At ACB Realty, Inc., we're committed to supporting our agents and fellow real estate professionals in all aspects of their business. As we approach the extended tax filing deadline, we want to provide some valuable information and reminders for those who have filed for Tax extensions.
Key Dates and Reminders
If you've filed for an extension on your federal taxes, it's crucial to remember that the deadline is rapidly approaching. Monday, October 15, 2024, is the final day to file your federal tax return if you've requested an extension. While there's no advantage to waiting until the last minute, we understand that real estate professionals often have complex tax situations that may require additional time to gather all necessary information.
Special Considerations for Real Estate Professionals
As real estate agents and business owners, your tax situation may be more complex than the average taxpayer. Here are some specific points to keep in mind:
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Business Expenses: Ensure you've tracked all legitimate business expenses, including mileage, marketing costs, and home office deductions if applicable.
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Commission Income: Double-check that all your commission income is accurately reported, including any 1099 forms you've received.
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Investment Property: If you own investment properties, make sure you've accounted for all rental income and related expenses.
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Continuing Education: Don't forget to include any costs related to maintaining your real estate license or furthering your professional education.
Filing Options and Assistance
Even if you've waited until the extension period, you still have several options for filing your taxes:
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IRS Free File: This program is available on IRS.gov through October 15, 2024. It's a free, safe, and accurate way to file your taxes electronically.
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Professional Tax Help: Many tax professionals specialize in real estate and can help ensure you're taking advantage of all applicable deductions. When choosing a tax professional, be sure to check their credentials and references.
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In-Person IRS Assistance: If you need direct help from the IRS, you can schedule an appointment at a local Taxpayer Assistance Center by calling 844-545-5640.
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Free Local Tax Preparation: Some Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs offer free basic tax return preparation to qualified individuals, including those who generally make $60,000 or less.
Payment Options
If you owe taxes and can't pay the full amount, don't panic. The IRS offers several payment options:
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Pay as much as you can to reduce interest and penalties.
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Apply for a payment plan on IRS.gov.
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Check your account balance and view payment options online.
Maximizing Your Refund
If you're expecting a refund, file electronically and choose direct deposit. This is the fastest and safest way to receive your money.
ACB Realty, Inc.: Your Partner in Success
At ACB Realty, Inc., we believe that supporting our agents extends beyond just real estate transactions. We're here to help you navigate all aspects of your business, including these important financial considerations. By staying informed and prepared, you can focus on what you do best – helping clients achieve their real estate dreams.
Remember, proper tax planning is a year-round activity. As you file this year's taxes, start thinking about strategies to optimize your tax situation for the coming year. If you have any questions about how your real estate business might impact your taxes, don't hesitate to reach out to our team or consult with a qualified tax professional.
Stay tuned to the ACB Realty, Inc. blog for more valuable insights to help you thrive in your real estate career!