Are you ready for tax season?
Some people are and others dread it. The average business spends 23 hours and $470 on tax preparation every year.
The reason it’s so expensive and time consuming is because businesses are still following manual methods and continuing to stay unorganized. Usually keeping all receipts in a box or binder then handing it over to their accountant to figure it out. Then going back and forth with their accountant for weeks or months. This is a stressful process, yet people follow it year after year. Luckily, it doesn’t have to be that way. SimplifyEm Property Management Software can help reduce money and time on tax preparation.
First, SimplifyEm has a built-in Schedule E form. When income and expenses are entered in, they are automatically categorized according to the IRS categories. When it’s tax time, SimplifyEm automatically populates the Schedule E based on the data that is entered in. This means you no longer have to manually calculate everything yourself and in seconds you can simply print the Schedule E. Adjustments can be made on the Schedule E that include insurance, mortgage interest, other interest and property taxes. SimplifyEm also includes unlimited document storage so receipts, invoices and files can be uploaded with ease making tax time easier. SimplifyEm can also track property ownership by an owner’s name or by a company entity. Either way, each owner or entity is tracked separately and the system generates a Schedule E for each one. SimplifyEm erases frustation and walks you through the process step-by-step.
SimplifyEm not only has the Schedule E form, but has 1099s too. This includes the 1099-MISC form and the 1099-NEC form. If you’re managing properties for other owners, the 1099-MISC are for your clients who received income on their properties. The 1099-NEC forms are for contractors who completed any work and were paid $600 or more in a year. This includes painters, plumbers, gardeners, and other professionals. Both forms are automatically populated and you can print, e-mail, and e-file both 1099 forms. A 1096 form is also required as a cover sheet for the 1099s. SimplifyEm can generate the 1096 form for you, saving you time.
SimplifyEm streamlines every part of the property management business online. Features include rental listings, online applications and leases, tenant screening, notices, texting, online payments, print checks, bank reconciliation, maintenance requests and work orders, over twenty reports and automation. Automation includes the system automatically emailing the tenant rent reminders, rent receipts, late rent notices and adding late fees to the tenants’ balances.
SimplifyEm has been in business since 2006 and has helped over 150,000+ real estate investors and property managers all over the U.S. As a SimplifyEm user, you will get free training and free unlimited customer support for yourself and tenants and vendors via phone, email and text. SimplifyEm is passionate about helping businesses stay better organized and keeping everything in one system. Finally have some peace of mind and make tax time easier on yourself this year and get SimplifyEm Property Management Software. Get a free 15 day trial here.