tax deduction

Tag Archives
vehicle tax deductions

Deduct the Batmobile: Vehicle Tax Deduction for Real Estate Agents

For real estate agents, their vehicle is used much more than the office. Many could even stretch that to say, “The only ones in the car more than us are Dale Earnhardt Jr. and truck drivers. Running house to house and office to property, the amount of driving for work that real estate agents do is incredible, that’s why vehicle tax deduction for real estate agents is so important.

Because real estate agents are considered self-employed, independent contractors they are entitled to certain tax deductions and the vehicle tax deduction for real estate agents is the big one. It is important to remember it’s just for gas mileage. Because of the expected business use, vehicle tax deductions for real estate agents also include insurance, parking, repairs, maintenance, license, loan interest and depreciation. To maximize your business profits you need to be aware of the tax breaks and deductions, but first let’s outline available vehicle tax deductions for real estate agents.

Maximize Your Business Tax Deductions

How to Maximize Your Business Tax Deductions

The beginning of the year is the time for business owners to double and triple check that they’ve used all of the business tax deductions that are available to them. Documentation is important for everyone, but especially so for business owners, who often authorize employees to make purchases on behalf of the company. For that reason, it’s important to keep all relevant receipts from all business expenses, so that you have them to refer to throughout your business tax planning process. Additionally, business owners should maintain a log of their expenses, with explanations of why certain list items are business-related, which allows them to be tax deductible.

Sign up for the CPA Chronicle monthly newsletter by clicking here

Contact Info

30 Jericho Executive Plaza Suite 500W, Jericho, NY 11753

Phone - 516.746.6322
Fax - 516.746.8679