tax solutions for realtors: Help for Real Estate Agents in Filing Your 2013 Taxes
- 01/02/14 10:15 PM
Confused as to what’s deductible or how to figure your auto or meals and entertainment expense? Do you need an organizer to help you prepare your tax information to give to your tax guy? Well help is on its way. Just go to www.TeamZumwalt.com. For your organizer just click the tab “Online Forms” and get everything you need to prepare your real estate expenses. Click the Realtor tab and up pops a realtor worksheet for you to organize your expenses. Next hit the Auto Worksheet to accumulate your auto expenses. Home office?? Click the home office worksheet. And last is a … (2 comments)
tax solutions for realtors: Need Guidance with Your Taxes?
- 01/02/14 10:05 PM
Just go to our Website at www.TeamZumwalt.com for free help. Under the download tab you will find a wealth of information on rules for deducting travel and entertainment, auto expenses, retirement plans and tax tips just for realtors®. There are also brochures you can use as handouts for your clients. Such as the brochure “Tax Guide for Home Owners”. If you are a relocation specialist how about the brochure “Tax Moving Guide”? All this information is free and I hope it helps you save money on your taxes. Of course, if you have other questions you can always call me at … (0 comments)
tax solutions for realtors: Resolutions We'd Like to See
- 01/02/14 12:25 AM
2014 is here, and it's time for New Years' resolutions. Americans across the country are pledging to lose weight, quit smoking, exercise, and find new jobs. Some of them will succeed, others will lose faith before the first snowmelt. (Want to make a fortune? Open a gym that turns into a sports bar on February 1!) So we thought we would take this opportunity to suggest some resolutions to the folks who determine how much tax we pay.
• Congress: Put the Tax Code on a diet. According to one count, our tax code runs nearly 4 million words. That's four … (1 comments)
tax solutions for realtors: HAPPY NEW YEAR
- 01/01/14 11:09 PM
Well here we are in 2014 with Congress once again not addressing the tax credits that they extended for 12 months last year. We are left to wonder if a school teacher will be able to deduct $250 for supplies she pays for out of her or his own pocket. Sad, really. Also the Section 179 expense for property purchased in 2014 may or may not be renewed. That’s just two of many that we are concerned about since tax planning tends to revolve around these tax saving strategies. As you get ready for the new year with a fresh start … (1 comments)
tax solutions for realtors: TG Deduction Check list
- 12/31/13 12:04 AM
Are you wondering if you got every deduction? Well, here’s a checklist to help you find ever itemized deduction so that you pay less taxes. No reason to leave Uncle Sam a tip! Solo 401K Want the same tax advantage for retirement accounts as the big corporations? Want to make a big dent in those taxes? Do you think that Social Security will be enough? Then a Solo 401k may be for you!! Contributions over $50,000 are possible. Cut your Business Taxes As real estate agents one of your biggest expenses is spent on taxes! So here is a list of … (0 comments)
tax solutions for realtors: New Feature to Help Real Estate Agents with Their Taxes
- 12/30/13 11:44 PM
We are introducing a new feature on our website www.TeamZumwalt.com . We have called it “Tax Flash”. Each week there will be a short and helpful article aimed at helping your reduce or comply with tax requirements. This week is a note about filing 1099’s. Those of you who have team members receiving commission income should check out this new feature. Let me know what you think and if there are any issues you would like to see. Thanks again from all of us at Team Zumwalt And here’s wishing all of you the best New Year ever!! Bill Zumwalt Helping REALTORS … (3 comments)
tax solutions for realtors: Last Minute Tax Savings
- 12/30/13 12:16 AM
Well it’s hard to believe that it’s another year soon. So for those of you needing to reduce your taxes here are some last minute ideas. 1) Charitable Contributions. If you plan to give to charity consider donating before year end. Pay your January tithes by year end and receive the tax benefit now. Non cash items can be dropped off at your local Goodwill Center to help as well. 2) Plan now to contribute to a retirement account. SEP’s make a great way to save money and you have till April 15th or the extended due date of your return. So you … (2 comments)
tax solutions for realtors: Hope You Had the Best Christmas Ever
- 12/30/13 12:05 AM
