Seven Types Of Records That All
Landlords Must MaintainHere are the seven types of
records that all Florida residential landlords must maintain in
order to run a profitable rental housing business:
1. Income records.
2. Expense records.
3. Tenant records.
4. Property records.
5. Insurance records.
6. Tax records.
7. Employment records.
IRS Publications That Apply
To Residential Rental Property
The following two Internal Revenue Service Publications apply
to residential rental property:
1.
Publication 527, Residential Rental Property.
2.
Publication 946, How To Depreciate Property.
The
Florida Department of Revenue Tax Library lists all of the
various categories of taxes imposed on businesses by the State
of Florida.
The
Florida Agency For
Workforce Innovation and the
U.S. Department Of Labor both have strict employee record
keeping and reporting requirements. These same two government
agencies also require employers to display various work related
posters in a conspicuous place for employee viewing.
The IRS requires employers to collect and pay
various
Federal Employment Taxes on a monthly and quarterly basis.
Use An Accounting Program To Maintain Financial Records
If you're not already using a
computer software accounting program to maintain your income,
expense, and payroll records, it's time that you did! I
recommend that you set up a separate account for each rental
property by street address. My company,
Home Equities Corp, uses
QuickBooks financial software to maintain all of its
financial records. Two of the most popular off-the-shelf small
business accounting software programs are made by:
1.
QuickBooks Financial Software.
2.
Peachtree Software.
In chapter four of
The Florida Landlord's Manual,
there are step-by-step instructions on how to properly maintain
income, expense, tenant, property, tax, insurance and employee
records without being buried under a mountain of paper.
