Let’s face it – office duties and formalities are not the most exciting tasks of house owners. Yet, even in laid-back Florida, these tasks are important if you want to avoid unpleasant surprises. Owning a house comes with a number of responsibilities. For example, there are monthly bills for electricity, water and services that you have to pay on time. In addition, you have to pay your insurance premiums, as well as your annual taxes to the state.
Formalities are equally important if you want to rent out your vacation home. The rental business comes with numerous office duties. And of course, you have to make sure your rental revenue is properly taxed. At the same time, it pays to keep track of all revenues and losses. In short: There are many tasks that we can help you with. As your reliable partner, we are more than happy to handle the paperwork, so you can devote yourself to more fun activities.
Paying the Bills
House owners and rental agents know: Running a vacation home comes with a lot of financial responsibilities. Electricity and water have to be paid on time. In addition, there are regular bills for services like gardening, pool maintenance, telephone, internet, cable and the security system. We will help you keep track of all bills and make sure they are paid on time.
Monthly Balance Sheet
Renting out your vacation home can be very lucrative – but only if you keep a close eye on expenses and revenues. You do not want to run the numbers yourself? No problem. We will create a comprehensive balance sheet with all wins and losses for every month. This way, you can easily check whether or not your vacation home is making a profit.
Being on the safe side is important – especially for house owners and rental agents. To avoid unpleasant surprises in case of an accident, we will handle all insurance payments in a timely manner. This includes your building, household and hurricane insurance, but also your umbrella insurance and your flood policy if you have bought one.
House owners in Florida are subject to taxation. In addition to property taxes that are due once a year, there are sales and tourist taxes that have to be added to the rental price. We will make sure these taxes are properly paid every time you rent out your house. In addition, we will put together documents for your tax consultant that show the yearly revenue from your rental business. This way, you can easily state these revenues in your tax declaration.