I am a REALTOR can someone relay me everything I can write sour on my taxes; I NEED to know EVERYTHING!!?
I am a first time realtor; I know you write off desk fees; but what else; travel time; resembling miles; I bought some stuff to stage the house can I write that off; what are the usual things that Realtors write past its sell-by date?? Thank you
Answers: You can write off any piece that you used in your business. Cell phone, Advertising, Fuel, meal with clients, clothes, stage things, your computer, calculator, Realtor fees. Your the boss, it's your business,as long as you are compensated 1099, you should be able to write profusely off. Just as long as you own receipts, just surrounded by case you are ever audited.Chances are if you are claiming around 40K to 50K you may plummet under the radar for an audit. However, if you are up closer to 100K, be prepared to find an audit soon. If you are successful in the business and will be making around 70K and up, you should hire a CPA and start paying your taxes on every quarter. By next you can afford it and it will save you like mad of this guess work every time.
Good Luck.
Staging items.
While these might pass the smell trial as being run of the mill and necessary for your business, if they hold a useful time of more than a year, you would have to depreciate them.
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Answers: You can write off any piece that you used in your business. Cell phone, Advertising, Fuel, meal with clients, clothes, stage things, your computer, calculator, Realtor fees. Your the boss, it's your business,as long as you are compensated 1099, you should be able to write profusely off. Just as long as you own receipts, just surrounded by case you are ever audited.Chances are if you are claiming around 40K to 50K you may plummet under the radar for an audit. However, if you are up closer to 100K, be prepared to find an audit soon. If you are successful in the business and will be making around 70K and up, you should hire a CPA and start paying your taxes on every quarter. By next you can afford it and it will save you like mad of this guess work every time.
Good Luck.
Staging items.
While these might pass the smell trial as being run of the mill and necessary for your business, if they hold a useful time of more than a year, you would have to depreciate them.