Real Estate Agent Cheat sheet

Real estate agents, much like commission sales people, get hit hard when they file taxes. From my experience, due to cash flow issues, a lot of real estate agents do not pay any estimated taxes or in some case when they are incorporated run a salary. There are the months where commissions are low and money is tight; then comes a huge month and you start back at zero almost.  Without tracking their income and expenses properly, a lot of agents feel they made no money until taxes are filed.

" I didn't make all of that money?!"

"What can I do to lower my income?!"

The best advice is to find a bookkeeper who can either train you on maintaining an easy accounting system or do it for you on a monthly or quarterly basis. Combine that with a tax accountant who does tax planning to save you time and above all else money in taxes by planning smart.

If you are a real estate agent, chances are you could be missing out on vital tax deductions. Below is a real estate agent cheat sheet to guide you through general categories of deductions that you could be eligible for.

Word of Caution:

This is just a general reference of expenses that as a real estate agent you could be eligible to take. It is strongly recommend you consult with your tax professional as there are certain rules that need to be taken into account in order to legally write off the deduction.