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.
A better, faster, easier way. 