At RISMedia, we care about getting you the best advice in the business. That’s why we partnered with QuickBooks Self-Employed by Intuit®, the experts in finance management for independent contractors like real estate agents. Below are their top tips for tax time deductions.
Marketing.
From online ads to business cards, websites, flyers, signs and even commercials, successful real estate agents get to write every sing one of these expenses off.
Mileage.
Did you know that every 1,000 miles you drive can generate $535 in tax deductions? Now you do! QuickBooks Self-Employed can automatically log your miles and tell your how much each trip earned you in deductions after every single ride you take.
Desk & Membership fees.
If you pay a desk fee at your office or brokerage, then you can write this fee off. Your membership to NAR or any local association? Yep, that’s deductible too.
Software, Tools and Education.
From lead-generation tools to CRM software, the majority of your business tools are tax deductible. Also, anytime you go to a seminar or buy coaching classes, those are deductible too.
Home Office.
You’re eligible for a home office deduction, even if you also have office space at your broker’s office—unless you’re deducting office fees already.
When it comes to deductions, the most important part is keeping your receipts. Upgrade your storage process: Use an app, snap a photo of the receipt then toss it. Your app will store it for you, so you can focus on selling.
Try out QuickBooks Self-Employed, a proud partner of the National Association of REALTORS®’ REALTOR Benefits® Program, free for 30 days. Then, get 50% off your first year. Try it free now.
