How do u track income/expenses & what/who do u use to file taxes?

5 Replies

I'm a simple man.

Anything I have a hard copy of goes in my filing cabinet. 

Digital docs go in a folder on my laptop. 

I keep track of income and expenses on a simple Excel worksheet. 

I used TurboTax for years. 

Just this year, I'm finally switching to a CPA since my tax situation has gotten complicated. 

I hope that helps.

Joe

I use Quicken Home and Business. I use a different category for each rental property. Supposedly , people had said, that if you later decide to upgrade to Quickbooks, your Quicken knowledge will easily transfer and would not have been a waste of time. 

easy....35 properties. quicken property manager. digitally scan everything, throw away receipts, back up to another drive

my accountant deals with the IRS.

I used quicken for years to track my personal and business income and expenses. It is very easy to use and understand. It has lots of cool trick to make entering data easier.  Because I had a sales business I gave that information to an accountant to file my taxes. 

When I got into real estate I switched accountants and he said I need to use Quick Books to work with him. So I still use Quicken for my personal expenses and budget but use QuickBooks for the real estate business. QB is a very powerful program and I only use a small portion of it's abilities. 

One good thing about any type of accounting program is the ability to run reports and see how you business is running. In QB I set up a "Class" for each property and I can run a report and quickly see how each property is doing and which are the  most profitable.

I found the change from Quiken to Quickbooks  easy in some ways, many of the speed tips are the same. (auto fill, memorized transactions, easy date changes) however QB is more like real double entry accounting so there was a learning curve.

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