A Little Perspective on Tax Time

By
Education & Training with The Lones Group, Inc.

The Lones Group, Inc.

A Little Perspective on Tax Time

This week I want to discuss taxes. Yes, it is that time of year again. Every year during this time I seem to get many calls from real estate agents that are concerned about it being tax time. This is that time of the year when many real estate professionals get nervous. Perhaps they have completed their taxes and have stress from discovering they owe money or perhaps they are behind on getting their taxes prepared. And for others they experience stress because they have not even begun to gather the documents needed to file their return. To say that tax time can add a lot of stress to a real estate agent is an understatement.

A tax return can add a different kind of stress to an agent because it is like reading a report card. You cannot look at your tax return and not be forced to take a good hard look at how your business fared in the last year. How much money did you make? What were your expenses? What do you need to do this year that is different to make the goals you have? Were you able to save any money? It feels like a report card and a grading system on your work life.

I want to point out that both 2020 and the start of 2021 have been intense years. We have seen the real estate industry move so fast with buyers having trouble finding houses to buy and sellers getting overwhelmed with multiple offers. It has been a crazy time in the industry and in our personal lives. I want to urge agents not to be so hard on themselves during tax season.

With tax time bearing down on us, I want to remind everyone to give themselves a break and some personal grace. Do not use tax time as a season of personal punishment time. No matter what happened in the last year, whether you did better than expected or not, do not beat yourself up. Know that every day that you get up and do your job, you are helping people and changing their lives.

You can use this time to run a report card on your business, but don't focus just the money you made or the money goals you did not reach. Instead, remember to celebrate that you made it through one of the most challenging years we've ever had. Wow! So instead of beating yourself up, celebrate your wins!

We are all so fortunate and blessed to be able to be here and do what we do. So onward and upward!

  

By Denise Lones CSP, M.I.R.M., CDEI - The founding partner of The Lones Group, Denise Lones, brings nearly three decades of experience in the real estate industry. With agent/broker coaching, expertise in branding, lead generation, strategic marketing, business analysis, new home project planning, product development, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.

The Lones Group, Inc.

Comments (3)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Denise, I usually have mine filed this year, but it has been a strange year.  My CPA currently has COVID, and good thing there is a delayed filing date.

Apr 02, 2021 01:54 PM
Denise Lones

That's a great reminder that, while all the news is vaccines, the large majority of people have not had a chance to get it yet and it's still affecting our business and lives daily. Hang in there Joan! - Denise

Apr 09, 2021 03:15 PM
Mark Don McInnes, Sandpoint
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

yeppir.  One is forced to fess up to themselves how they actually did over the past year.  Good or not so good???  Mark

Apr 02, 2021 04:23 PM
Denise Lones

In an unprecedented year of health and housing market pressures, I hope everyone will temper how they judge success from the past year with a measure of grace. Thanks Mark! - Denise

Apr 09, 2021 03:16 PM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Yes, we must focus on the positive and celebrate the wins and keep going.  One of the keys to success is the ability to moves with the tides of change... regardless of the reasons. 

Apr 03, 2021 05:44 AM
Denise Lones

Absolutely. More than ever, even with all the information at their fingertips, buyers and sellers need the expert advice of real estate professionals. - Denise

Apr 09, 2021 03:18 PM