Owner 1099′s

Filing taxes typically isn’t something any business owner looks forward to and property managers have an additional level of complexity to deal with come tax time. United States Tax Law requires businesses to submit a Form 1099 for every contractor paid at least $600 for services during a year.  This means a property management company must generate a 1099 form detailing the income sent to each one of their owners.  Companies that are managing properties on behalf of hundreds of owners can spend weeks preparing the necessary tax forms if they don’t have an automated process to rely on.

Lynn Rademacher of C. Dan Joyner Property Management used to track all of her property management data in QuickBooks.  Since implementing PropertyBoss, she reports,   “It’s so much faster.  It’s so much more organized.  Before PropertyBoss, it would take 45 minutes to an hour to generate 1099’s.  This way, all I do is to print them out!”  Lynn is currently working with 290 owners, so you can imagine the time savings C. Dan Joyner has realized.  Now, instead of individually calculating the amounts for each owner, all she has to do is purchase 1099 forms at an office supply store, load them on her printer and generate the forms.

PropertyBoss also enables you to submit your 1099’s online, so you don’t have to lick a single stamp.  We offer a file export tool that allows you to send your tax information to Account Ability as an electronic file.  Once you have PropertyBoss handling your owner 1099 needs, you’ll be able to free up more time for you and your staff to grow the business without sacrificing your attention to customer service.