Do you file taxes yourself, or do you go through an accountant?

[Alex]

Hi everyone!

As we get closer to tax season, we want to hear from you! One of the main questions that every host asks themselves is whether to file taxes themselves or to hire an accountant. Each option has its pros and cons, and your experiences could help others in our community make informed decisions. 💭

Do you prefer to file your own taxes and have control over what’s going on? It might be a stressful project, but you prefer to do it yourself rather than relying on anyone else.

Or do you prefer to avoid the stress of going through this process and pay someone to do it for you? It might be more expensive, but a professional is taking care of everything.

Both options are valid, and we would like to know about your experience! Let us know in the comments. 👀

Best, 

Alex

[Elaine701]

@Alex 

I'm sure it varies by jurisdiction, but here in Europe, it's perfectly normal (and expected) to use a service ("Gestoria")  to handle anything having to do with the government. That includes taxes, licences, certificates, inspections, etc. Literally any official interaction with government. They maintain your legal operating status. 

They know their way through the bureaucracy and aren't prohibitively expensive. One local firm might serve 200 or more small businesses. It's just a part of doing business over here. 

Honestly, I wouldn't know where to begin if I tried to handle it all myself (or want to). Our Gestoria is a godsend. Couldn't live without it, and happy to pay for it. 

[Alex]

Hello @Elaine701! 

Thank you for participating in the Community. Yes! I do know Gestorías! I've listened they are great for this situations. It's really common in Spain for self employed workers. 🙂

Would you recommend this service to everyone? How did you find your Gestoría?👀

[Elaine701]

@Alex 

Yes of course I would recommend (advise) that any business requires a Gestoria. Unless of course you are a Gestor yourself 🙂

I was recommended our Gestoria by another host. This one has a specialisation in the STR business and is especially well versed in all the rules, regulations and tax processes in tourism accommodation. They've been indispensable. 

[Frances3408]

@Alex. I actually have 2 different accountants: one for each listing. I prepare all the info and they also get data feeds from the banks but one has to be audited so I need to collect all the invoices as proof. Keeps my mind sharp. Luckily their fees are tax deductible 😉

[Alex]

That's really clever, @Frances3408!

In that way, everything is organized and managed by listing. Did you recommend dividing your listings into two accounts, or was that a decision you made on your own? 💡

[Frances3408]

@Alex. One needs a specialist accountant which is dearer and they only deal with this type.

[George2124]

i use an accountant cause everything is getting more complicated and more dangerous 

[Alex]

Hello @George2124!

And especially with digital processes, it's important to be cautious with every step. How long have you been using your account? Has it been making your life easier? 🙂

[Lorna170]

@Alex  When I first began listing my property for rental, I used an accountant who assisted me in learning the rules and the how-tos of reporting the rental income and expenses.  Once I was comfortable with the process, I felt confident and handled the accounting myself.  This involved a fair amount due diligence on my part, but it was my business to control.  

HOWEVER, when ArBnB and other online travel agencies (OTA) involved themselves in the rent collection and tax payments, where the income was no longer collected directly by me and the taxes were purportedly paid by those agencies, I returned to an accounting firm. 

I keep my own spreadsheet with the information about each rental with the income received by my bank account, the service fees charged by and paid to the OTA and the taxes the OTA collected.  I also keep a separate spreadsheet listing every expense associated with the property, down to the cost of the supplied toilet paper.  My accountant handles it from there.

[Alex]

Thank you for sharing your experience, @Lorna170!

This is a great idea and a really efficient way to work with your accountant. I'm sure other hosts will adopt this method as well. 🙂

How long have you been working with an accountant? 🏡

Best, 

Alex

[Lorna170]

@Alex  With an accountant for the last 6 years.

[Alex]

Hi @Lorna170! 

Wow, that's a lot of time! I'm sure they make your life easier. 🤗

How did you find your accountant? Did someone recommend them?

[Gaynor39]

Afternoon all,

I've just completed my first year with my Airbnb listing and opted to add it to our return and use our accountant. Hassle free as they took care of everything. 

Made easy by a simple download from Airbnb reports on bookings and providing totals for expenses. 

Best

Gaynor 

[Alex]

Hello @Gaynor39! 

Thank you for participating in the conversation! I'm so happy that you have an accountant who makes your life easier! 🤗

How long have you been working with one? Have you ever filed your taxes on your own?