Tax season is upon us! What better way to celebrate this joyous time of year than reflecting on our past year and determining what expenses we can identify as real estate deductions. Some creative agents will discover ways to stretch the definition of business expense, so we came up with a list that will help you as you sift through your receipts.
Here Are 10 Real Estate Tax Deductions You Might Have Known About:
1. Conferences
If you are choosing to continue your education or attend networking events for business purposes, you can claim that as a business expense!
2. Books or Audio Books
Likewise, if you are choosing to educate yourself away from crowds that can be claimed as well! A good audio book during your commute can benefit your business and life.
3. Ride Share Services
If you have traveled to another city for a conference and have not brought your own vehicle, make sure to track your receipts when using Uber or Lyft.
4. Dry Cleaning
How you look shouldn't matter, but your "look" does. How you present yourself can notify clients of your competence and confidence, without you ever having to talk about it.
5. Car Washes
Similar to dry cleaning, a car can complete the look. Any maintenance done to your car can be identified as a business expense.
6. Tape Measure
That tape measure you keep in your back pocket in case of emergency is a tool that you use for your business. Pens, paper, printer ink, clipboards, envelopes. All these items are business expenses.
7. Camera
We would recommend using a professional when it comes to listing photography. However, a camera can come in handy when it comes to taking quality neighborhood photos or creating video content for your YouTube channel.
8. Tablet
These days tablets can do as much as computers or laptops, but offer a greater portability. You can keep track of leads, google ads, contracts, etc. from your iPad. And maybe watch a Netflix movie or two during your off time.
9. Client Snacks
Be aware of anything you spend money on to enhance the client experience. This can include snacks in your office, lunches, etc.
10. Software Subscriptions
If you subscribe to a software subscription, such as Zurple, that is absolutely a business expenses and should be claimed on your tax return! (Learn more real estate agent tax tips!)
There are plenty more possible tax deductions that you may not be aware of. Zurple has created a checklist for you to print out when you review last year's expenses.
Click below to download!
