The Dirty Dozen Tax Mistakes Real Estate Agents Make Costing Themselves Thousands
Taking the Easy Way Out
Income tax is a proactive sport. You must take the initiative to do something different to create the possibility of different results.
Missing the Easy Stuff
It's unlikely that you are effectively tracking all of the dollars you spend on business purposes. It's like a bucket leaking water. You don't notice until it's caused a big problem.
Paralyzed by Fear
If you're following the playbook, the internal revenue code, and court rulings you shouldn't be concerned if the IRS want to take a second look.
Business isn't Family Friendly
Agents don't utilize the benefits of having multiple family members.
Ineffective Business Entity
The business entity is the foundation. If it's not the right one for your needs you are surely missing out on tax savings.
No Retirement Plan
Saving in small bites is much easier than big chunks. By the time you are ready to cut back you need to have saved along the way.
Acting on Inappropriate Advice
Listening to what someone else says they are doing is not the same as speaking to a professional about your specific situation.
A sure way to wast tax dollars is not having up to date accurate records.
Not Focused on WIN
It's easy to get distracted from what's most important.
Contributions of time, talent, and treasure not only help your community but help you.
Generally agents don seek out the best education sources. The best require an investment that pays long-term dividends.
No Tax Planning
If you have not consulted with a tax planning specialist you have not discovered every possibility for tax savings.