Real estate investors, as well as owners of rental properties or commercial properties, have complex tax liabilities, since as a rule, investors never live in their investments — one of the primary qualifications for eliminating the capital gains tax when they sell their properties.
If you’re involved in real estate in this way, you may hire a property management firm to run the day-to-day operations at the properties. You should also consider another specialist: a rental and commercial property accounting team.
Whether you have one property to manage or many, you may not have time to effectively manage all the special accounting requirements of your industry. Investment and rental properties may include:
- Commercial buildings
- Industrial spaces
- Office buildings
- Mixed use developments
- Shopping centers and other retail properties
- Apartment buildings
The accounting professionals at Miller & Company, LLP — with offices in New York City, Washington DC and Sarasota, FL — guide you to implement all the practices over the course of the year to make your financial reporting and tax filing easier and more lucrative. Start today.
WHAT TO LOOK FOR IN A RENTAL PROPERTY ACCOUNTANT
You can manage your rental property more smoothly and more profitably by hiring the right accountant and following the given advice. Rental property accounting and bookkeeping help you manage your money and take advantage of every allowable tax benefit for your business.
In general, bookkeeping for rental properties involves:
- Collecting and reporting tenant payments
- Reviewing maintenance and repair expenses
- Reconciling financial statements to balance income and expenses
- Providing rental property valuations
- Reviewing and assessing your tenant leases
- Developing a rent roll to reveal the profitability of a rental property at a specific point in time
- Handling all tax forms and filing, while maintaining an archive of all past years’ tax filings
- Performing audits as requested
- Analyzing current financial data to develop tax planning strategies
- Giving fact-based business advice to put your rental property business on more solid financial ground
At Miller & Company, your accountant for rental property gets to know your business before making recommendations. Only by understanding your business can your real estate accountant develop practices that benefit you and help you reach your financial goals. A landlord accounting service, Miller & Company has been helping rental property managers, owners and investors since 1997.
COMMERCIAL PROPERTY MANAGEMENT ACCOUNTING SERVICES IN SARASOTA
As a commercial property management firm, your business has many facets and responsibilities. You’re faced with daily challenges when it comes to keeping your commercial real estate accounting books. On top of that, you can’t forget taxes, which should be a weekly concern, not an annual one.
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