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Tax help please!

By Laura Reynolds

Real Estate Agent with Ruhl&Ruhl Realtors

February 03, 2009 08:25 AM

I have been in the business for 4 years now. I have to admit, I do not have a great system of keeping track of everything. I feel very un-organized this time of year. I use "The Boss" planner and keep track of expenses there i.e mileage, closing gifts etc. For my online orders I have an electronic folder that I pull receipts into. Still, every time that taxes roll around, I feel a little out of control. What advice can you give me to get more organized or does everybody feel this way?

Laura Reynolds

Ruhl&Ruhl Realtors

Davenport, IA

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TIM MONCRIEF

Tim Monciref - Austin, TX

Over 2,000 homes sold…..

Yes, everyone feels this way. Just keep several business cost file folders within reach divided into several categories. Obviously get an accounting program such as Quicken....Quickbooks or whatever and spend one hour a week on it so you wont get far behind...... It is tough and there will be a time that you will give up and throw it all to a CPA as I have done.....

Feb 03, 2009 09:32 AM

William "Bill" and Karen Farragher

EXIT Blue Water Realty, Matawan, NJ 07747 - Matawan, NJ

SFR

Sometimes tax time can be overwhelming, to keep track of things all year long, you could use an Excel spreadsheet. Keep track simply by listing, incoming money (commission) and outgoing (expenses). At the end of the year total everything and hand it over to your accountant. Good Luck.

Feb 03, 2009 09:51 AM

Barbara Canada

Keller Williams Capital Properties - Washington, DC

Probate & Estate Sales Specialist

I use Microsoft Money to track all my expenses. You can download all the transactions from your bank accounts or credit cards. Then at the end of the year I simply export the info into excell and do a quick reconciliation. Then give the file to my CPA.

I try to pay for everything with my debit card, checks or credit cards so I can easily download the transactions straight into Microsoft Money. I try not to use cash as it is hard to keep track of.

Barbara Canada

Feb 03, 2009 11:02 AM