If you like the blog, buy my books: Kirk's Amazon Author Page
For the new tax law, there's The Short Cheap Tax Book for the Trump/GOP Tax Law
Makes a great purchase gift for your clients!
I've set up some office hours to answer questions.
Gifts and Referral Rewards: Gifts to clients are generally limited to $25 per person, per year. (That’s the deductible amount, you can give more.) Be careful of referral fees. You should have received more training on this than me to get your license, but I will simply remind you that there are varying rules from state to state, as well as RESPA requirements that restrict what amounts, how and to whom you may pay a referral fee, so, check with your senior brokers before paying these. If the referral fees are legal, there are ways to deduct them, but talk to your tax professional about them.
A great gift for buyers would be a copy of my tax book. It's based on life events and has chapters like, I'm Getting Married, I'm Having a Child and, wait for it...I'm Buying a House! Please consider buying a ton and giving them to your new homeowners - they'll thank you!
You could deduct this book - which will also help you make more money in your business:
The "Pass-Through" deduction: Your business almost certainly qualifies for this deduction, even if it is a sole-proprietorship and not a fancy S-Corp or LLC. This means you can generally deduct 20% of the profits from your business off of taxable income (but the ~15% self employment tax would still apply). If the taxable income (income after all deductions except this one) is less than (2018 numbers - these go up every year) $157,500 or $315,000 if you are Married Filing Jointly (MFJ), then that's all there is. If you are above that, you are subject to two limitations, one, because you are a service oriented business (you make money based on your knowledge) the deduction phases out over the next $50,000 of income increase ($100,000 if MFJ). The other limits your deductions based on wages you pay (even to yourself) and things you are depreciating. This is a complicated topic, so see a pro if your situation is complicated. I suspect most software will handle it nicely if you are below the income thresholds discussed above.
If you are an experienced Real Estate Agent, help make this better by emailing me with any best practices you use, or anything I might have missed. Feel free to leave a tip if this helps you save a bunch of money on your taxes!
Don't rush off! I have a lot of other cool posts:
Buying from the Amazon links supports this blog! Thanks!