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.
Taxes are the inevitable drain of your yearly earnings to Uncle Sam — but understanding the different aspects of taxes will save you a ton at tax time, if you prepare. With tax season drawing ever-near, the window is slowly closing and your chances to save along with it. After you have established your deductions and adjustments to your income you have one last chance to save; personal exemptions. It’s one of your last opportunities to further decrease your taxable income before you determine your tax. Personal exemptions for parents can greatly impact the life of your family, especially ones in or nearing college.
If you are confused about how personal exemptions for parents work, or personal exemptions in general, keep reading. This article will shed light onto the different aspects of personal exemptions and filing for the 2014 tax year.
The implications of the Supreme Court’s decision on the federal defense of marriage act, also known as DOMA, are difference in a number of laws for taxpayers – specifically those who are same sex couples. It is at this point in time that we wish to invite all same sex couples, both married and unmarried to reach out to us for any questions they may have. While a number of changes are yet to be determined the time to act is now.