How Tax Reform Could Affect REALTORS®

It’s far from clear that any major reforms to the tax system are coming anytime soon. There is plenty of disagreement in Congress over who should receive tax cuts (individuals, businesses etc.) and how those cuts can be achieved without substantially increasing the federal budget deficit. Tax policy plays an important role in the real estate industry. That’s why the National REALTORS® Association and other groups involved in the housing business are paying close attention to various proposals under consideration. Here are a number of ways that potential changes could affect real estate agents. Mortgage Interest ...

7 Ways Commission Advances Help Agents Grow Their Business

You need thick skin and a tough mind to make it as a real estate agent. The first few years can be a mighty test of your will. You have to constantly hustle to build a network and a reputation that is large enough to provide you a steady stream of clients. Dry spells are unavoidable, particularly as sales slow down in the winter months. During that time, however, you want to keep the momentum going by continuing to invest in your business. Here are a number of ways that commission advances can help. Advertising You know it might be ...

Seven common tax-deductible expenses for self-employed real estate professionals

Many people envy the lifestyle of the self-employed. You set your own hours, you don’t have a traditional boss to whom you are accountable, and in theory, you have unlimited earning potential. The main downside to all of this freedom is your increased tax burden – both paying them and preparing your returns. Many self-employed real estate professionals must make quarterly tax payments or risk IRS penalties and fees. You’re also required to pay the portion of Medicare and Social Security typically covered by an employer. Because of this greater financial burden, you need to take full advantage of all the ...

Tax tips on deducting meal expenses for real estate professionals

A great many deals with clients and business partners are closed over a lunch, golf outing or fancy dinner. Indeed, nothing is quite as conducive to icing the deal than having a bite together in a nice eatery. The nice thing about business meals and entertaining clients in general is that they are a legitimate business expense and therefore deductible from your taxes. The bad thing is not all meals and entertainment expenses are deductible so you have to be careful what you declare on your taxes. In this blog post we explain ways in which meals and entertainment can be deducted ...

Tax Tips on Deducting Meal Expenses for Real Estate Professionals

A great many deals with clients and business partners are closed over a lunch, golf outing or fancy dinner. Indeed, nothing is quite as conducive to icing the deal than having a bite together in a nice eatery. The nice thing about business meals and entertaining clients in general is that they are a legitimate business expense and therefore deductible from your taxes. The bad thing is not all meals and entertainment expenses are deductible so you have to be careful what you declare on your taxes. In this blog post we explain ways in which meals and entertainment can be deducted ...

Top Tax Write-offs for the Self-Employed

What follows is a post we borrowed from the Intuit TurboTax blog about tax write-offs for the self-employed, which included real estate agents. Please enjoy this incredibly instructional post about how you can maximize your tax savings for  2015. With self-employment comes freedom, responsibility, and a lot of expense. While most self-employed people celebrate the first two, they cringe at the latter, especially at tax time. They might not be aware of some of the tax write-offs to which they are entitled. When it comes time to file your returns, don’t hesitate to claim the benefits you get for being ...