Travel Expense Deductions for Insurance Agents

As an insurance agent, you’re constantly on the move and need someone who understands your industry. The team at Strive Accounting and Tax Solutions has the knowledge and ability to make life easier. We can show you how to properly log your mileage and get the most out of your tax benefits.

Travel expenses are fairly common deductions, but can be tedious and confusing. While commuting to your office or regular place of work is not deductible, business related travel expenses can provide significant deductions. Any time you leave town for business and incur transportation costs and lodging expenses, those expenditures can be deducted from your taxes.

When traveling via automobile, there are two types of deductions — Standard Mileage Rate and Actual Expense. The current standard mileage rate deduction is 56 cents. Items such as gas, repairs, vehicle taxes, insurance, and depreciation cannot be deducted. However, other forms of travel such as taxis, train, and buses can be. Actual expenses are the costs associated to the car and its depreciation. The percentage of time the vehicle is used for business is multiplied by the total expense, which is equal to the total deduction.

Outsourcing your tax preparation and accounting to professionals who specialize in supporting insurance agents will free up valuable time for your business. Visit our website or call 757.269.9099 to find out more about how Strive Tax and Accounting Solutions can help your insurance business get the most out of your travel expense deductions.

http://www.strivecpa.com/insurance

 

Tax Benefits for Real Estate Agents

True or false, the IRS is will contact you when you’ve left out of missed a deduction on your taxes? (If you’re Googling the answer, please call us now)

In the competitive field or real estate, agents do not have the time to study up on the latest tax code or thoroughly comb through returns for deductions. Strive Accounting and Tax Solutions specializes in back office accounting for real estate agents. We’ll focus on the books while you focus on clients.

Nearly every dime put towards the ability to create a profit can be counted as a deduction. Having the right information can be the difference between saving hundreds and thousands of dollars. During a real estate agent’s first year, up to $5000 in pre-revenue start-up costs can be deducted during that initial year with the rest deducting in the future. This includes, but is not limited to, operating expenses such as rent, utilities, and wages. Small businesses can deduct capital expenses in the first year such as depreciating assets like buildings, furniture, and equipment.

In terms of value, $1000 deducted does not equal $1000 saved, it’s simply money that isn’t taxed. Examining the marginal tax rate, or the tax bracket your business falls into, will determine how much you’ll save. It’s vital that you refrain from purchasing items just to set a deduction.

Strive Accounting and Tax Solutions has the experience, and more importantly, the knowledge to specifically provide real estate agents with the support and know-how to maximize tax deduction savings. Visit our website or call 757.269.9099 now to learn how you can spend more time on your business by outsourcing your accounting and tax needs.

http://www.strivecpa.com