As a real estate professional, did you realize you are operating a small business? There are many tax deductions that small business owners overlook – it’s the little things that can add up and save you MONEY!
Here are some ideas for items used for business purposes only:
- Advertising and printing
- Entertainment and gifts, provided they meet IRS criteria
- Equipment and furnishings: Depreciation on equipment; Office supplies; Software costs; Telephone (cell phones), Internet, television and other communication tools
- Insurance premiums
- Costs of business books, periodicals or newspapers
- Dues or membership costs to professional organizations
- Education costs for self or employees
- Office moving expenses
- Fees and penalties–Relating to CDs, business checking, savings or money-market accounts; Associated with retirement accounts for self and employees; For credit bureaus, Better Business Bureaus, local associations, etc.; Paid to employment agencies
- Interest payments on business loans
- Janitorial, landscaping and maintenance costs
- Losses due to fire, windstorm, hail, flood or other natural disasters; also losses due to theft may be deductible
- Self-employed tax deductions. Individuals can deduct a percentage of their health insurance premiums paid during the year for themselves and their dependents; May deduct one-half of their self-employment tax
- Tax preparation fees as well as accounting, attorney, insurance, consultation fees, etc.
- Travel expenses
- Utilities for business facilities
