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Tax Tips for Mortgage Brokers LifeBack Tax
Unlike bank loan officers, mortgage brokers operate independently from any lender institutions, and are typically self-employed individuals or work for a brokerage firm. As a small business owner, a self-employed mortgage broker pays income and self-employment taxes each quarter, and may claim various deductions on business expenses.
Office Space: Like any business owner, a self-employed mortgage broker may deduct rental fees on their office as operating expenses. Other office-related expenses, such as maintenance, cleaning, or repair costs may also be deductible.
Communication: As a mortgage broker, the tools and services you use to contact borrowers and lenders are central to your business. Your cell phone, computer, and internet bills are deductible to the extent that you use them for work and not for personal usage. If you have a dedicated landline for your business, you can usually deduct this expense fully.
Equipment and Supplies: Self-employed mortgage brokers may claim deductions on office furniture and equipment, including chairs, desks, computers, printers, copiers, and other items used to run their business. Equipment costs can be fully expensed, or depreciated over several tax years. Office supplies such as pens, paper, printer ink, and postage are also deductible.
Professional Fees: Mortgage brokers are required to obtain a license and a mortgage broker bond in order to do business. Mortgage broker license fees, as well as the costs of any continuing education courses necessary to maintain your broker license, are generally tax deductible.
Employee Compensation: If you hire any employees or non-employee workers for your brokerage firm, including 1099 contractor accountants or lawyers, you can claim a deduction on salaries, wages, and commissions paid to your workers.
Please contact us at LifeBack Tax Relief if you require assistance with your taxes as a self-employed mortgage broker. Reviewing borrowers' tax returns is one thing, but managing your own can be another. With careful tax planning, you can keep your taxes low without incurring the IRS's wrath.
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