We are about month away before our taxes are due. We hope that you've already submitted your taxes, but if not we have a few real estate tax deductions to consider. These are expenses that you have, that you might not realize are deductible.
As always, be sure to consult a professional to maximize your tax return.
Here are Real Estate Tax Deductions You Should Not Foget:
If you are going to attend a real estate conference, you can add "deductible tax expense" to the list of benefits you get from attending one - such as networking, out of state referrals, and the education.
2. Your Camera
If you have made video marketing part of your real estate business, that fancy camera you purchased is also a business expense!
3. Dry Cleaning
Meeting people in person means you need to look your best! At the bare minimum, you should wear clean clothes.
4. Car Washes
Clean clothes should be complimented by a clean car. Wether you are driving your client, or letting them follow you - you should always have a clean vehicle.
5. Your Tablet
Tablets are worth considering as a replacement for a laptop, especially when you are always on the go. If you purchased one last year, we hope you kept the receipt!
6. Office Supplies
Most small items that you use to ensure your office is fully stocked are considered a business expense. This includes paper, folders, pens, stationary, printer ink, and even snacks you keep around to offer to your clients!
7. Parking Fees
If you've ever had to pay for parking while on the clock, this is a business expense.
Any sort of coaching you do wether it be online, over the phone, or in person is an investment into improving your business - and is also deductible.
9. Online Ad Spend
This refers to any money you spend on ads specifically. You should be keeping track of your online marketing spend anyway. You can use this business plan to help you keep track for next year.
10. Software Subscriptions
If you subscribe to a software subscription, such as Zurple, you should definitely claim that on your tax return!
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.