Now no one sends Uncle Sam a stimulus check so to recoup the money the government has lost, they are increasing their fees for services and starting the audit program again (they can go back up to 3 years), as well as tagging more "self-employed" tax returns for audit of the 2023 tax year.
Don't be one of them!
The truth is, while things like creating a budget and saving for retirement are key to your financial health... Most real estate people don't have time to do so. They are busy with:
1) Farming
2) Marketing
3) Keeping up with their social media and webpage
4) Following up on prospects
5) Making appointments with buyers and sellers
6) Putting together comps
7) Putting together offers
8) Determining market conditions
9) Negotiating deals
10) Keeping those deals together and putting out fires
11) Dealing with buyers that lie and sellers that yell
12) Coordinating appraisals, home inspections, walk throughs and closings
13) Attending closings and
14) Pulling out your hair when the deal falls through to then
15) Rinse then Repeat!
You work hard for your money but what's the point if you don't manage your tax bills?
Currently I am working with a Realtor in Miami, that was hit with $117,000 tax bill for not properly completing her taxes for several years, plus penalties and interest.
When done right, tax planning is the 20% of work that creates 80% of the results.
The problem that I run into all the time is that most real estate people don't have any idea that they can legally and ethically SLASH their income taxes by as much as 50%, and it all starts with how you run your business and file your income tax returns.
That's why I decided to write my latest ebook...
