Are you a real estate professional?
The IRS LOVES realtors and for many reasons. To see if we can help with the IRS schedule a Free Confidential Consultation. I’m sure there are more than three reasons why the IRS loves realtors and self-employed folks, but that would be information overload.
The IRS loves realtors because they often pay a LOT in taxes. I personally think realtors pay too much in taxes due to a lack of planning and guidance from their accountant but that’s another topic for another day. Navigating what’s deductible and what’s not can be very frustrating, overwhelming, and time consuming. In addition, having to keep up with the documentation such as mileage logs, phone logs, meetings, appointments, and receipts is a full-time job in itself. It’s not uncommon for us to review a tax return and see missing deductions. The best approach to protect yourself is to start with tax preparation done right! Click here to see how we can help.
Second, realtors are often reporting in a way that leaves them wide open for an audit. If you’ve managed to keep up with all the laws, documentation, and reporting requirements now you have to worry about being audited. Anyone that’s ever been audited will attest that it’s NO fun; even if it’s a no change audit, it is terrifying! Unfortunately, even a “no change” audit will cause sleepless nights and unnecessary stress! Click here to learn how we can help.
Third, realtors are often self-employed and have an unpredictable income stream. You NEVER know when the next house will sell or what your next commission check will be. It’s often feast or famine making it difficult to predict and plan when trying to pay estimated tax payments or put food on the table. This is often how realtors and self-employed individuals end up in trouble! When that commission check or payment finally comes in, you could be 2 months without a check and now you can finally get caught up. Unfortunately, by the time you get caught up, there isn’t anything left to pay towards taxes.
Call us at 501-725-2626 to see how we can help or schedule a Free Confidential Consultation to speak with one of our specialists. Even if you don’t owe the IRS, maybe you’re concerned that you’re giving the IRS too much and feel it’s time to do some tax reduction strategic planning. The only time it’s too late to plan for saving taxes is when it’s time to write the check!