7 Deadly Tax Sins of Real Estate Agents & How To Avoid Them
Little to no record keeping
The tax time guessing game
Action Tax has developed the Real Estate TaxMaster Kit to seamlessly, behind the scenes, keep track if it all, i.e. the meals, the miles, the gifts and the signs, etc. Our Real Estate TaxMaster Kit includes bookkeeping, tax deposits, recordkeeping tools, and lots more!
Paying thousands in Self-Employment Taxes
A different type of business structure could save you literally thousands of dollars in taxes!
Double deducting broker expenses
Your 1099 could be equal to the gross, or the net proceeds. Which is it? And should you then deduct the fees that came out of your gross commission, or are they already deducted? We assist over one hundred agents with taxes, bookkeeping and financial services, and will keep track of exactly what is and what isn’t deductible, keeping you audit proof!
Taking on too high of personal risk
First, excellent record keeping and due diligence will save the day. But when the unexpected happens, be prepared by structuring your business so that you are not personally liable for legal challenges of your business! There are multiple layers of protection available; ask us for details.
Overstating some, yet forgetting other expenses
Playing the guessing game on expenses is a prickly way to get taxes done, maybe even a recipe for an audit from the IRS. And, you could be missing many thousands in legitimate expenses you actually paid, or can get a deduction for on your taxes. We specialize in working with Real Estate Agents, and has developed the Real Estate TaxMaster Kit.
Paying outrageous fees for professional tax services
Not only are our fees reasonable and lower than our competitors, but audit risk drops to as low as one-half of 1% when you take the right steps with Action Tax. And, we are available anytime as a resource for you and your clients.
Not making timely, if any, tax deposits
Wouldn’t it be great to have an automatic process in place to make sure you’re covered for taxes each year? And even better, how about cutting your tax bill by over 50% permanently! Action Tax provides two solutions Real Estate Agents are taking advantage now that are saving them thousands in underpayment penalties, self-employment taxes, and federal income taxes. Let’s see if it is right for you
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