Real Estate - Tax Returns for Real Estate Agents

We have experience preparing returns for real estate agents, have first hand knowledge of the real estate industry, and understand the demands placed on you on a daily basis. We appreciate the value you bring to real estate transactions and the level of skill, knowledge and attention to detail required in today's real estate transactions.

Contact us today to see how we can partner to help you grow your business.

Eric Scott is providing the information on this web site for general guidance only. This general information is provided to represent a good faith effort to provide accurate and complete tax information. The information provided herein should not be used as a substitute for consultation with professional advisers. Every situation may be unique, please contact us to discuss your particular situation.

It is very important for real estate professionals to act on accounting and tax matters, and take a proactive planning approach to their business and occupation. Year-end tax planning deserves year round consideration. This is especially true for real estate professionals who are self employed, or
operate as independent contractors. Many allowable deductions go unclaimed every year because people do not know about them, or how to account for them correctly.

Real Estate Agents that work as independent contractors are actually running a business of their own. Making sure you account for all expenses that you incur is vital to the success of your business, and is required to accurately prepare your tax return, and determine your tax liability. These expenses will be deducted from your earnings to determine the profit from your business. Not only do you pay income tax, but you will also pay employment taxes on the profit from your business. You may also be required to make quarterly estimated tax payments based on your earnings. Typically you are required to make payments that equal at least 90% of the current years tax liability, or 100% of 2008 tax liability, whichever is smaller. Therefore it is important to track your income and expenses throughout the year to estimate your earnings, and make these estimated tax payments as required. Please call us if you have any questions regarding your particular situation.