As a busy real estate professional, much of your time is devoted to clients and developing leads into new business. As a result, staying on top of all your business expenses and finances often gets pushed down your list of priorities. However, when you wait until the last minute to examine your expenses, you could potentially be leaving money on the table.
Agents are responsible for managing their own expenses and taxes including allowable deductions - and there is a new app to make this easier. ProfitDash is a mobile app available exclusively to Keller Williams associates. This finance-management a seamlessly tracks business expenses, mileage, deductions and commissions in real time. But knowing what expenses and deductions to track is a crucial first step.
To help, Hurdlr wrote a guide listing out 16 tax deductions for independent real estate agents*:
STANDARD AUTO DEDUCTION
LEGAL & PROFESSIONAL SERVICES
HOME OFFICE DEDUCTION
CONVENTIONS, SEMINARS, AND TRADE SHOWS
EDUCATION AND TRAINING
TAX PREPARATION FEES
STATE AND LOCAL INCOME TAX
SELF-EMPLOYED HEALTH INSURANCE DEDUCTION
*Always consult with a tax professional for your tax-related questions.