Realtors & Real Estate Professionals and Taxes
Did you know Real Estate Professionals are one of the IRS’s favorite Targets? Learn and Read more below:
What you should know
There is a lot of confusion surrounding Real Estate Professionals and taxes. This confusion is fueled by many years of bad advice from unqualified and unlicensed tax preparers.
Did you know that the IRS has an entire internal audit technique guide on auditing Real Estate Pros? That being said you’re entitled to certain deductions and we encourage you to take full advantage!
We hear from new Real Estate Professional clients all the time that their old preparer told them to play it safe on deductions. They think by doing so you wouldn’t raise any flags and have a better chance at avoiding an audit.
The reality is if you qualify for deductions, and have proof, then you’d be crazy not to take advantage of everything you can!
At Napoli Tax Services LLC we have systems in place to help our Real Estate Professional clients manage their business year round. When tax time comes their returns are bullet proof, and if one of our clients are unfortunately randomly selected for audit they won’t lose any sleep over it!
It’s very common for Realtors & Real Estate Professionals to encounter Tax Problems!
For many Real Estate Agents it is very difficult to predict when income is going to come in. The IRS, quite frankly, doesn’t really care! They want you to pay your tax estimates every quarter regardless of how business is going.
Often times an agent will sell a house but it’s weeks or months before they see any money. As soon as they do get paid bills have piled up and take first priority. Many times there is no money left to put towards taxes.
When Tax Time comes around you can be left with a Big Tax Bill from the IRS, and if you can’t pay, penalties and interest will begin to pile up!
Napoli Tax Services LLC is operated by a CPA with over 25+ years of experience. We specialize in helping Realtors & Real Estate Pros get back on track with the IRS as well as keeping them out of trouble in the first place! We know just how stressful and frustrating it can be to deal with the IRS! We’re here and ready to help with any tax questions you may have.