Here at Big Block Realty, want to provide all our associates and potential associates with as much knowledge and advice as we can to make their transition into their new careers in real estate as smooth as possible. Big Block Realty wants all our agents to have the latest helpful tools to increase their success.
Building a reputation for a 100% commission real estate business is all about relationships, customer satisfaction, and being able to manage your business. Be sure to learn all you can to make your start in real estate a successful one!
If you’re new to real estate, it’s important to be aware of all the tax deductions you can claim for your business. Personal expenses are out, but anything you regularly use on the job are definitely in. Veteran real estate agents commonly take several legitimate deductions. Here’s some for you to keep in mind as you get your start in the industry.
Your Personal Vehicle- You can claim 56 cents a mile for the year 2014. That’s only for gas you use on the job. It doesn’t include your commute to and from the office. You can keep records on oil changes, repairs, etc, and claim that as well. If you’re doing a lot of driving for showings and meetings it can really add up. Take advantage.
Travel Expenses- Air, bus, and taxi fares are all deductible. You can also deduct lodging expenses. This adds up when you’re attending seminars or training events.
Office- You can deduct the cost of rent and utilities for your office. You can also deduct any office supplies, like paper, pens, postage, etc. You can make deductions for your home office, too, but there are special and very specific rules. Do your research or consult a tax specialist if you need assistance.
Meals and Hospitality- If you’re taking a client out for a meal or to the opera, you can deduct half the cost, but there had better be legitimate business discussed prior, during, or after. Be honest and have the documentation to back a claim and you should be fine.
Please note that while we are a leading California broker, we don’t claim to be tax pros so double and triple check with your trusted tax and financial advisor before taking any of these or other deductions. Just know what’s what and you will be good to go!
Here at Big Block Realty, we’re committed to equipping our agents with helpful tools that will increase their success. Consider Big Block Realty if you would like to begin an exciting career with a 100% commission real estate brokerage!
A career in real estate allows you to use your interpersonal skills like no other job can. If you’d like to learn more about a career with Big Block Realty, we’d love to hear from you!
Oliver, Sam, and Spencer
The Big Block Realty Family
Have questions?—> Contact us today
Big Block Realty, Where California Real Estate Agents Earn 100% Commission