Tracking your rental property expenses accurately is essential if you want to get maximum tax deductions from your rental property business. Even so, diligently storing detailed records of tax-deductible expenses isn’t always straightforward, and filling out your tax return at the end of the year to maximise benefits can be frustrating. This is especially true if you don’t have an expense tracker like Tenantcube to store all your important documents and to keep up-to-date records of your income and expenses in real-time. By staying organised throughout the entire tax year, you will save time and money — and also keep your sanity.
Four Reasons to Maintain Accurate Rental Expense Records
What Records Should You Keep Track Of?
Everything! To be on the safer side, you should have accessible records of everything.
Landlords don’t just need to keep track of expense receipts and rental income: there are also several documents you need to file and keep indefinitely. A few examples of these documents are:
You can store all these documents as secure digital records in the Tenantcube app. This will allow you to do away with the endless filing cabinets and shoeboxes of receipts.
Deductible Rental Property Expenses Landlords Need To Track
Every landlord needs a good system to track their rental expenses. Some examples of deductible expenses that you need to keep detailed records of include but are not limited to:
In addition to tracking these key rental expenses with a modern app like Tenantcube, it’s wise to keep detailed records of all your other income.
As part of our mission to improve the lives of landlords and tenants, we are perfecting the expense tracking feature in Tenantcube. Our landlord app makes it easier than ever to not only store relevant documents and record your rental income but also to organise all your deductibles. You can easily connect your bank account, set recurring expenses, and schedule rent reminder emails.
Do away with your Excel spreadsheets and boxes of receipts. Let Tenantcube look after all your rental tracking needs.
Store receipts smartly
Our expense tracking feature allows you to capture and upload instant pictures of receipts or any other relevant documents you want to keep. This way, you can store documents forever, in a secure and easily accessible manner.
Set up Online Rent Payments
Connect your bank account to Tenantcube so that you receive automatic rent payments deposited in your account. Tenantcube will send your tenants timely reminders and also give them the option of automatically paying rent from their bank accounts on a scheduled date every month.
Payable By Tenants
Not all property expenses are the landlord’s responsibility; you need to pass some expenses onto the tenant. For example, any damage that goes beyond normal wear and tear would be a tenant’s responsibility. For such expenses, you can easily request payment from the tenant from the app itself.
A key benefit of Tenantcube over other legacy systems on the market is that users can access their account on any device. This means you can check and update your accounts anywhere at any time. For instance, you can snap a picture of a receipt while you’re in the hardware store parking lot and your accounting will be complete before you’ve even put your seatbelt on.
Thus, having a quality expense tracker will save you time and enable you to maximise your landlord expense deductions. Start tracking your rental property expenses with Tenantcube today.
This article offers general information only, is current as of the date of publication, and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Tenantcube Inc. or its affiliates.
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