Tax season has arrived, along with important deadlines for property managers. For employees and employers alike, this time of year can sometimes induce feelings of anxiety or dread. There’s a lot to keep track of, from required forms and filing deadlines to financial records from the past year.
The good news is that tax season doesn’t have to be overwhelming. By staying organized year-round, you can protect your enterprise’s financial well-being and ensure a smooth and stress-free filing process. Here’s a quick roundup of both tax-time and year-round strategies to help protect your finances and simplify your accounting tasks.
Keep Detailed Records of Transactions
One of the most important steps you can take—both year-round and during tax season—is maintain a detailed record of every business-related transaction. For property managers, this goes far beyond tracking rent payments. You also need accurate records for vendor statements, maintenance invoices, utility bills, and more. The paper load can quickly become overwhelming without a system to manage it all. Fortunately, a property management software like Rent Manager makes recording and accessing your business statements easy. With more than 450 feature-rich reports and customized reporting through the Report Writer feature, pulling the data you need for tax preparation or financial statements is simple and efficient.
Regardless of how you keep track of your transactions, key documents property managers should have on hand for tax season include:
Rent payments
Security deposit payments
Mileage and travel records
Cleaning and maintenance expenses
Vendor statements
Utility bills
Insurance policies and payments
Mortgage and interest statements
Know What Deductions You Qualify For
Keeping detailed records throughout the year also helps you make smarter decisions regarding tax deductions when it’s time to file. Individuals and businesses that earn rental income may be eligible to deduct certain operating expenses, provided those expenses are ordinary, necessary, and reasonable under IRS guidelines.
Common deductible expense categories for property management businesses may include:
Travel and mileage expenses
Office supplies and materials
Legal and professional services
Insurance policies
Payments to employees and independent contractors
Advertising and marketing costs
Maintenance, repair, and cleaning costs
Utilities
Pest control services
Property taxes
Examine your records carefully and identify which expenses you have paid that qualify for deductions. Taking advantage of eligible deductions can significantly reduce your tax liability and free up capital for property improvements or future investments. As always, consult a qualified tax professional to confirm what applies to your specific situation.
Review Changes to Tax Laws
Tax laws can change from year to year, and 2026 is no exception. Filers in 43 states can expect tax changes this year, and those changes may impact property managers in areas such as deductions, reporting requirements, deadlines, and tax rates. Visit the IRS website to learn more about specific changes that may affect your tax season preparation.
Use Rent Manager to Prepare 1099s
If you’re wrapping up your books for the prior year, Rent Manager can help streamline the 1099 process ahead of tax filing deadlines. Rent Manager has built-in support for both 1099-NEC forms for independent contractor payments and 1099-MISC forms for rent, prizes and awards, and other miscellaneous income. Preparing your 1099s in Rent Manager is straightforward:
Run the 1099 Vendor Breakdown Report to verify amounts
Tackle Tax Season with Confidence with Rent Manager
By tracking your expenses, transactions, and tax forms in Rent Manager, you can ensure that your enterprise’s financial health is secure through tax season and beyond. To learn more about how Rent Manager can simplify compliance and reduce administrative stress, read more about our tax tools or schedule a free demo with a sales representative.
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