10 Most Expensive Tax Mistakes That Cost Real Estate Agents Thousands
Are you satisfied with the amount of taxes you pay? Are you confident that you’re taking advantage of every available tax break? But most of all, is your tax preparer giving you proactive Tax Agent near me advice to save on your taxes?
The bad news is that you probably do pay too much tax and you’re probably not taking advantage of every tax break. And most preparers do a poor job of actually saving their clients money.
The good news is that you don’t have to feel that way. You just need a better plan. This article reveals some of the biggest tax mistakes that business owners make. Then, it gives brief solutions to actually solve these problems. Please note that this article is designed to be an informational tool only. Before you implement any of these strategies, you should consult a tax professional for more specific guidelines and requirements.
#1: FAILING TO PLAN
The first mistake is the biggest mistake of all. It is failing to plan. It doesn’t matter how good your tax preparer is with your stack of receipts on April 15. If you didn’t know that you could write off your kid’s braces as a business expense, it’s too late to do anything when your taxes are prepared the following year.
Tax coaching is about giving you a plan for minimizing your taxes. What should you do? When should you do it? How should you do it?
And tax coaching offers two more powerful advantages. First, it’s the key to your financial defenses. As a real estate agent, you have two ways to put more cash in your pocket. Financial offense is increasing your income. Financial defense is reducing your expenses. For most agents, taxes are their biggest expense. So it makes sense to focus your financial defense where you spend the most.
And second, tax coaching guarantees results. You can spend all sorts of time, effort and money promoting your business. But that can’t guarantee results. Or you can set up a medical expense reimb