Realtors operate in a unique business environment and as a result have unique expenses associated with listing and closing properties. In addition to advertising, auto mileage and association dues, open house expenses, lock boxes, internet and fax fees should also be considered. Maher’s Tax Service has the experience to help you identify all of your business expenses and thus reduce the amount of self-employment tax due as well as income taxes and quarterly payments.
It is best to complete your federal, state and local income tax returns prior to mid March, especially if you are new to the industry or have had an extraordinary year. This will provide some time, hopefully, to generate income for the first quarterly payment and any federal, state and local tax that may be due on April 15th.