You might have experienced a moment about a month ago when the magic of the holidays had completely disappeared but snow stubbornly remained on the ground in ugly patches -- then someone mentioned the word "taxes." In a jaw-dropping, head-spinning realization, you tried to compute how it could have possibly been a full year since you last filed, and why tax season feels almost as never-ending as the NFL schedule. (Or maybe that's just me.) The only saving grace pulling you out of this miserable paper-shuffling, headache-inducing existence is a pretty shiny silver lining: deductions. And right now, it's crunch time. Some people might not think it's worth their while to save receipts and calculate their deductions -- after all, time is money. These individuals probably aren't fully aware of the money they're losing by neglecting those deductions, though. The minutes here and there you spend staying organized throughout the year will likely yield bigger reward...
- Saving receipts and calculating deductions is tedious, but the minutes you spend here and there staying organized throughout the year will yield worthy returns.
- Because real estate agents are almost always independent contractors, they are eligible for savings on self-employment taxes as well as the federal and state tax savings.
- Consider your eligibility for deductions in various expense categories including branding and advertising, office items, business equipment, continuing education and more.
The real estate event of the summer
Connect with other top producing agents at Connect SF, Aug 7-11, 2017