Healthcare/Dental/Taxes for working Property Managers

[Joseph Aceves]

Hi everyone, 

I would greatly appreciate it to hear about how property managers handle healthcare/dental and tax work for themselves? I'm new to the business (three months in). And would like to know if I need to prep anything particularly. 

For instance, I'm not on a 1099 or W-2. As such, taxes seem like a mystery for me that I'd like to figure out before I have to do them. 

And for Healthcare/Dental, medical and the cheapest dental plan would probably suffice. But before going that route I wanted to hear and learn from others that may be more experienced and knowledgeable.

Much appreciated, Joe

[Basit Siddiqi]

@Joseph Aceves

Are you talking about now starting your own property management company and you are concerned about the healthcare/dental insurance for you and the employees and the tax/accounting related work?

Regarding tax/accounting work - You may be required to issue 1099's to all your clients.
Your clients also likely want a monthly/annual reconciliation for how their properties are performing.
You are also required to report the management fee income that you collect on your tax return.

Regarding insurance - the good thing is that the insurance costs that you have will be a tax deduction.

You may want to align yourself with a tax accountant to take care of the back end needs for you.