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Old 01-19-2015, 08:46 PM
 
Location: Los Angeles
14 posts, read 26,581 times
Reputation: 10

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Im the new Realtor on the block and Id like to ask you guys what tax deductions should I be working on NOW. thanks for your help. And forgive my typos .
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Old 01-20-2015, 05:14 AM
 
Location: Cary, NC
43,266 posts, read 77,043,330 times
Reputation: 45612
It isn't all that complicated for a sole proprietor, self-employed person starting out.
Building good habits is just as important as learning all the ins and outs. When you have kept good records all year, your quarterly and year end filings are much simpler than when you open up a shopping bag of disorganized slips, notes, and receipts on April 13.
Don't make yourself crazy trying to justify expenditures as deductions to make a few cents when you know there is no basis to that claim.

Keep records of all expenditures for your business pursuits. Start a file immediately, and notate on all receipts why the expenditure was a business expense.
I suggest a separate checking account and separate credit card just for business. You can make a mistake with a credit card, check, or paying cash for something. Just record it and move on.
Keep excellent mileage records. I use a GPS system that lets me record mileage very accurately, classified either as business or personal at the press of a button. GPS Mileage Log Tracking - Car distance logbook - IRS Report
When you hang your license, all the brokerage costs you pay directly are business expenses. Keep a good file.

There is a trove of information on the IRS site regarding business expenses and filing:

Income & Expenses
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Old 01-20-2015, 10:45 AM
 
Location: Salem, OR
15,572 posts, read 40,409,288 times
Reputation: 17473
You are running a mini business which means that your expenses are your tax deductions. I agree that a separate checking and credit card account just for business is a necessity. I hope you kept receipts from all of your business expenses??
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Old 01-20-2015, 10:55 AM
 
Location: Scottsdale, AZ
2,153 posts, read 5,172,378 times
Reputation: 3303
I am big on using the the IRS.gov website. There is so much misinformation out there that you can really screw up if you don't know what you are doing. One thing for sure start planning your 2015 taxes now, not in Dec 2015.

Here is a good link. Note at the bottom of this page there is another link to some free videos that answer many questions if you prefer video to reading.

Self-Employed Individuals Tax Center
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Old 01-20-2015, 04:02 PM
 
Location: Baltimore
1,758 posts, read 5,136,194 times
Reputation: 1201
Try this link

http://bit.ly/15sOXWS
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Old 01-21-2015, 06:24 PM
 
Location: Myrtle Beach
1,544 posts, read 1,698,541 times
Reputation: 3882
try this
List of Tax Deductions for Real Estate Agents and Brokers | nsbar.org
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Old 01-24-2015, 06:52 PM
 
Location: Barrington
63,919 posts, read 46,707,495 times
Reputation: 20674
Quote:
Originally Posted by Retire in MB View Post
^ that's my board. Not that it matters.
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