It’s not uncommon for some full-time agents to drive upwards of 33,000 miles per year for business. That’s a lot of driving! It’s also a real estate agent’s most significant tax deduction! Correctly deducting 30,000 miles on an income tax return saves the average real estate agent over $6,000 every year!
As a real estate agent, you are considered a statutory non-employee for tax purposes. This means that you are treated as independent contractors by law. If you’re a commission-paid real estate agent… Congratulations! You’re a business owner!
Being a business owner definitely has its advantages. You are free to make your own hours and no longer shackled to a salary or an hourly wage. You control your financial destiny and can earn as much money as your talent and energy will allow. Capitalism at its finest. Boom!
But, being in business also has some surprising challenges. Chief among them is minimizing your largest expense: TAXES! If you’re a real estate agent whose spouse works or who has another job it is highly likely that every single dollar you earn from real estate will cost you well over forty cents in tax! Seriously. 40¢ per dollar. Still feel like hand to hand combat is the way to go? Yes? Read on my friend.
If you’re a real estate agent whose spouse works or who has another job it is highly likely that every single dollar you earn from real estate will cost you well over forty cents in tax!
This series is a valuable asset in helping you maximize legitimate tax deductions. It will help you cut your largest expense, TAXES. We want you to keep more of your hard earned money in YOUR pocket and there’s only one way to do that… wring every legitimate tax deduction you can find out of the tax code.
You will learn to squeeze every allowed deduction out of your business vehicle(s), how to audit-proof your auto deduction and, most importantly, how to maximize and simplify your mileage deduction by having a qualifying home office!
Remember, every $1,000 in deductions equals up to $430 in tax savings! Put more money in your pocket with Overnight Accountant’s Real Estate Agent: Auto and Home Office Deduction training course!
All courses and articles are for informational purposes only and do not constitute tax advice. Taxes are complicated - do not act on course information without consulting a professional. Always refer to treasury regulation before making any tax decision. Read the full disclaimer.
Great course!- Donna L, Phoenix, AZ, 1099-NEC & 1099-MISC Training Course Course
This course package is thorough and will give you a solid handle on how to optimize your business expenses to minimize your taxes and keep appropriate records to handle any IRS challenges. Only want to dive into a particular topic? Jump to that video and scan forward to where your issue is addressed. Or watch the whole series to learn it all!- Josh, Charles Town, WV, Real Estate Agent Tax-Cut Library, Agent Edition Course
Your video class on this issue (HOA taxes) has given me the confidence to go forward.- Desmond, Frederick, MD, 1120-H Basics Course
The course was excruciatingly detailed, which I appreciate. I definitely recommend this course to anyone who even thinks they may need it.- Greg, Brookfield, IL, 1099-MISC Basics (Training Edition) Course
I haven’t practiced in the accounting field in quite some time and wanted a refresher. The Overnight Account course 1099-Misc Basics was very helpful! It was simple to follow along and understand each section. I would highly recommend this course! Staff were quick to answer my question as well. I love that I can review the modules again, if needed, at any time. I will definitely be using them again for more classes.- Tammy, Anchorage, AK, 1099-MISC Basics Course