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Accounting & Tax Software Recommendations
U
Anonymous Hustler
5 months ago
Tax season doesn't have to be scary! Here's how I stay organized:
My Recommended Stack
#For Beginners: Stessa (FREE!)
What I love:
- Automatic transaction import
- Tracks income and expenses by property
- Schedule E reports for taxes
- Truly free, no hidden costs
Perfect for: Hosts with 1-3 properties who want simple tracking
#For Growing Hosts: QuickBooks Self-Employed ($15/mo)
What I love:
- Mileage tracking (huge deduction!)
- Receipt scanning
- Quarterly tax estimates
- Connects with TurboTax
Perfect for: Hosts treating this as a real business
#For Larger Operations: QuickBooks Online ($30+/mo)
What I love:
- Full accounting features
- Multiple users
- Payroll for cleaners/employees
- Invoicing
Perfect for: 5+ properties or property managers
What Expenses Can You Deduct?
Keep receipts for EVERYTHING:
- Cleaning supplies and services
- Utilities (proportional)
- Insurance
- Mortgage interest (proportional)
- Property taxes (proportional)
- Repairs and maintenance
- Furniture and supplies
- Professional photography
- Software subscriptions
- Mileage for property visits
- Home office (if applicable)
Tax Tips
1. Open a separate bank account - Makes tracking 10x easier
2. Keep ALL receipts - I use the QuickBooks app to scan immediately
3. Track mileage religiously - It adds up fast
4. Set aside 25-30% for taxes - Don't get caught off guard
5. Consider an S-Corp - If making $40k+/year profit, talk to a CPA
Do I Need a CPA?
DIY works if:
- You have 1-2 properties
- It's supplemental income
- You're comfortable with tax software
Get a CPA if:
- You have 3+ properties
- You're doing short-term rentals full-time
- Your situation is complex (partnerships, etc.)
A good STR-specialized CPA costs $300-500/year but often saves you more than that in deductions.
How do you handle your STR accounting?
My Recommended Stack
#For Beginners: Stessa (FREE!)
What I love:
- Automatic transaction import
- Tracks income and expenses by property
- Schedule E reports for taxes
- Truly free, no hidden costs
Perfect for: Hosts with 1-3 properties who want simple tracking
#For Growing Hosts: QuickBooks Self-Employed ($15/mo)
What I love:
- Mileage tracking (huge deduction!)
- Receipt scanning
- Quarterly tax estimates
- Connects with TurboTax
Perfect for: Hosts treating this as a real business
#For Larger Operations: QuickBooks Online ($30+/mo)
What I love:
- Full accounting features
- Multiple users
- Payroll for cleaners/employees
- Invoicing
Perfect for: 5+ properties or property managers
What Expenses Can You Deduct?
Keep receipts for EVERYTHING:
- Cleaning supplies and services
- Utilities (proportional)
- Insurance
- Mortgage interest (proportional)
- Property taxes (proportional)
- Repairs and maintenance
- Furniture and supplies
- Professional photography
- Software subscriptions
- Mileage for property visits
- Home office (if applicable)
Tax Tips
1. Open a separate bank account - Makes tracking 10x easier
2. Keep ALL receipts - I use the QuickBooks app to scan immediately
3. Track mileage religiously - It adds up fast
4. Set aside 25-30% for taxes - Don't get caught off guard
5. Consider an S-Corp - If making $40k+/year profit, talk to a CPA
Do I Need a CPA?
DIY works if:
- You have 1-2 properties
- It's supplemental income
- You're comfortable with tax software
Get a CPA if:
- You have 3+ properties
- You're doing short-term rentals full-time
- Your situation is complex (partnerships, etc.)
A good STR-specialized CPA costs $300-500/year but often saves you more than that in deductions.
How do you handle your STR accounting?
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