As 2018 draws to a close, it’s an excellent time for brokers to get a jump on tax season. Planning ahead involves more than organizing tax records; it also includes purchasing necessary business-related equipment, supplies and services—expenses that are directly associated with operating a real estate brokerage and may be eligible to be deducted against business income.
Fortunately, members of the National Association of REALTORS® (NAR) can complete many tax-saving purchases before the end of the year while also taking advantage of additional savings through the REALTOR Benefits® Program. Over 30 companies provide unique savings and offerings to REALTORS®, including the following organizations that supply products and services often considered as qualified business expenses.
Is it time to make technology upgrades? Whether in the office or on the road, real estate brokers and agents rely heavily on the latest technology. Dell meets those needs with a wide range of notebooks, tablets, desktops, servers, electronics and accessories in its Consumer and Small & Medium Business lines. REALTORS® receive exclusive member discounts up to 40 percent on select Dell products, along with free U.S. ground shipping.
Dell also offers free technology consultations with an experienced small business advisor who can recommend solutions tailored to a broker’s needs, preferences and budget.
For more savings on technology solutions, look to LenovoTM, another partner in the REALTOR Benefits® Program. LenovoTM offers discounts up to 35 percent on its entire product line, including award-winning ThinkPad® notebooks, as well as its highly acclaimed IdeaPad multimedia notebooks, IdeaCentre and ThinkCentre desktops, PCs, tablets, convertibles and accessories. Free ground shipping is available to NAR members on all online orders.
LenovoTM frequently runs special limited-time sales, which allows NAR members to enjoy additional savings on top of regular discounts offered through NAR’s REALTOR Benefits® Program.
FCA US LLC (Including the Popular Jeep® Grand Cherokee)
Most real estate professionals use their vehicle extensively for business purposes. As a result, purchasing or leasing a new car or truck for business use may offer a significant tax deduction. (Consult a professional tax advisor for details on rules regarding eligibility.)
In addition to tax savings, FCA US LLC, NAR’s Official Automobile Manufacturer, offers REALTORS® and family members a $500 cash allowance on the purchase or lease of select new automobiles, which can be combined with other incentives for even greater savings. Additionally, REALTORS® receive an extensive vehicle maintenance package on the purchase or lease of select Chrysler, Dodge, Jeep®, Ram, FIAT®, and Alfa Romeo models.
When combined, the cash allowance and Mopar® Vehicle Protection package, created exclusively for REALTORS®, offers $1,000 in total savings to REALTORS®—which is the equivalent to NAR membership dues for more than six years.
Victor O. Schinnerer & Company
Errors and omissions (E&O) insurance is another tax-deductible business expense generally claimed by real estate brokerages. Victor O. Schinnerer & Company, one of the largest and most experienced underwriting managers of specialty insurance programs, has partnered with NAR to provide a first-class E&O insurance program to REALTORS®.
Brokers may be able to take advantage of several premium credits, as allowed by state law, including a credit for being an NAR member, holding select NAR designations, continuing education, use of standard contracts, use of home warranties, risk management programs, etc. Additionally, a longevity credit is available after reaching the three-year, five-year and 10-year marks. Your insurance agent or broker can get you a quote in minutes by using Schinnerer’s new online quoting platform, V2.
Preparing for tax season isn’t always easy; however, the burden can be less for brokers and agents who use QuickBooks® Self-Employed. It’s one of Intuit’s signature products and helps to track mileage, capture receipts and categorize expenses— which can all be accomplished from your smartphone, laptop or desktop. Intuit provides exclusive savings to NAR members on QuickBooks® Self-Employed, as well as TurboTax®, America’s best-selling tax software. There’s also a QuickBooks® Self-Employed/TurboTax® bundle option to help maximize savings when purchasing the products together, allowing brokers and agents to pay quarterly and year-end taxes online through a seamless integration.
Intuit has developed four short and informative “tax tip” videos, specifically for NAR members, which can be viewed at NAR.realtor/RealtorBenefits/Intuit. This is an excellent and convenient way to get smart on tax deductions, including deductions on business expenses, advertising expenses, home office space, mileage tracking, and much more before your next tax season.
End the Year on a High Note
Successful real estate professionals must make sharp business decisions, which includes securing professional tax advice on deductible business expenses and purchasing qualifying products and services at the best prices. Count on partners in the REALTOR Benefits® Program to help accomplish these goals in 2018 and beyond.
Plus: Save Money on Holiday Shipping With FedEx
With the holiday season here, it’s time to send gifts near and far. FedEx, a proud participant in NAR’s REALTOR Benefits® Program, is pleased to offer REALTORS® a variety of special savings on select FedEx® shipping solutions.
NAR members save on select services for both personal and business use, including up to 26 percent on FedEx Express®, up to 12 percent on select FedEx Ground® services, and up to 20 percent on select FedEx international services. FedEx Office also provides special savings on their most vibrant marketing materials, including promotional flyers, color copies, brochures, and more.
Get more when you ship with FedEx Rewards. Enrollment is fast, easy and free, and there are no minimum requirements. To learn more and save, visit www.NAR.realtor/RealtorBenefits/FedEx.
The REALTOR Benefits® Program is the exclusive member benefits program of the National Association of REALTORS®, bringing savings and special offers just for NAR members. Program partners are carefully selected and understand the unique needs of real estate professionals. Learn more and save by visiting www.NAR.realtor/RealtorBenefits. Like us on Facebook to stay up-to-date on new announcements, special offers and shareable tips for NAR members.
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