Tax Time Is Right Around the Corner!

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

About Patty

CEO/Founder: AnotherME - Virtual Assistants of Real Estate Providing RE Support, Mktg & Social Media ~ We do Business in the Cloud ~ Love a Good Martini or Glass of Wine ~ RE TrendWatcher
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