Fact: One of the main reasons real estate agents go out of business is because of what they owe the IRS.
I don’t think there is an agent out there, myself included, who hasn’t gotten hit at least one year with a surprise of some sort at tax time.
Fact: You might be able to keep more of your hard-earned commission simply by having the right accountant.
Without the right accountant, it might just be that you don’t know how to make the most out of being self-employed YET.
But, good news, I’ve got my favorite CPA on today’s podcast to tell us some of the many ways we can keep more of our hard-earned commissions right where we like ‘em…in our pockets!
And whether you’re a veteran realtor or you’re just starting out, you don’t want to miss today’s podcast since there is likely at least one new tax-time strategy that you can apply to your business this year.
Considered one of the nation’s top accountants, Linda De Marlor of Tax-Masters, Inc., specializes in helping real estate agents do their taxes because she used to be one!
She’s known as the Tax Lady because of her keen insights and knowledge of taxes.
Linda shares some of her tax-saving secrets, the latest changes to the tax code that mean more deductions for you, and the necessary know-how that can help you keep more of your money.
And, don’t worry, she somehow makes talking about taxes FUN.
Linda understands the frustrations and confusion many realtors face when it comes to doing their taxes, because she used to be one herself!
Gone are the easy days of W2 forms once you become a realtor. Being self-employed and “being your own boss” requires you to do things as a business owner, NOT an employee.
A totally different mindset is needed, especially when it comes to tax time.
And because of that, Linda and I want all real estate agents to know what steps to take all year long so tax time is something to look forward to, not dread.
On this episode, you’ll get more details about:
- The most overlooked deduction that many realtors don’t know about (big hint – medical bills);
- How to make your car deduction even bigger – how you set it up makes all the difference;
- The super-easy $75 Rule that you can start using today;
- A new 100% deduction just this year to be sure you are taking;
- Why “client accommodations” could be a great tool for goodwill and still be deducted;
- The differences between a LLC, C Corporation or a S Corporation – and why you may need to set one up to protect your business;
- How to stay organized all year long and avoid penalties;
- What never to skimp on;
- Why claiming an office in your home is a great deduction to make sure you are taking;
- Why a solo 401k plan is better than an IRA; and
- Why having an accountant who specializes in self-employed people is a must!
One thing I learned from Linda that completely changed my business for the better was the way she changed my mind about expenses for my business.
She says to look FORWARD to spending money on your business because not only can they be used to GROW your business if you are spending on the right things, but you can deduct expenses which means more of a tax savings.
As she says,
“Get excited about expenses and don’t shy away from spending money on your business. Think of each one as an investment that can help you make more money and save money in the long run, especially if you do your taxes the right way!”
Last but not least, Linda created a guide for the Agent Grad School community to help you prepare for your taxes this year. It’s called The Real Estate Agent’s Guide to Taxes.
It will help you gather all the important information you should have to make sure you are getting every deduction you can to help your tax situation.
You can grab that here:
And, if you’d like to reach out directly to Linda so she and her team can help you do your taxes, you can contact her directly at email@example.com. Tell her Jennifer from Agent Grad School sent you!!
To your success,
Agent Grad School is the best online business school for modern real estate agents. We teach a proven system to have a successful real estate career using smart, unconventional strategies and modern marketing methods to attract clients.
about your instructor
Hi, I'm Jennifer!
I'm a real estate agent, creator of Agent Grad School and host of the podcast Confessions of A Top Producing Real Estate Agent. I teach real estate agents the exact steps I used to become one of the top 1% of agents in the US using online marketing and modern, out-of-the-box business strategies.