Organize Your Way to a Painless Tax Season

Tax season is almost over, with less than a month to go. A pat on the back to those of you who've already filed, or at least have their tax return underway!

For you procrastinators, there's still time to get your receipts and statements in order. But don't wait--the longer you put off getting information to your accountant, the more stressful the tax preparation process becomes.

Perhaps your financial record keeping was less than stellar last year. Tax season doesn't have to be painful. If you're overwhelmed by gathering all that your accountant needs to prepare your return, don't be. A little organization can go a long way!

Begin by classifying all your business expenses. Since real estate agents are considered statutory nonemployees, keeping track of expenses for tax deduction purposes is vital. Have your bank and credit card statements handy, as well as any receipts. Comb your records for business expenses. As a starting point, use the following categories to classify each expense:

• Operating Costs - These are administrative and general office expenses like desk fees, postage, web hosting charges, software fees, business cards, and more.
• Advertising and Marketing - It's as important to track your marketing expenses as it is to measure the results of every channel you market on. That way, you can make smarter decisions on where to spend your money in the future. These expenses include staging costs, open houses, flyers and brochures, pay-per-click ads, meals and entertainment, listing syndication, lead generation services, and more.