I could not do without Quicken!  I use it in my business, my builder husband's business, my storage units, my investment property and my personal business.  At year's end I can click on last year, and instantly have a printout of my expenses and income.  How convenient! 

I can also view, anytime, how much I have spent on advertisement for the year.  Quicken is a great tracking tool, and sooooo easy to use.  If you are not using Quicken, you don't  know what you are missing!  Try it!!

My builder husband is always asking, "How much have I spent on materials on Job 10?"  I can tell him in two seconds.  I can also tell him how much labor he has paid and any other check that he has writtten.  When he gets his yearly audit with Workmen's Comp, I can have that ready immediately.  This program is wonderful!  Really saves me time from the old pen and paper routine!

While I am on the subject of taxes, if you will pay estimated taxes quarterly, you won't have to get a loan to pay them on April 15.  So many Realtors don't pay estimated taxes and I cannot understand why.  Put a portion of your commission aside for taxes and it won't hit you all at once. 

Go ahead and thank me now, you will appreciate the tip next year!!!

 

 

19 Comments on IT'S TAX TIME AGAIN, DO YOU USE QUICKEN?

Mary - Great post.  I love Quicken and can attest to its simplicity to use and what a wonderful system it is for documentation.  Another suggestion, is to set aside x% out of every commission check to go towards taxes. That way the money is there in the account when you need it and you don't have to go scrounging for money from other accounts.

Lisa Friedman  http://www.LisaFriedman.com  http://www.ViaForHealth.com

03/08/2008 03:32 PM by Lisa Friedman Central New Jersey Real Estate (Pinnacle Realtors)

Good post Mary. I'll have to look into Quicken. I have the hardest time getting my paperwork organised for taxes.

03/08/2008 03:55 PM by Maria Couto,ABR,CRS-Berkeley Heights & Long Hill Real Estate Homes for Sale (RE/MAX Classic Group-Berkeley Heights Realtor For Sale/Sold)

I use Quicken also.  You've got to get to work on other things besides blogging.  3 in one day!  And I was in Conway shopping!  You are a dear!! 

P. S.  Perrin may have to hire him a bookkeeper if you don't break this blogging habit!!

03/08/2008 05:56 PM by Barbara S. Duncan ABR, CRS, GRI, e-PRO Searcy AR (RE/MAX Advantage)

Lisa,

You are so right, Quicken is simple.  It is a good idea to take a % of commission and set it aside.  I hear Realtors saying they can't pay their taxes, it just takes some budgeting.  Thanks for the response and have a great week!

03/08/2008 06:27 PM by Mary PAUL, ABR, CRS, e-PRO, SEARCY, AR RE/MAX (RE/MAX Advantage Realtors)

Maria,

You will love how simple it is, if you can balance a checkbook you can use Quicken.  It is sooooo easy and at tax time, do a report and you are finished!!!  Have a great week, and thanks for the response.

03/08/2008 06:30 PM by Mary PAUL, ABR, CRS, e-PRO, SEARCY, AR RE/MAX (RE/MAX Advantage Realtors)

Barbara,

All these ideas came to me, so I had to blog them before I forgot.  Well, you were shopping!!  Did you find alot?  Don't give Perrin any ideas!!!!

03/08/2008 06:31 PM by Mary PAUL, ABR, CRS, e-PRO, SEARCY, AR RE/MAX (RE/MAX Advantage Realtors)

I tried Quick books Pro for my husbands business and my real estate and I gave up! I'm pretty good with figuring out computer programs but that one was over my head. I hired a bookkeeper!

Maybe I should give quicken a try. I wouldn't know how to transfer all of the jobs that are already started though, I bet that could get pretty complicated.

Jennifer

03/11/2008 09:53 AM by Jennifer Davis (RE/MAX Advantage)

Jennifer,

When you get time stop by my office and I will show you how to do Quicken, it is so easy!

03/14/2008 08:25 AM by Mary PAUL, ABR, CRS, e-PRO, SEARCY, AR RE/MAX (RE/MAX Advantage Realtors)

Fantastic!!!

03/14/2008 02:37 PM by Jennifer Davis (RE/MAX Advantage)

That's exactly what I do... put aside money from every closing for year end taxes.

03/14/2008 02:53 PM by David Slavin, ABR, SRES RE/MAX Grand, Katy, TX (RE/MAX Grand)

Yes, we use Quicken and Quick Books.  You'd be amazed at how easy it is to find receipts a year or 2 later once we've put it into Quicken.  My husband loves it.

We have paid quarterly taxes ever since getting in the business.  That way there's no surprises.  Have a great day!

Debbie Arriero

03/14/2008 03:08 PM by Debbie Arriero (Arriero Realty, Inc.)

David,

I filed taxes yesterday and I was so glad that I paid estimated!  Also, I bought a new SUV, over 6,000 pounds, and it was a good deduction! Thanks for the response!

03/15/2008 01:48 PM by Mary Paul

Debbie,

I filed taxes yesterday and paying estimated is a life saver!  Also, I bought a new SUV, weighs over 6,000 lbs., so that was a good deduction.  Thanks for the blog.

03/15/2008 01:51 PM by Mary Paul

There is a FREE version of quickbooks you can download from the site. It's adequate for most of us!

03/15/2008 01:58 PM by Realty Executives - Erica Ramus - 570 622 6006 - Schuylkill

We have a CPA do the taxes, but we do estimate quarterly!  I agree...I cannot imagine how someone can be in real estate and not do this!

03/15/2008 02:12 PM by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta)

I do not use quicken but I do agree that we all should do the quarterly estimated tax.  Not only to not have the big hit at tax time but to also avoid the possibility of paying a penalty on top of it.

03/15/2008 02:17 PM by Scott Guay Ocean City and Ocean Pines Maryland (Coldwell Banker Residential Brokerage)

Erica,

Thanks for the tip, I'll pass it along!  Quicken is the best way to keep books!

03/16/2008 08:56 AM by Mary Paul

Jim,

There are so many agents who don't pay quarterly.  I agree, it's the only way to go! Thanks for the response!

03/16/2008 08:58 AM by Mary Paul

Scott,

You are right, you will get a penalty.  Thanks for the response.

03/16/2008 09:00 AM by Mary Paul

Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Find AR real estate agents and Searcy real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved