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Tax Tips for Independent Brokers LifeBack Tax
As an independent broker and a small business owner, you likely incur a variety of business expenses and have a wide range of tax deductions available to you when filing your taxes. Below are some deductible business expenses commonly taken by independent contractors and self-employed individuals today.
Advertising and Marketing: The success of your business depends on your ability to spread your name and attract clients. You may take a deduction on any advertising costs, such as for print ads, online ads, billboards, television commercials, listing fees, and other means of marketing your services.
Office Space: If you rent commercial office space for your business, rent fees on your office lease are deductible expenses. Office maintenance, utility, or repair fees may also be deductible. For real estate agents, any brokerage desk fees count as office rental expenses.
Home Office Expenses: Alternatively, if you primarily work at home and have an area set aside exclusively for business use, you can claim a home office deduction. This may be a portion of house maintenance, utility, and repair expenses, or can be calculated based on the square footage of your dedicated workspace. (Note that your home must be your primary place of business to qualify, so you usually cannot claim deductions for both commercial office space and a home office.)
Equipment and Supplies: Any equipment or office supplies purchased for your business are tax deductible. This includes chairs, desks, computers, laptops, tablets, printers, copiers, pens, paper, ink cartridges, postage, and anything else that you use to run your business. If you have equipment that is for both work and personal use, such as your cell phone, you may deduct the business portion of those expenses only.
Travel Expenses: When traveling away from home for business, you can usually take a deduction on meal, lodging, and other overnight travel expenses. Depending on your situation, your expenses may be partially or fully deductible.
If you are an independent broker and require assistance with your taxes, please contact us at LifeBack Tax Relief. Falling behind on income, self-employment, or other business taxes can lead to serious trouble with the IRS. With our help, you can stay on top of your taxes and keep your business in good standing with the government.
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