About the Tax Review
Have you been getting ready for tax time but aren't quite sure if you are missing anything? Would you like a quick double-check of your books to see if you can find any more deductions?
The Tax Review is a fast and easy way to double-check your REI Hub books for some of the most easily missed deductions. Click here for a thorough discussion of these deductions!
To run your Tax Review:
1) Navigate to the Reports page
2) Click on Tax Review
3) Continue through the prompts
Select the appropriate tax year and click Continue.
4) Unbooked Transactions
Step one in a double-check is to ensure you have entered all your rental-related transactions! That means all your revenues, expenses, and everything else!
The easiest way to ensure you have added everything to your books is to use a dedicated rental operating account, connect that account to REI Hub, and book all the transactions.
5) Depreciation
Depreciation is all about your fixed assets and capital improvements. If you are not tracking in REI Hub, please make sure that your tax preparer manages and enters your taxes on your behalf.
6) Mileage
Learn more about mileage deductions here!
7) Escrow Expenses
Use our Escrow Expense transaction type to enter your annual expenses paid out of escrow. This transaction type allows you to select the Escrow Account you have been funding as the expense payment account.
8) Review Summary and Tax Packet
After clicking through, you will end on the Tax Review Summary. The summary includes the same explanations and double checks, expandable or collapsible via buttons on the right.
Additional links are provided to help you update any items as necessary, as well as to rerun the tax review or export your Tax Packet.