This list of tax deductions could be useful for real estate professionals who still need to file their 2016 tax returns or for those who are organizing their records for 2017, says Inman.com in an article Thursday.
The article, “Everything real estate agents need to know about 2017 tax deductions,” provides more than 100 deductions for independent contractors as well as advice regarding those expenses. In the article, the author contends that the majority of real estate agents would be considered independent contractors, and that independent contractors can deduct business expenses that are ordinary, necessary or reasonable.
The checklist includes categories for:
- Branding and advertising expenses;
- Office expenses;
- Professional expenses;
- Transportation and travel expenses;
- Business expenses;
- Retirement, health care and other insurance;
- Interest; and
- Continuing education.
See the IRS website for information about independent contractors. And don’t forget that the deadline for filing 2016 tax returns is Tuesday, April 18.