Tax season is here! Have you filed yet? Efficient record-keeping throughout the year to track tax-deductible expenses is vital to giving you the best return on investment for your property. Taxes are an inevitable part of owning and managing properties and can offer a significant benefit by leveraging your properties on your taxes. However, if you lack an accounting background, it can be a little more than daunting to try and manage them on your own. You want to position yourself and your income in the best way possible, but where do you start?
It’s important that you understand all of the deductions you can claim and maintain great records to ensure you have all of the necessary forms and documentation required to make those claims. Blackwell Property Management offers in-depth financial support and record keeping to ensure that you’re prepared for tax season and that you’re maximizing your property income all year round.
Here are just a few of the ways we can help you with your taxes.
Full-Time Leasing Agent
First and foremost, we employ a full-time leasing agent that is familiar with our unique market. They provide an up-to-date market analysis for all our available rental units so that we get top dollar for our owners. That means more money back in your pocket!
High-Quality Tenant Screening
We conduct a thorough background screening on all applicants to ensure a clean rental history. Applicants’ credit, criminal and previous rental histories are checked to ensure we accept the highest quality tenants. This step is critical to make sure that your property rents are consistently paid on time.
Quick and Efficient Rental Payments
We use state-of-the-art programs which allow multiple options to tenants for paying rent. Our services are constantly evolving to ensure we can handle all situations and tenants can pay rent without complications. Rental payments are collected and deposited quickly and efficiently. Those payments are then applied to any outstanding bills, and the remainder is sent to our owners as a monthly owner draw.
Consistent Record Keeping
Monthly statements are sent to our owners, which shows the full accounting of their funds. These statements and copies of any vendor bills paid on their behalf are published to the owners’ private owner portal. An end-of-year statement detailing the year’s income and expenses along with a 1099-MISC is also sent to all of our owners every year. Additionally, we even file 1099s for vendors, which makes for one less thing on your plate. This makes it easy for you to track all incoming and outgoing funds for tax purposes.
Locationally-Adjusted Taxes are Covered
Blackwell Property Management covers a wide area over Virginia and West Virginia. Properties inside city limits locally are subject to an additional tax, and depending on where your properties are located, tax requirements will vary. For example, Business and Occupation taxes are paid quarterly in Martinsburg and Ranson but semi-annually in Charles Town. Our team has in-depth knowledge on all of our location tax requirements and calculate, file and pay those tax returns for our owners.
Our goal is to help property owners maximize their time and profits by handling many aspects of your taxes. Rather than spending hours pouring over confusing tax documents, owners who entrust Blackwell Property Management with their rental investment can spend their time and efforts identifying future investments, furthering their careers, traveling, and spending more time with loved ones.