The “How” & “Why” of Virtual Bookkeeping
Many small business professionals do their own bookkeeping, some will hire a bookkeeper... but what about virtual bookkeeping? How does "virtual bookkeeping" work? Why & when should an agent consider a "virtual bookkeeper"? Here is a flowchart on the...
read moreWhat Qualifies as Business Mileage for Tax Purposes?
Many small business professionals, such as Real Estate Agents, will typically spend a good part of the day in their vehicle conducting business in the local market... this article will discuss what is considered a deductible local business trip? Costs of local travel...
read moreUnderstanding Tax Deductible Operating Expenses
As a small business professional, there are many types and kinds of operating expenses. Rather than just list them all, it is best to understand the criteria of an operating expense. Here is a chart that can that you can use as a guide: A few tips to note: Is It...
read moreWhy Avoid Buying Items Over $2,500
It's all about something called "De Minimis Safe Harbor"... What is "De Minimis Safe Harbor" & Why Should You Care? De minimis safe harbor, allows you to deduct the entire expense of the cost of a single item rather than having to depreciate it over several...
read moreWhy Promotional “Giveaways” Should be $4 or Less
Giveaway Items – why business professionals should keep them at $4 or less per item. Giveaway items that you use to publicize your business (such as pens, coffee cups, T-shirts, refrigerator magnets, calendars, tote bags, and key chains) are deductible. However, you...
read moreMarketing Plans for Real Estate Agents
Do You Have a Marketing Plan? Here are 5 tips and a simple planning tool that may help. TIP 1: KEEP YOUR PLAN SIMPLE, CLEAR & FOCUSED Plans often can fail because they are too complex or not clearly defined. Are you taking on too many tasks at once? Trying to...
read moreHome Office Deductions for Small Business Professionals
As a real estate agent, you may be eligible to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. To qualify to claim expenses for the business use of your home, you must...
read more5 Easy Money-Saving Tips for Small Business Professionals
This is a great time of year for Real Estate Agents to closely examine where the money went and to trim or plan for 2018. As we know, it's all about the "net" income. What are your tips?.. please share! Here are 5 MONEY SAVING TIPS for Small Business Professionals Use...
read moreMileage Tracking for Small Business Professionals
The IRS has rules that to relate to what types of business driving is eligible for a mileage deduction.(click here for IRS details) A few TIPS for tracking mileage: Daily commutes from your home to your permanent work location do not qualify for a business mileage...
read more‘Gift’ versus ‘Entertainment’ Tax Deduction for Small Business Professionals
Gift or Entertainment tax deduction expense? … as we enter into gift giving and entertainment season.. a common question arises among Small Business Professionals with sometimes much confusion: Here are a few TIPS: click here for IRS article GENERALLY: Any item that...
read moreSome posts on this blog contain affiliate links which generate commission if you purchase anything starting with those links. If we post an affiliate link to a product, it is something we use personally use, support and/or would recommend, even without an affiliate link.
Recent Comments