Newbie Real Estate Agent- Tax tips on documentation

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Real Estate Agent with Resident Realty

If you are a new real estate agent… An independent contractor for a brokerage, a few tips.

Keep track of all your business expenses for tax purposes. This may include office supplies, postage, E & O insurance, payments to brokerage, printing fees, signs, promotional costs such as activerain, and business assets gained or lost for possible depreciation, etc.

Make quarterly estimated tax payments as required.

http://www.irs.gov/businesses/small/article/0,,id=110413,00.html

Keep a written log of your business vehicle mileage for tax deduction if applicable. (This may add up)

Keep a log of your medical expenses.

Keep in mind educational expense benefits and which may qualify for credits.

Obtain professional tax advice, or at least use an appropriate tax software for preparing your return.

Document!

And notice, no tax advice given here, just some things to keep in mind.Not a tax advisor or expert here.

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Ambassador
467,722
Lynn B. Friedman
Realtor - 404.939.2727 ATL BuckheadMidtownWestside
Atlanta Homes ODAT Realty - Serving Clients is our Business - One Day At a Time.

Dear Roy -

Great timing!

Still the whole month of December to get everything in order!

Have a happy day -

Lynn

November 25, 2011 12:21 PM
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Roy Johnson

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