendors and owners directly through the software. \u00a0There is no need to re-enter data or pay your tax advisor to file these forms for you, because the software makes it a very simple and cost effective process for you. \u00a0As a property manager or landlord, you are required to issue 1099s to any service provider who receives $600 or more for work relating to the rental property.<\/p>\n<p>Whether you own or manage rental properties, we recommend you start managing the following tasks now, so you are prepared come January.<\/p>\n<ul>\n<li>Verify you have the correct federal tax ID number for your vendors and owners. \u00a0For individuals, this is their social security number (SSN), and for businesses this is their employer identification number (EIN). \u00a0Request a <a title=\"W-9 Form\" href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/fw9.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">W-9<\/a> form from any vendor or owner if you don\u2019t already have one on file.<\/li>\n<li>Confirm that you have an accurate mailing address for each owner and vendor. \u00a0You will need to send each vendor and owner a copy of their 1099 form, which they use for filing their personal or corporate tax return.<\/li>\n<li>Check your numbers. \u00a0It\u2019s never too early to make sure your numbers match your records. \u00a0The 1099 Tax Assistant Report in Rentec\u2019s software appropriately shows incomes and expenses per property. \u00a0This is the same data that will be used for populating the e-filing system in the program. The 1099 Tax Assistant Report and the 1099 e-filing feature will utilize all the owner distributions and vendor payments entered throughout the year, so there\u2019s no need for double entry.<\/li>\n<\/ul>\n<div id=\"attachment_2261\" style=\"width: 310px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2014\/11\/Tax-Reports-in-Rentec.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2261\" class=\"wp-image-2261 size-medium\" src=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2014\/11\/Tax-Reports-in-Rentec-300x63.png\" alt=\"Tax Help in Rentec Direct\" width=\"300\" height=\"63\" \/><\/a><p id=\"caption-attachment-2261\" class=\"wp-caption-text\">Easy to manage tax reporting features in Rentec Direct<\/p><\/div>\n<p>Even if you don\u2019t use Rentec\u2019s automated e-file features, the 1099 Tax Assistant Report is a vital report to give your CPA or use if you manually filling your 1099 returns. \u00a0It provides the necessary information to quickly and accurately complete the tax forms.<\/p>\n<p><strong>Remember to revisit our blog often over the next couple of months, to learn more helpful tips about how to prepare and file your taxes specifically for property managers and landlords. \u00a0Bookmark this page, subscribe to the blog below or <a title=\"Rentec Direct on Facebook\" href=\"https:\/\/www.facebook.com\/rentecdirect\">like us on Facebook<\/a> for easy access to the latest information from Rentec Direct. \u00a0<\/strong><\/p>\n<div id=\"attachment_2260\" style=\"width: 310px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2014\/11\/e-filing.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2260\" class=\"wp-image-2260 size-medium\" src=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2014\/11\/e-filing-300x242.png\" alt=\"E-Filing services with your property management software\" width=\"300\" height=\"242\" \/><\/a><p id=\"caption-attachment-2260\" class=\"wp-caption-text\">Save money and time with electronic filing services in Rentec Direct&#8217;s property management software.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Reduce end-of-year stress with easy to manage tax reporting functions and e-filing services in your property management software. As much as we want this time of year of to be filled with nothing but candy canes and cocoa, the real life Grinch of the holiday season means the end-of year tax season will be here [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[275],"tags":[596,352,595,154],"class_list":["post-2259","post","type-post","status-publish","format-standard","hentry","category-education","tag-1099-tax-assistant","tag-1099-misc","tag-e-filling","tag-taxes","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is 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