#Contractor expenses for auto and travel how to#

An invaluable CPA should be aggressive enough to not leave tons of money on the table for fear of an audit but rather explain how to strategically work your finances throughout the year to maximize your legal deductions.

It started with finding a great Certified Public Accountant (CPA) who not only filed taxes but would sit with me and explain how they worked so I could be proactive versus reactive. Also, Texas residents have until June 15th, 2021. ** 2021 UPDATE – US Filing deadline extended to May 17th, 2021. Still, I began to figure out how to start keeping more of my money by understanding how Realtor tax deductions and strategies could work to my advantage as a real estate agent. Which overall is a good thing because it means you are making more money. However, as an independent contractor, especially if you are not making estimated quarterly taxes, April represents the time that you have to dive into your savings and write one of the most significant checks you’ll likely write all year.įor many years, this check was tens of thousands of dollars, and it was growing more and more each year. When you are W2, tax season represents to many, a mini-bonus where you receive back overpaid taxes from the previous year. Everyone typically dreads them, especially as an independent contractor.

Consult with your CPA before filing your taxes and using any of the advice in this article.Īlright, so taxes. Many of these deductions are overlooked and underused by real estate agents across the country.īefore I start, I want to point out that I am not a Certified Public Accountant (CPA). In today’s post, I’m going to share with you 115 tax deductions for real estate agents that I’ve discovered in the 11 years I’ve been in the business.

Contractor expenses for auto and travel