As the tax season approaches, many property owners and managers find themselves overwhelmed by the requirements of filing tax statements and 1099s. This issue is further compounded by increasing property tax rates.
According to the Common Sense Institute Colorado, homeowners may face an estimated 32% to 54% cumulative increase in their property tax bill between 2024 and 2026 for a $500,000 home. Understanding tax documents and property tax statements is crucial to ensure compliance and peace of mind.
With the right expertise and knowledge, navigating this process can be simpler than you think. Learn more about how to master filing 1099 forms in Denver, CO below.
Understanding Tax Statements and 1099s
IPX 1031's Tax Procrastination survey found that 1 in 4 Americans don't feel prepared to file their taxes in 2025. Simplifying tax forms and being aware of the specific requirements for tax filings can ease stress during tax time.
A 1099 form is used to report various types of income other than wages, salaries, and tips. For property managers and owners, this usually means reporting rental income and any payments made to contractors or service providers.
What Do I Need to File?
Gather all relevant information throughout the year, so you're prepared when the time to file arrives. Missing documents can lead to inaccurate reporting, and potential penalties from the IRS.
You'll need the following:
- Receipts for any expenses related to property maintenance
- Records of rental income throughout the year
- 1099 forms already issued to vendors and contractors
- Property tax statements from your local authority
- Any relevant deductions or credits
Following these tax filing tips for 2025 will help ensure you have everything in order.
Deadlines and Compliance
Staying compliant also means knowing the deadlines associated with tax statements and 1099s. The IRS usually requires that 1099 forms be sent to recipients by January 31. As a property owner in Denver, make sure all your forms are completed and filed on time to avoid penalties.
In addition, being aware of local Colorado laws can help. Each locality might have specific requirements regarding taxes, and staying informed is vital.
Consulting with a tax professional experienced in property management can guide you through the nuances of local regulations and ensure accurate filings.
The Benefits of Professional Property Management
With the complexities of tax regulations, partnering with a full-service property management service can alleviate much of the stress surrounding tax season.
Here are just a few benefits of utilizing a property management company:
- Expertise on Tax Laws: They are familiar with the latest changes in tax regulations to ensure you stay compliant.
- Time-Saving: They handle paperwork and documentation which allows you to focus on other important tasks.
- Maximized Deductions: Professionals can identify potential deductions that you may not have been aware of to save you money.
Simplify Your Tax Filing with PMI Cedarboldt Team Denver West Today
Don't let tax season stress you out! When it comes to mastering your tax statements and 1099s, the support of professionals can help you tackle these challenges head on.
The professionals at PMI Cedarboldt Team Denver West have been serving the Denver area for over 20 years. We provide full service property management to help you thrive. Our experienced team knows the ins and outs of local regulations and tax requirements to ensure your compliance.
Contact us to discover how we can help you with your property management needs today.
