The tax advisors at A Tellier Accounting and Bookkeeping help Welland and Niagara residents with rental properties maximize their tax planning and preparation.
As experience rental property tax advisors, the A Tellier Accounting and Bookkeeping team will guide you in 'best practices' to minimize your tax liabilities at year end.
As, our client, you will received customized expense log templates to help track all expenses pertaining to your rental units. Tracking your expenses helps you see exactly where your rental income is going and can show you where you can cut back on spending.
Throughout the year, you will retain all receipts. We'll coach you on making a small note on each one indicating what the money was spent on and why.
Tips like these will help your A Tellier Accounting and Bookkeeping Tax Adviser determine quickly which of your expenses are valid and eligible for deduction or depreciation.
You can deduct all reasonable expenses incurred in operating the property. This includes the cost of insurance, property taxes, mortgage interest, electricity, heat, repairs and maintenance and even advertising for tenants.
If you borrowed money to make the down payment on the rental property, interest on that loan is also deductible. In certain circumstances, you may also be able to claim depreciation.
However, you should be careful if you expect your expenses will consistently exceed your income from the property. If there is no reasonable expectation of making a profit from the investment, there is the possibility that your losses may be deniedContact Us To Learn More About Your Rental Property Tax Management