RECORDING Now Available: RealXperts Webinar: Tax Tips For Real Estate Pros
Get ready for tax season by gaining insights into managing your business effectively while staying compliant with tax laws. Glean insights from Certified Financial Planner, @MichaelAngell_CFFP as he shares tax tips for real estate professionals. Don’t miss this opportunity to take control of your finances and grow your real estate business with smart tax strategies!
👉️Register Today!
✋If you have any questions you'd like @MichaelAngell_CFFP to answer, please put them in the comments below and we will be sure to get them to him.
Comments
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What are the most commonly missed deductions that should be taken by real estate professionals? What do we normally forget to deduct?
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What are the most important tax deductions an agent should be aware of in their first year to maximize savings and stay compliant?
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How can I best structure my business entity as a real estate professional to optimize tax benefits?
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If I plan to invest in rental properties and eventually build a real estate team, what tax strategies should I consider early on to set myself up for long-term financial success?
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Thank you for your questions @Sam. I'll be sure to get these to our guest speaker today. We hope to see you at the session, if not, it will be recorded. The recording is emailed and posted here a week post-webinar.
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This is my first year where all of my income came from real estate. I have not registered as a sole proprietor. When I do my taxes, will I automatically be considered a sole proprietor, or am I supposed to register as one?
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Is there a one pager or cheat sheet that real estate professionals can refer to for taxes?
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Will you be doing a class on retirement for real estate professionals?
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Thank you all for attending today's webinar. If you have questions you would like @MichaelAngell_CFFP to answer, please post them here. Michael can answer general education questions but will not be able to answer specific questions due to liability concerns. To get specific questions answered, please reach out to a trusted tax professional.
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In my experience, most of the major expenses show up on the tax return. It is the numerous little, peripheral expenses that one cannot remember off the top of their head that get missed. That is why it is so important to maintain a separate business checking account and run all legitimate business expenses through it.
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The two largest are typically business mileage and professional fees like MLS fees, but the answer can be different for everyone.
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There is no one-size-fits-all answer, but generally speaking agents that are just starting out elect to be taxed as sole proprietors for simplicity purposes. For liability protection purposes, forming an LLC can be very helpful.
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Perhaps the most important element to keep in mind in this situation is scalability. When you are just starting out, you don't want the full administrative burden of running a personal service corporation. A s-corp election might be appropriate, because it would allow you to expand in the future as your operation becomes more sophisticated.
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Barring any specific election, yes, the sole proprietor is the default tax status. No special paperwork is required to be a sole proprietor.
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That would be nice. The closest document is probably Schedule C.
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I am happy to come back and speak on that topic in the future, but at present I am not aware of any that have been scheduled. Mr. Schifsky and his team would be better equipped to answer that question, as I'm sure it would require a lot of logistical support.
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Here are some of the tax tips from today's session:
💡 Work with a tax professional - it's worth your time and money.
💡Operate as a sole propretor under an LLC to get started. Once you're more successful, move to a S-Corp.
💡Save $.25 on the dollar from every commission check. This will be put towards the self-employment tax.
💡Send tax payments in quarterly. The IRS will refund you if you overpay.
What was your Ah-Ha moment during today's webinar?
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how do vehicle purchases get handled that are purchased for business? Or trailer for signs.
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@Janiece11324653 vehicles used exclusively for business can be depreciated. Most vehicles are mixed use so claiming the standard mileage rate is often preferable.
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🎥 Here is the recording of this very popular webinar. It is full of valuable information. Feel free to watch it again or share it with your friends and coworkers.
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