The winter holidays are about to end, and with it comes tax season. We know how stressful it can be to gather all the documentation and financial information you will need to provide to the IRS once the holidays are over. For you to ensure you’ll have your tax forms covered, we’d like to offer you the 1099-NEC form which is used and can be generated for Service Pros & 1099-MISC form for Owners in the TenantCloud system.
*Owners are available for property managers only.
- A 1099 form is a record of expenses paid to the person or organisation that typically isn’t your employee.
- If we’re talking about "1099 employees" we’re referring to independent contractors, self-employed workers or freelancers.
- The IRS requires sending one 1099 form to each vendor/contractor/property owner you’ve paid $600 or more within the tax period.
How does the TenantCloud 1099 Tax Form work?
Available within the Starter plan, the 1099 Tax Form is located in the Reports section of your dashboard. The Date range is the 2021 tax year - from 01/01/2021 to 12/31/2021. You’ll need to include the recipients and then proceed to the Your information step. Once you’ve filled in your contact info, double check the Recipients information and move to the Amounts verified step where you’ll see the amounts that have been already calculated by the system. You’re also allowed to edit any amounts that you think don’t meet your requirements. When you’ve completed adjusting the amounts, choose who will get their Copy-B of the form on the Email recipients step. After that, the system will generate the form. All Copy B forms for each recipient (no matter if it is just shared or not) are stored in File manager for landlords’ records and can be sent anytime.
Other features that will come in handy during the tax season:
If you’re using a property management system with a built-in accounting tool, you’ll find it pretty easy to track financial data and handle business income and expenses. The TenantCloud accounting dashboard allows you to collect the necessary transactions information in an easy-to-understand format and have it all in one place that is crucial during the tax filing process.
In addition to the 1099 Tax Form, TenantCloud provides a Tax Preparation Report that sums up property income and expense amounts by categories that match the IRS Schedule E categories. The report is easily downloadable and can be generated into one Excel or PDF file for your convenience.
If you would like to use a less time-consuming and more thorough way to report non-employment expenses, consider the 1099-NEC/MISC form within TenantCloud and generate the form as many times as needed.
Please check out step-by-step instructions in the FAQ article to learn more: