It's Tax Season, Don't Miss Out on Your Deductions...

Yup It's Tax Time Again
Get All the Deductions You Can!

It's that time of year when some people have a love hate feeling with tax season.  For those that get refunds this may be a happy time, but for the many people who don't this is a dreadful time.  Getting yourself ready to meet with your accountant is the worse part for me.  I commend those who are diligent with keeping their paperwork and receipts neat and organized throughout the year.  If you are that tidy, this blog is not meant for you!  So for those who are like me, this is for you...

I feel most real estate professionals do not take advantage of all the many deductions we get to take as contractors, so I did some research and created this list of deductibles to use as a reference:

1.       Advertising expenses:  Internet Ads, Postcards, Website Fees, Newspaper/Magazine/Radio/Web Advertising, Commercials, Business Cards And All Other Materials Purchased To Market Your Business.

2.       Bookkeeping, Accounting and Legal Fees

3.       Business Gifts (Up to $25)

4.       Business Meals and Entertainment

5.       Vehicle expenses: Mileage, Depreciation, Car Insurance, Parking Expenses, Tolls

6.       Communication:  Cell Phone, Computer, Computer Software, Internet Access Fees, Landline

7.       Education To Improve Or Maintain Required Skills

8.       Home Office Expenses

9.       Insurance:  E&O Insurance, Health Insurance, Business Liability

10.   Interest:  Business Credit Cards, Business Loan Interest

11.   Office Expenses:  Rent, Utilities, Cleaning & Maintenance

12.   Office Supplies & Postage, Computer Equipment

13.   Professional Fee's and Dues:  MLS fees, Local Chamber of Commerce, Local Board Dues, License Renewal Fees

14.   Referral Fees & Commission Rebates

15.   Retirement Plan Contributions

16.   Subscriptions to Professional Journals

17.   Real Estate Franchise Fees

18.   Taxes:  Payroll for Employees, state and local business taxes

19.   Travel:  Business Conventions, transportation, lodging & Food

*Be sure to consult a tax professional and current tax code to determine if these are the appropriate deductions for your individual situation.  Author is not an accountant and is not providing tax advice to anyone.

Tabitha  Rector-Richardson
Broker, REALTOR®

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