Helping Real Estate Agents & Brokers to Avoid Overpaying the IRS
There’s a secret $1,000 deduction most Realtors miss when filing their Form 1040 tax return. It’s an easy deduction to miss, but it’s also easy to find and include on your return. If you just know what to do, you can quickly add a $1,000 tax deduction to your return … Read more
How do you file your business taxes as a Realtor? Which tax form do you use? What’s s the filing deadline? Real estate agents and brokers frequently ask me these questions. If you’re a newer agent, it’s your first time filing a business return. If you’re an experienced Realtor, but … Read more
What’s the number one thing a Realtor can do cut taxes? There are any number of different things Real Estate Agents and Brokers can do to cut taxes, including… tax strategies to implement deductions to take tax credits to claim, and legal loopholes to take advantage of Heck, in one … Read more
Is an LLC or S Corp best for Real Estate Agents? Perhaps the biggest tax mistake I see Realtors make over the years is that they choose the wrong business entity. Most agents and brokers start as sole proprietors; it’s probably the way you started. 85% of Realtors do. Heck, … Read more
Income taxes and rising healthcare costs rank as two of the top financial concerns for self employed taxpayers. Unfortunately, it’s really difficult to deduct medical expenses under the new tax reform rules. But Realtors who know how to write off a child’s braces as a deductible business expense gain a double … Read more
Whether you’re a brand new agent, or an experienced top-producer, here’s three amazing ways to maximize your auto deduction. Most Realtors use the standard IRS mileage rate method. And most leave big money on the table by doing so. By making sure you chose the correct method, you can save … Read more
Does the home office deduction create a red flag on Realtor’s tax returns? Not taking an office in home deduction can cost you hundreds, even thousands of dollars a year in income taxes you shouldn’t be paying. Yet many agents won’t write-off home office expense because they read somewhere that … Read more