Do you feel overwhelmed by taxes? Do you feel like you are paying too much? This is a common problem, especially amongst new real estate investors, and this can be easily solved by taking full advantage of real estate tax write offs.
However, you cannot take advantage of them if you do not know what they are, and that is why we have created this complete list of real estate tax write offs, which will help you to save money in taxes the legal way.
What Real Estate Write Offs Can You Take Advantage Of?
To make it simple for you to navigate this list, in order for you to further work on your taxes strategy with a qualified accountant, we will talk about the most important write-offs in specialized sections, for you to easily navigate it.
Real Estate Write Offs: About Advertising and Promotion
As a real estate agent, investor or business person, you will have to invest on advertising and promotion, which implies paying for web hosting, running online marketing campaigns, printing flyers, business cards, etc. You can deduct all of these expenses as tax write offs.
For example, if you run Facebook Ads to promote your properties, then you can deduct the ad expenses from your due taxes. The same applies to other channels such as Google Ads, Bing Ads, YouTube Ads, etc. Here we can also classify expenses such as email marketing providers, CRM, lead generation software, etc.
Also, you will likely need to hire creative professionals such as copywriters, photographers, video editors, designers, etc. These expenses also qualify as real estate write offs, and if you are actively promoting online, then chances are you will need these professional services regularly.
Real Estate Write Offs: Licenses, Insurance and Subscriptions
Once you are working in the real estate industry, you will need to pay for your estate license renewal, pay your MLS dues, pay for any active subscription to a real estate association, or even pay for an Errors and Omissions insurance, amongst other expenses.
All of these mandatory expenses are considered as real estate write offs, which you can effectively use to reduce your taxes, be it as an agent or investor. Make sure to record all of them, to see how much money you will save.
Costs of Running a Real Estate Business
Running a real estate business implies plenty of operation costs such as legal fees paid to a qualified attorney, phone and internet bills, supplies for your office, commissions, rent fees, etc. You can deduct all of these expenses from your taxes. Just make sure to record all of them properly, in order for a qualified accountant to craft an effective strategy for your business.
Are Real Estate Tax Write Offs Enough For You To Reduce Your Taxes?
No, because you will still need a qualified accountant to assist you in creating a working strategy for your type of business. Knowing about real estate write-offs is a solid starting point, but it does not replace the service, guidance and strategies that an experienced accountant can bring you, which will help you to reduce your taxes legally.
Take Full Advantage of Real Estate Tax Write Offs with Our Help
Are you ready to reduce your taxes as a real estate investor or agent? Then do not wait any longer and contact us by calling us at (786) 310-5582 or sending us an email to [email protected]. We will be happy to attend you and help you to take full advantage of real estate write offs.
