Ready to Tackle Taxes?
By Renee George, CPA, Real Estate Business Magazine, February/March 2007
Don't Miss Out on Deductions that Could Slash Your Tax Bill
Renee George, CPA
Tax time can be confusing, whether you've been a broker/owner for one year or 10. Having the correct tax information to share with your sales associates can add to the challenges of tax time. Getting every deduction you're entitled to could mean the difference between paying Uncle Sam and receiving a sizeable refund.
Even before you sit down to prepare taxes, it's important that you've got the right state of mind. Many REALTORS® don't think of themselves as small business owners and as a result, fail to substantiate business receipts, keep separate business records or maintain separate checking accounts.
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Bonnie Sparks-Gray, ABR, ABRM, CRB, CRS, Mel Foster Company, Davenport, IA, 2007 CRB Council President