If you're a real estate agent, you probably drive your car a lot for work. You're probably wondering if there are car tax deductions for real estate agents like you. The short answer: yes. It’s a simple process of changing your personal vehicle to your “business vehicle” on your tax return. At that point, the car is worth...
A real estate agent client of ours had $135,000 on her Schedule C for a single year. Her income tax was $25,199, and her self-employment tax was an additional $19,075. In total, her tax payment for that year was a whopping $44,274! If you're not careful, your 2019 taxes could look the same way! That was...
A client came to us when he found out he was being audited by the IRS. He received the dreaded IRS notice in the mail, demanding he bring his books and records for the tax year in question down to the Federal building in Columbus. Turns out he claimed over 50,000 miles in mileage deductions for...
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