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Tax Deductions for Real Estate Agents

Tax Deductions for Real Estate Agents

Tax deductions for real estate agents can help you reinvest in your business. Most real estate agents don’t understand all the things they can write off to save them taxes. They often overlook the simplest items that are deductible in the course of their business activities. You do a lot more than just list and sell properties. You advertise for your clients, protect the home while it’s being viewed, show the seller how to give their home more curb appeal, and help buyers find that perfect home to create long-term memories of their family. All this can lead to bigger tax deductions. Even the smallest expense done several times of over several years can save you hundreds if not thousands of dollars. You can also plan your business to take advantage of every possible deduction. Some tax deductions for real estate agents to consider are: Auto Travel Your auto expense is based on the number of qualified business miles you drive. Expenses for travel between business locations or daily...

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Sales Tax Deduction

Sales Tax Deduction

Sales tax deduction can significantly increase your tax deductions. Even if you haven’t saved all your receipts you may still be able to claim the deduction. Who can take the deduction? If you file a Form 1040, and itemize deductions on Schedule A, you have the option of claiming either state and local income taxes or state and local sales taxes. You can’t claim both. If you saved your receipts throughout the year, you can add up the total amount of sales taxes you actually paid and claim that amount. Method 1: Actual sales tax expenses Keep all your receipts, and add up the total amount of sales tax you paid during the year. This method is requires a tremendous amount of record keeping, but could result in a higher deduction. The actual receipt calculation might be worthwhile if you made a lot of purchases last year. Scenarios involving costly and taxable expenditures include: You bought a lot of electronic equipment. You moved to your first or a new...

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Obamacare Taxes

Obamacare Taxes

Obamacare taxes (from Affordable Care Act) will probably affect your healthcare insurance cost decision.  If you do not have health insurance through your employer you need to get insurance or pay a penalty. Obamacare taxes could mean that you get a federal subsidy for your health insurance.  Plus, if you own a small business you will not be required to provide health insurance.  But, you could get tax credits to reduce the premium costs of any group plan you choose to offer to your employees. Obamacare taxes Individuals – Americans who can afford to must obtain minimum essential health coverage for 2014, get an exemption or pay a per moth fee. Employers – In 2015 large employers must insure full time employees or pay a per employee fee. Over half of American get their health insurance through work and the largest group of uninsured is currently the working poor. Advanced premium tax credits – low to middle income Americans are eligible for tax credits which reduce the upfront cost...

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Tax credits 2013

Tax credits 2013

A number of federal tax credits exist to help taxpayers retain more of their earnings. Identifying which credits apply to you will reduce your pain as you prepare to file your income tax return. Gather your documents to get the most tax credits 2013. Donate conservation property A conservation easement tax deduction may significantly lower your tax bill. Through year-end conservationists who donate property or easements on their property to conservation organizations like the Nature Conservancy or a local land trust get an enhanced tax break that’s helped modest-income landowners; these enhancements are good through year-end. Section 170(f)(8) of the Internal Revenue Code clearly states that all charitable gifts valued at $250 or more must be substantiated by a letter acknowledging the gift and stating that the donor received no goods or services in return (or estimating the value of goods provided in the case of a bargain sale). This requirement applies to easement donations. For more details, see Conservation Easement Tax Deduction. Remodel for energy-efficiency There’s a $500...

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Taxable capital gains

Taxable capital gains

Now may be a good time to lock in stock market gains. You may want to harvest portfolio loses to offset any taxable capital gains. Or even, put funds in a tax sheltered retirement plan where the sales may have no tax implications. Such strategizing is particularly important to those in upper income tax brackets who need to reduce table capital gains. Last year’s tax-law changes created a variety of income thresholds, each triggering new taxes, higher rates, or loss of tax breaks. But each threshold is calculated differently. That means any taxpayers whose income puts them close to one of these new thresholds needs to pay close attention. So, before you sell, do a projection of your tax liabilities. Stock evaluation basics When determining your profit from a stock sale, it’s important to understand not only the formula, but the meaning of the variables in the formula. Certain circumstances can reduce your tax liability when you sell. Many taxpayers believe they must pay taxes on the full amount...

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