In the past 20 years, we’ve seen major industries disrupted or vanish completely due to tech innovation: Netflix said goodbye to the video rental industry, Amazon put brick-and-mortar bookstores under, Apple made buying CDs obsolete — the list goes on and on.
The Trump administration released a revised tax reform proposal on Wednesday, which you can read in full here. The real estate industry is abuzz trying to decipher if the updated proposal helps or hurts agents — while the jury is still out, the realistic answer, frustratingly, is “it depends.”
President Trump’s first 100 days came and went without a signature piece of legislation, despite promises to the contrary. One of Trump’s campaign pillars was tax code reform — making the code simpler to navigate and cutting rates for both individuals and businesses, which his administration believes will spur massive economic growth.
This year, taxes for individual agents like yourself are due on April 18. Many of us still haven’t filed. But now that April is just around the corner, it’s time to get your paperwork together and finally sit down with those taxes.
As the realization that taxes are due in 10 weeks sets in, most real estate agents are desperately trying to find every deduction and loophole to help minimize their tax obligation.
From generating leads; to marketing, networking and branding; and, finally, crushing your commissions — being a successful real estate agent requires good business sense.
The inauguration of President Trump is still fresh in people’s minds, but his administration is already taking swift action to implement campaign promises. In regards to the business world, many entrepreneurs — like real estate agents — are unsure how his proposed tax plan will affect their business.
At this point, April 17 may not even be a glimmer in your eye. However, you can still start thinking about your taxes, as it’s never too early to get your finances in order.