We're going to be going into more detail on some of these deductions. For instance ANY real estate professional can easily qualify to take a home office deduction, and we will explain why in a future post.
Also... do you like to TRAVEL? As a Realtor you have a great opportunity to design travel so that you can write if off. You won't have to work hard at all, and the work you DO do, will bring you future referrals and business. In the meantime... you still have plenty of "play" time on this tax deductible trip.
FOLLOW us on Twitter for a heads up as we post more Tax Tips: @MaxReturnTax
For now... THIS article from tax expert Stephen Fishman, has a nice checklist you can print out and put in your "receipt file." Don't have a receipt file? Get one! It can simply be a small expanding folder, or just an envelope. Maybe you'll want more than one... one that stays in the car... one that travels with you... one that stays on your desk. Whatever you do... KEEP those receipts.
Why?
Because receipts are MONEY. Think about it this way. You go to Office Depot and spend $100. on business items. Now you can do two things. You can keep that receipt and deduct it. Or... you can misplace it.
What does it cost you if you lose that receipt and don't deduct that expense?
Well, if you are in a 15% tax bracket... it costs you $15. Cash. Because of course, if you don't deduct that, you have to pay the taxes on that $100 at the end of the year.
Start thinking of receipts in terms of what they are worth in cold hard cash... and you'll become better at hanging on to them.
And... by the way, we'll go over what things you DO need receipts for (even if you have a credit card statement), which include purchases of supplies, equipment, etc. And, what things you don't need receipts for (like entertainment expenses under $75, or travel meals). But, for now, keep all your receipts. You can toss them later easier than you can find them once lost.
CLICK here for the Stephen Fishman article and Realtor Deduction Checklist.
Also... do you like to TRAVEL? As a Realtor you have a great opportunity to design travel so that you can write if off. You won't have to work hard at all, and the work you DO do, will bring you future referrals and business. In the meantime... you still have plenty of "play" time on this tax deductible trip.
FOLLOW us on Twitter for a heads up as we post more Tax Tips: @MaxReturnTax
For now... THIS article from tax expert Stephen Fishman, has a nice checklist you can print out and put in your "receipt file." Don't have a receipt file? Get one! It can simply be a small expanding folder, or just an envelope. Maybe you'll want more than one... one that stays in the car... one that travels with you... one that stays on your desk. Whatever you do... KEEP those receipts.
Why?
Because receipts are MONEY. Think about it this way. You go to Office Depot and spend $100. on business items. Now you can do two things. You can keep that receipt and deduct it. Or... you can misplace it.
What does it cost you if you lose that receipt and don't deduct that expense?
Well, if you are in a 15% tax bracket... it costs you $15. Cash. Because of course, if you don't deduct that, you have to pay the taxes on that $100 at the end of the year.
Start thinking of receipts in terms of what they are worth in cold hard cash... and you'll become better at hanging on to them.
And... by the way, we'll go over what things you DO need receipts for (even if you have a credit card statement), which include purchases of supplies, equipment, etc. And, what things you don't need receipts for (like entertainment expenses under $75, or travel meals). But, for now, keep all your receipts. You can toss them later easier than you can find them once lost.
CLICK here for the Stephen Fishman article and Realtor Deduction Checklist.
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