Author Topic: Accounting and tax software for rentals AND self-employment?  (Read 1233 times)

Reddleman

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Accounting and tax software for rentals AND self-employment?
« on: October 31, 2015, 03:27:06 PM »
Getting closer to FI, so starting to make some shifts.  The biggest of which will probably be quitting my regular full-time job later this year. 

Part of this will be going back to self-employment, and supplementing income with cash flow from rental properties.  I'm in the process of buying my first two rental properties and will be closing in about a month(!).  I will also be starting to take on small projects to ramp up my contracting business by summer of next year.  At first I will be simply self-employed, although I may take on a part-time employee or two in the summer depending on how busy I want to be.

So for those out there with similar "side-gig" and rental complexities, what do you use to keep track of the income/deductions/etc.?  I'm specifically looking for something that can help me do projections as well as file estimated taxes throughout the year on the self-employment income.

Sibley

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Re: Accounting and tax software for rentals AND self-employment?
« Reply #1 on: November 06, 2015, 10:42:42 AM »
Quickbooks, Peachtree, etc are accounting softwares. That'll get you a balance sheet and income statement. Wouldn't surprise me if a decent software has projection capability. Of course, there's always excel.

For taxes - I'm not familiar enough to know how far the accounting software goes into this. Realistically, you may end up using a separate tax software.

Given your long term intentions, it'll be easier and cleaner if you start at the beginning with a good accounting system that will grow with you. IE, start with basic Quickbooks, then add payroll when you need it.

For pros vs. cons of different software, I don't know enough to help, but I'm sure you can find plenty out there. Be careful not to cross into cheap territory. Hiring an accountant to unsnarl a mess is more expensive than to just do it right from the beginning.