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Giving to Caesar: Taxing Ministers
My goal in this article is to help ministers prepare for next tax season and to enlighten church leaders about how the IRS taxes their minister’s compensation.
Rental Properties & the Qualified Business Income Deduction: Tread Lightly
Whether rental properties rise to the level of a trade or business for purposes of the QBI deduction is a source of confusion and consternation for tax professionals and landlords alike.
Deducting Travel Expenses as a Real Estate Agent, Part One: The Four Tests
This article explains four criteria required for trips to meet the IRS definition of deductible business travel.
FREE Tax Organizer for Real Estate Agents
Signup & Download Your FREE Real Estate Agent Tax Organizer (The Best Tax Organizer Out There)
Last Minute RETROACTIVE 2018 & 2019 Tax Changes for Individuals (January 2020)
We created this article to summarize a few changes in the Further Consolidated Appropriations Act that may impact you personally.
2019 Year-End Business Tips & Reminders
The new year is almost here, get your ducks in a row now with our VERY THOROUGH Year-End Business Newsletter.
Qualified Residence Indebtedness Exclusion Retroactively Extended for 2017, 2018, and 2019
This article will discuss the challenge faced by those who owe more debt on a home than the home is worth and an overview of remedies to avoid taxes on that debt.
Real Estate Agents, Deducting Taxes and Licenses on Schedule C
This article will help you accurately report tax and license costs on Line 23 (and make sure you do not expense costs that are illegal to deduct).
Real Estate Agents, Deducting Supplies on Schedule C
Items that are regularly consumed by your business are supplies and are generally deductible in the year of purchase.
I’m a Real Estate Agent, Do I Qualify for the 20% Income Deduction?
The vast majority of self-employed real estate agents will qualify for the 20% Income Deduction! Here's how.
Real Estate Agents, Deducting Repairs and Maintenance
With a few exceptions, items deducted as repairs and maintenance are pretty straight-forward.
Real Estate Agents, Deducting Rent & Leases on Schedule C
This article will explain how and where is rent is deducted by a sole proprietor Real Estate Agent.
Real Estate Agents, Schedule C, Line 19 - Pension & Profit-Sharing Plans
Deduct employer contributions and administrative costs of employee retirement plans on Line 19, Pension and Profit-Sharing Plans.
Real Estate Agents, Deducting Office Expenses
Clarifying what is and is not deductible on Line 18 of Schedule C is the topic of this article.
Real Estate Agents, Deducting Legal and Professional Services
This article will help you understand what is and is not deductible on Line 17, Legal and Professional Services.
Real Estate Agents, Deducting Interest Expense Part Three: Deducting Loan Interest
Once you know business loan interest is deductible, the next question is Where and when do I take the deduction. This article answers this question.
Real Estate Agents, Deducting Interest Expense Part Two: Business Use of Loan Proceeds
This article will help agents understand the business-purpose requirement while pointing out a common pitfall that threatens their interest deduction.
Real Estate Agents, Deducting Interest Expense Part One: Meeting the Loan Definition
When is the interest paid on loans deductible on Line 16 of Schedule C, Profit and Loss from Business?
Real Estate Agents, Deducting Insurance (other than Health)
This article will discuss premiums deducted on Line 15 of Schedule C, Insurance (other than health).
Real Estate Agents, Deducting Employee Benefit Programs
Some things to consider when hiring as a real estate agent.
Real Estate Agents, Bonus Depreciation & Section 179 Expense
This article will discuss Bonus Depreciation and Section 179 Expense as it applies to personal property purchases of Real Estate Agents and small business owners.
Real Estate Agents, Depreciation Expense
This article will discuss the basics of depreciation as it applies to other items commonly depreciated by real estate agents.
Real Estate Agents, Commissions & Fees, Contract Labor & Depletion
In this article, we will continue our line-by-line Schedule C discussion, with three more deductions: Commissions and Fees, Contract Labor, and Depletion
Real Estate Agents, Home Office Deduction Actual Cost Method Part Two: Home Office Depreciation
This article wraps up the Actual Cost Method with the basics of home office depreciation.
Real Estate Agents, Home Office Deduction Actual Cost Method Part One: Direct and Indirect Costs
This article will introduce the Actual Cost Method and discuss direct and indirect home office expenses.
Real Estate Agents, Home Office Deduction Methods & the Simplified Method
This article will introduce the Simplified Method and the Actual Cost Method, share the basic rules that govern the home office deduction, and explain the Simplified Method.
Real Estate Agents, Home Office Deduction Requirements
This article will discuss the IRS requirements for having a deductible home office.
Real Estate Agents, Auto Expenses: Deducting a Leased Vehicle
The goal of this article is to help you to understand the deductibility of leasing a vehicle.
Real Estate Agents, Auto Expenses: Bonus Depreciation & Section 179 Expense
This article expands on our article covering auto depreciation by sharing the basics of Bonus Depreciation and the 179 Expense as they pertain to vehicles.
Real Estate Agents, Deducting Auto Expenses: Depreciation Basics
In this article we'll cover the basics of auto depreciation.
Real Estate Agents, Deducting Auto Expenses: The Actual Cost Method
Thinking of using the Actual Cost method of deducting auto use? Here are the pro's and con's of this method.
Real Estate Agents, Auto Deduction Options: Standard Mileage Rate
Regardless, of how you use your driving-time, life behind the wheel offers one key benefit (at least we tax-pros think so) – it’s all deductible!
Real Estate Agents, Deducting Promotional Donations
For community-minded real estate agents, the question isn’t whether to support local charities; it’s how to maximize their value!
Real Estate Agents, Deducting Promotional Items & Gifts
There are tax consequences to gifts and giveaways, and many agents are surprised to learn just how stringent the IRS rules are.
Real Estate Agents, Common Advertising Deductions
Learn about some of the Ordinary and Necessary Advertising expenses that are deductible for Real Estate Agents.
Real Estate Agents & Contractors, Writing Off Personal Items Used in Business
Using personal property in a business is called converting personal items to business use and is deductible if you follow the rules!
Real Estate Agents, Overview of Income and Deductions
Realtors, listen up! Every dollar you deduct as a business expense saves forty cents in tax, and puts it into your pocket!
Real Estate Agents, Are License Training & Exam Fees Deductible?
In this article, we’ll why training costs are not deductible when calculating a real estate agent’s taxable income.
Proving your Deductions, Easy Recordkeeping for Real Estate Agents
A look at the two primary reasons real estate agents lose deductions and pay more tax than they should.
Real Estate Agents & Self-Employment Tax
Real Estate Agents are self-employed – independent contractors in business for themselves, responsible for paying their own taxes.
Is Your Real Estate Business a Hobby? Avoiding the Hobby Tax-Trap
Are you a real estate agent with a business or a hobby? You should nail that down.
No Proof - No Deduction, An Easy Way to Track Mileage For Real Estate Agents & Small Business Owners
No proof, no deduction. A three-step process for tracking mileage to substantiate your tax deductions.
Real Estate Agents: What Auto Use is Deductible? A Lot More if You Have a Home Office!
The auto deduction is a real estate agent’s largest tax deduction. We show you how you can make the most of this deduction.
Real Estate Agents, the #1 key to maximizing your tax deductions is your home office
Maximum tax deductions for real estate agents start with having a qualified home office. This article explains the "Why?" and "How?" of setting up a home office.