It is tax Time and I hate it.   However, there’s one thing you can do to help keep your head above water: Take all the tax deductions to which you are entitled.

There are dozens of possible tax deductions for real estate professionals. Any expense for your real estate business is deductible if it is:

• ordinary and necessary;
• directly related to your business; and
• reasonable in amount (see: Internal Revenue Code Section 162).

An expense doesn’t have to be indispensable to be necessary; it need only help your business in some way — even if it’s a minor way. A one-time expenditure can be ordinary and necessary. However, you cannot deduct personal expenses

Checklist of deductions for real estate agents and brokers that you can use to make sure you don’t miss any deductions this year:

• advertising expenses, including websites, mailing lists, newspaper advertising, fliers, online advertising, postcards, promotional materials, logo clothing, and anything else you pay for to market your real estate business;
• bookkeeping, accounting and legal fees;
• business gifts (up to $25);
• business meals and entertainment (only 50 percent deductible);
• cab fares for business travel;
• car and truck expenses, including business mileage, depreciation, insurance, interest on car loans, lease payments, license plate fees, parking expenses, and tolls;
• cell phones;
• computer software;
• computers;
• desk fees;
• education to maintain or improve required skills (but not courses you take to pass the real estate licensing exam);
• home office expenses (if you qualify);
• insurance, including health insurance, errors and omissions insurance, business liability insurance, and business equipment insurance;
• interest, such as interest for business loans, interest paid on business credit cards;
• Internet access fees;
• map books;
• office equipment (cost may be deducted in one year using bonus depreciation or IRC Section 179);
• office expenses, including rent, cleaning and maintenance, and utilities;
• office supplies;
• postage;
• professional dues and fees — for example, multiple listing service dues and dues paid to the local Chamber of Commerce, Realtor associations, and real estate license renewal fees;
• referral fees and commission rebates;
• retirement plan contributions;
• subscriptions to professional journals;
• real estate franchise fees;
• taxes, including payroll taxes for employees, state and local business taxes;
• telephone service fees;
• travel to business conventions, including transportation, lodging and food;
• wages and benefits paid to employees.

Check to see if you need to refinance your properties.  Free rate quote with today’s rate at   Wealth Alliance Finance  -   www.XpressMortgageQuote.com