The Zumwalt clan had there traditional Christmas Eve Dinner and Grand Gift Opening. We have pictures each year of the kids having to wait in the hallway before ransacking the family room on Christmas morning. We now have to have a panorama lens with close to 45 people over for the event. That’s what six kids, 15 grandchildren, in-laws, and grandparents seem to be there. Lots of potential home buying referrals for real estate agents. Now let’s all have a great New Year. And remember this: Everyone knows you have to pay taxes – but nobody said you have to leave … (0 comments)
tax solutions for realtors: The Naughty List
- 12/17/13 09:29 PM
Christmas is almost here, and that means millions of parents across America are telling their kids to behave themselves or risk winding up on the "Naughty List." (Admit it — if you've got kids, and you celebrate Christmas, you've done it yourself.) But while kids may be on their best behavior, grownups sometimes fail to make the connection between their own behavior and what Santa leaves under the tree. This is especially true when it comes to taxes! Misbehave there, and you risk a lot more than a lump of coal. So here are four cautionary tales to consider as the … (1 comments)
tax solutions for realtors: Are You Getting Every Deduction?
- 12/16/13 10:08 PM
If you always worried that you were missing a deduction or leaving money on the table? My answer is yes you are. I have been able to set up a new e-brochure on our updated website at www.TeamZumwalt.com that will help many of you who are salaried employees. Best thing you can do is to look at last years’ tax return and compare it to the checklist. If you find your deductions are down then you may want to increase your deductions with non-cash charitable donations or donate money to an organization by credit card charged in 2013 and not have … (1 comments)
tax solutions for realtors: #Windfall
- 12/15/13 09:17 PM
Psychologists agree that the ability to concentrate is key to achieving our goals. But today's high-tech world is full of distractions, from thousands of cable TV channels to millions of internet sites, with smart phones constantly within reach. Some experts say our attention span is actually shrinking. So should it be any surprise that Americans have fallen in love with Twitter, the online social networking and "microblogging" site that lets users send and read "tweets" limited to no more than 140 characters? Twitter attracted confusion (and no small amount of scorn) when it debuted in 2006 — co-founder Jack Dorsey admitted … (5 comments)
tax solutions for realtors: IRS has finalized Rules on the Additional Medicare Tax
- 12/12/13 09:01 PM
The final regulations were released last week for the new Affordable Care Act this past week. The biggest point in this legislation for most of us will be the additional .9% tax on income. This tax kicks in at income for singles at the $200,000 and above income level. This tax kicks in for married couples making over $250,000. I think I see a marriage tax here! If two people are single then it doesn’t start until $400,000 ($200,000 a piece) while the poor married couple tax starts at $250,000. The real discrimination is the cost of living in your home … (6 comments)
tax solutions for realtors: REAL ESTATE AGENT YEAR- END MEMO
- 12/12/13 08:48 PM
Form 1099 Filing Requirements: What you need to know The IRS works constantly to improve income reporting by taxpayers. One tool they employ is requiring businesses to file “information returns” that tell the IRS about amounts the business paid out that should be reported by the recipients as income. Many of you have agents or assistants that are paid as independent contractors. So here is the information you need to know to keep the IRS happy. Probably the most familiar of these information returns is the Form W-2 which reports wages paid to employees. Another information return is Form 1099, which … (0 comments)
tax solutions for realtors: Mileage Rates for 2014 Just Released
- 12/10/13 10:41 PM
Anyone think the price of a gallon of gas has gone down this past year? Has the cost of driving your car gone down this past year? Well guess what! The IRS just released the mileage rates for 2014 and the standard mileage rate has dropped to 56 cents per mile from 56.5 cents. I know that’s not much but it is hardly a reflection of the real world cost of driving a pickup, SUV, or standard size sedan. Of course, you can always use the actual cost method when calculating your vehicle expense. However, once you choose this method you … (0 comments)
tax solutions for realtors: "Ardente!" is Portuguese for "Hot!"
