Now that we’ve entered tax season, it’s time to think about tax deductions. Almost everything you buy for your real estate business is tax deductible, so long as it is ordinary and necessary and the cost is reasonable.
These deductions can really add up. For example, if you buy a $2,000 computer and use it for your business, you could deduct the full cost from your taxes. If you were in the 28 percent federal income tax bracket this would save you $560 in income tax.