Tax Savings Tips for Realtors (Part 1) Realtors often have unique financial situations due to the nature of their work, which can include fluctuating income, numerous business expenses, and self-employment taxes. Here are some tailored tax-saving tips for realtors to help them keep more of their hard-earned money: 1. Maximize Business Deductions As a realtor, you can deduct many business-related … Read More
DFW Realtor Tax Advisors: Deductions For Realtors
As part of our continued efforts to help realtors save on their taxes, we’ve compiled a list of some more commonly used deductions. (DFW Realtor Tax Advisors: Deductions For Realtors) Since realtors are self-employed sole proprietors, they are eligible for the same deductions as other self-employed business owners. Allowable tax deductions you need to know Take advantage of every tax … Read More
Flower Mound Tax Planning: Save For Retirement Now
If you’re self-employed or own your own business with or without employees, you might want to look into opening a Simplified Employee Pension Individual Retirement Account (SEP IRA) or a Savings Incentive Match Plan (SIMPLE). These tax-advantaged retirement plans can save you big! For starters, both allow you to contribute pre-tax dollars, reducing your taxable income: SEPs’ benefits include minimal setup and … Read More
DFW Tax Savings: Small Business Tax Tips to Make Filing Less Stressful
The economic climate is still reeling from the COVID-19 pandemic. Some 12% of small business owners say financial stability is the most important challenge for them, beaten only by loss profits and attracting new customers. No surprise then that taxes—a bill that arrives at the end of each financial year—is the second-most important problem for small businesses in the US. Managing your taxes for … Read More
Flower Mound Business Tax Reduction: Your 2020 Bill Can Still Be Cut Down
Business owners can establish SEPs for major tax savings If you work for yourself and have not yet set up a tax-favored retirement plan for yourself, you can establish a simplified employee pension (SEP). (Flower Mound Business Tax Reduction: Your 2020 Bill Can Still Be Cut Down) Unlike other types of retirement plans, a SEP can be made this year … Read More
Flower Mound Tax Pros: How Charitable Planning Can Save You Money
Since the 2017 Tax Cuts and Jobs Act, donors should contemplate whether charitable planning will provide an immediate or future benefit. (Flower Mound Tax Pros: How Charitable Planning Can Save You Money) With that said, here are five charitable planning options that can save you money on taxes in 2019 and beyond: 1. Donor-Advised Fund (DAF) A donor-advised fund is … Read More
Flower Mound Real Estate CPAs: Your First Million
Over the last 50 years, home prices in the U.S. have increased by a little more than 5% annually. This means that the $200,000 home you buy today could be worth more $864,000 in 30 years. No wonder real estate is considered such an effective way to build wealth. But few actually take full advantage of the opportunity at hand. … Read More
Flower Mound Tax CPA: Don’t Let Your Investments Trigger an Audit
The IRS typically narrows in on filers with huge deductions relative to their income, business filers with extra or suspicious write-offs, those claiming earned income tax credit or anything unusual. While investing is not the most common trigger for an audit, it still happens. (Flower Mound Tax CPA: Don’t Let Your Investments Trigger an Audit) One of the easiest ways … Read More
Dallas Real Estate Tax Help: What to Know About Taxes
What to Know About Taxes Taxes are probably one of your least favorite things to think about. But as with any investment, Uncle Sam is going to want to take a piece of the pie when things are peachy. However, with real estate investing, there are a lot of things to consider when it comes to taxes. (Dallas Real Estate … Read More
Flower Mound CPA: Real Estate Professional Tax Tips
Whether you’re preparing your taxes on your own as real estate professional or having a tax strategist CPA help you, here are some tips: Don’t forget your mileage. Many real estate agents leave money on the table when it comes to their mileage. Depending on where you work on a regular basis, the tax deduction may include attending meetings, putting … Read More
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