- 12/10/13 10:22 PM
Tax collectors generally don't choose their line of work for the pay. Glassdoor.com, a gossipy website covering salaries and careers, reports the average Revenue Agent earns $73,967. Careerbliss.com tells us the average criminal investigator earns $99,000 — which makes sense considering there's at least a chance they get shot at while working. That's not bad coin . . . but it's hardly enough to party with the rich and famous. But what's true here in the United States may not be true in the rest of the world. Our neighbors to the south in Brazil have been transfixed lately by a … (1 comments)
tax solutions for realtors: Are You Just Getting Started as a Realtor?
- 12/08/13 10:01 PM
We have a new e-brochure for agents just getting started. You should also see the brochures for making the right entity choice, Tax Guide for vehicle expenses, Tax rules for deducting T and E. Just go to www.TeamZumwalt.com and on the left is a tab for downloads. I also have a presentation for “The Evolution of a Real Estate Agent” with tax planning opportunities for the “Rookie” that I can copy and that should help as well. To get this handout just email me at bill@TeamZumwalt.com and I will be happy to send this to you. As always, call me if … (1 comments)
tax solutions for realtors: Hiring Veterans by December 31st and Save Money on Your Taxes
- 12/08/13 09:52 PM
Some of you may have a team large enough to have an assistant who helps you with your office needs and general accounting. Here is a way to help a vet and yourself. The key factors for what is known as the “Work Opportunity Tax Credit” are as follows:. 1) Deadline for hiring is December 31st 2013. This credit is set to expire at that time. 2) Maximum credit is $9,600 per worker 3) The amount of credit received is based upon a lot of factors such as amount paid, hours worked etc. See your tax preparer for a more accurate number 4) Hiring disabled veterans with service … (0 comments)
tax solutions for realtors: Coach's Challenge
- 12/05/13 09:58 PM
December is here, and for millions of college football fans, that means following their favorite coach to a New Year's bowl game. In Tuscaloosa, Alabama's Nick Saban is reeling from the Crimson Tide's last-second loss to archrival Auburn in this year's "Iron Bowl." In Columbus, Ohio State's Urban Meyer is celebrating 24 straight victories after his Buckeyes beat Michigan by just one point in "The Game." And further west, Washington's Steve Sarkisian is celebrating his Huskies win over the Washington State Cougars in the 106th "Apple Cup."
As always, these coaches and dozens more will be paying attention to the latest Bowl … (0 comments)
tax solutions for realtors: All is Right in Oklahoma High School Football
- 12/05/13 09:15 PM
And all is well in the world of Oklahoma High School football as the Jenks Trojan’s will face the Union Redskins for the 18 consecutive year for the state large school football championship. Jenks has won 10 while Union has won 7. Jenks played Westmoore last night in the quarterfinals. Jenks scored on its first 5 possessions to lead 32 to 0 in the first quarter While Union had a competitive game beating the Broken Arrow Tigers. This Saturday some 25,000 to 30,000 fans will be in the stands to watch the finals. Many times the games between these two schools … (0 comments)
tax solutions for realtors: What's In A Name?
- 12/04/13 10:27 PM
In Shakespeare's most recognized tragedy, the star-crossed lover Juliet asks "What's in a name? That which we call a rose by any other name would smell as sweet." Now, that may have been true back in Juliet's day. But is it still true now in today's era of celebrity branding? Here's the deal. Back in 2009, executors for the King of Pop, Michael Jackson, filed an estate tax return reporting the value of his assets at his death. Jackson had been famously extravagant during his life, blowing through hundreds of millions in earnings and borrowing hundreds of millions more. His 2,600-acre … (0 comments)
Confused as to what’s deductible or how to figure your auto or meals and entertainment expense? Do you need an organizer to help you prepare your tax information to give to your tax guy? Well help is on its way. Just go to www.TeamZumwalt.com.
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