| One of the best parts about being a real estate | | | | business. It is easiest, then, to have a separate line |
| agent is that you have the power to be your own | | | | for your office instead of using the same land line |
| boss. You may align yourself with a specific | | | | you do for the house (this will also minimize the |
| over-arching company, but in the end you call the | | | | number of calls and messages not received because |
| shots. You determine the hours you work - you can | | | | of family miscommunication). All of your office |
| do paper work at 5 at night, 5 in the morning or over | | | | furniture and supplies can also be written off. The |
| lunch. You determine how hard you work and, as a | | | | desk and chair, the lamp, the pens, the files and the |
| result, how much you make. And quite often, you | | | | filing cabinet are all potential write offs. Hang on to |
| can determine where you work. This means you can | | | | your receipts when you purchase them to make |
| work in your home, and when you set up a business | | | | deducting the cost as easy and accurate as possible. |
| in your home, you have the added perks of tax | | | | Stepping outside of the office provides additional |
| write offs. But those write offs only benefit you if | | | | opportunities for write offs. Every time you get in |
| you know what you’re doing. | | | | your car and drive to a home, condo, commercial real |
| First, know how to set up your business so that it is | | | | estate lot or any other work-related destination, you |
| legitimately tax deductible. Your office space should | | | | are covering miles that can be written off. Keep |
| be just that: office space. You cannot use that area | | | | track of the odometer. The miles to and from your |
| for anything other than business. It shouldn’t | | | | home to a homeowners or a seller’s will add up |
| double as your TV room, your kids’ playroom | | | | quickly: Texas is a big state; Austin is a big city. |
| after school, your kitchen or your bedroom. This | | | | You’ll be surprised how much you can deduct |
| needs to be your place of business, not leisure. If the | | | | come tax day. |
| majority of your work is off-site, at a home on the | | | | Finally, be honest. It may be tempting to write off |
| market you are showing for instance, but you do | | | | everything you can imagine as a business expense, |
| your paperwork and handle all other meetings | | | | but your mother’s visit for lunch isn’t a |
| in-house, you can still write off the space. When you | | | | business meeting. You may get away with claiming it |
| do write it off, be sure to do so properly. If your | | | | was once or even a handful of times, but |
| office is half of your apartment, deduct half of your | | | | eventually, the IRS will catch wind, and every |
| rent. If your office is one-tenth of your house, | | | | deduction you’ve made will come into question. |
| deduct ten percent of your mortgage. | | | | Take advantage of the deductions available to you |
| Within that space there are also numerous | | | | as a real estate agent running your own business in |
| deductibles. Your phone bill, for example, can be | | | | your home. Do not take advantage of the |
| written off, provided the calls you make on it are for | | | | government. |