By Maddie Jostol
Taxes are a pain. Real estate agents face unique challenges as independent contractors because you’re running your own small business. This makes taxes an even bigger pain.
It’s really common for agents to miss out on deductions because the tax filing process is so time consuming and frustrating. Especially when you file on a quarterly basis, the accounting responsibilities of running your small business start to take over. Have you ever thought about how much savings you’re missing out on because you didn’t take full advantage of the deductions available to you?
A few of the many deductions to look out for:
– Mileage tracking
– Business-related technology subscription fees
– Meals and entertainment when you meet with clients
– Home office (or desk fees)
We’re going to focus on mileage tracking because that seems to be a common one for agents to miss out on. We understand why… it’s a huge annoyance to write down your mileage and then remember what that trip was for later on. We all end up with endless images of our car dashboard on our phone. That’s not exactly what you want to see as you’re scrolling through photos of your niece’s soccer game last weekend. When it comes time to file your taxes, it isn’t even worth trying to sift through pictures and records of trips you took for business. That means you’re missing out on some hefty deductions, though.
The good news? There’s a better way. We came across QuickBooks Self-Employed a few months back and realized it’s the perfect tool for busy agents. It’s an accounting tool built specifically for independent contractors, so it tracks your mileage for you so you don’t miss out on any deductions. Tracking your mileage and filing your taxes has never been easier… trust us.
When you have QuickBooks Self-Employed downloaded on your smartphone, it will track your trip every time you drive (yes, it knows when you’re in the car). Go into your app, scan your recent trips, and simply swipe left for business or right for personal. QuickBooks Self-Employed will categorize those expenses accordingly, making tax filing a piece of cake.
It also tracks and categorizes your expenses, making filing Schedule C deductions easy, you can also snap a photo and file away receipts, and see a snapshot of your business finances at any time.
Want to try out QuickBooks Self-Employed? Users are finding an average of $4,340 in tax savings per year. Since they’re a partner of ours, we’re offering you 50% off your first year. Click here for more details and to get set up!
You can also find out more about QuickBooks Self-Employed below:
By Tiana Baur
What if we told you that you could be saving over $4,000 per year by going digital?
By going digital, we mean throwing out that shoebox you keep your receipts in and making it your New Year’s resolution to stick to digital when it comes to taxes. Your pocket will thank you for it and this is why.
Most agents have some sort of mile tracking app on their phones. You use it somedays, you don’t even know if it’s tracking the miles properly on others, but it’s an easy and realistic way to take advantage of write offs for your taxes. Sound familiar? We’re telling you point blank: that’s just the tip of the iceberg for business write offs and your wallet is suffering from not being proactive about all the others. It’s time to go digital.
To get specific, QuickBooks Self-Employed users find on average $4,340 in tax savings per year. When you first look at that number, it might seem big or small depending on how many sides you’re doing a year, but let’s break it down and make it a bit more tangible. That’s 87 bouquets you could be sending your clients, 44 bottles of champagne you could be toasting their new home to, 20 of these Notion home monitoring systems, four new iPhone X cell phones, or this BMW Active Hybrid e-Bike – crazy, right?! Basically, what we’re saying is, that’s a LOT of money you’re missing out on.
Sure, the QuickBooks Self-Employed app tracks your miles, but it ALSO helps you track deductions for meals and fun, prompting you to take a quick pic of your receipt and uploading it so you can throw it away and never think about that old shoebox ever again. Really, how many coffees, meals and happy hours do you buy your clients and prospects each week? We’re guessing the number is pretty high up there. QBSE also helps you track write offs for marketing and ad spend, home office or space, desk fees, those big purchases like furniture and laptops, fees and licenses, travel and education, and tools and services. That’s a long list.
Up to this point you’ve been haphazardly trying to save paper receipts and remember where you drove when. Life as an independent contractor is stressful enough. Real estate agents hardly ever even get a weekend in! By going digital with QuickBooks Self-Employed, it will help bring a little sanity back to daily life and more money back into your business.