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Sign into your accountFive Expense Tracking Apps to Prepare You for Next Year's Tax Season
April 06 2017
As the 2016 tax season comes to an end, you become your own private investigator: searching every crevice, purse, drawer, or shoebox imaginable to find every last receipt or document needed to show proof of purchase for business expenses. That's the burden of tax preparation: whether you own your own business or work as a self-employed employee (1099 filing status), you have to show proof of all your business expenses. Knowing what you can deduct and keeping track of these expenses throughout the year can take the hassle out of filing your taxes.
Tax Deductions
As a real estate professional, you need to know which of your expenses are tax deductible. Being aware of possible deductions can help you know which receipts to save and what activities and expenses to document. (*We advise everyone to consult their tax professional regarding their specific situations and to find more information about applicable tax deductions.) Here are some tax deductions you may qualify for.
Vehicle
According to the IRS website, vehicle deductions vary. First, you have the choice of adding up all expenses like gas, repairs, oil, and (yes, even) car washes, or you can use the standardized mileage deduction. The way the IRS standard mileage works is for every mile driven, a certain dollar amount is applied to it. Second, if you are leasing, you can expense the complete payment of your car or deduct annual depreciation if owned. Finally, if you don't own a car, Uber and taxi expenses are deductible.
Home Office / Supplies
If you have a dedicated work space in your home (not including your living room or kitchen), a portion of your rent / mortgage based on the size of the space is deductible (please see the IRS website for home office specifications). This is also applicable to internet, cable, and phones used within the home. Office supplies like staples, paperclips, and stamps used in the tax year can also be deducted. Office furniture like desk, chairs, and bookcases can be deducted all at once or by depreciation.