Are you a real estate pro and found yourself struggling through tracking mileage, separating business and personal expenses, and trying to determine what gifts, meals, or travel can be written off on their taxes? And what is REALLY deductible at a home office expense?
Worse yet, many tax preparers out there don’t know the difference between a desk fee and a commission split, or how new IRS Obamacare reporting requirements impact the self-employed. Do you really trust them to do your taxes?
At Realty Income Tax Advisors, our practice is primarily focused on serving Realtors, builders and developers, landlords, appraisers, and other real estate professionals, and we can help you answer all these questions.
How many times have you dealt with home sellers or buyers who are not aware they have a federal IRS or Ohio tax lien!?Busy real estate pros don’t always have time to research all the seemingly contradictory rules in the convoluted IRS code. We can help you run your small business and we can also resolve some tax problems for your clients!
• advertising expenses, including websites, mailing lists, newspaper advertising, fliers, online advertising, postcards, promotional materials, logo clothing, and anything else you pay for to market your real estate business
• car and truck expenses, including business mileage, depreciation, insurance, interest on car loans, lease payments, license plate fees, parking expenses, and tolls
• bookkeeping, accounting and legal fees
• business gifts (up to $25)
• business meals and entertainment (at 50%)
• Uber, and cab fares for business travel
• cell phones
• computer software
• office equipment office expenses, including rent, cleaning and maintenance, and utilities
• desk fees
• education to maintain or improve required skills
• home office expenses
• insurance, including health insurance, errors and omissions insurance, business liability insurance, and business equipment insurance
• interest, such as interest for business loans, interest paid on business credit cards
• internet access fees
• map books
• office supplies
• professional dues and fees — for example, multiple listing service dues and dues paid to the local Chamber of Commerce, Realtor associations, and real estate license renewal fees
• referral fees and commission rebates
• retirement plan contributions
• subscriptions to professional journals
• real estate franchise fees
• taxes, including payroll taxes for employees, state and local business taxes
• telephone service fees
• travel to business conventions, including transportation, lodging and food
• wages and benefits paid to employees.
We want you to understand the process we use to resolve your tax problems. The IRS, the Ohio Attorney General, BWC, and Department of Taxation have differing eligibility requirements; and we let you know what options are available to you. This is based on a review of your IRS and State tax filings, and other tax and accounting records you supply.
CPA, Tax Resolution Specialist, Business & Real Estate Tax
190 S. STATE STREET, Ste D
WESTERVILLE, OH 43081
Steps we can take:
• NEGOTIATE AN OFFER FOR A DISCOUNTED SETTLEMENT.
• ASK FOR AN APPEAL OF THE TAXES.
• REQUEST A REDUCTION IN PENALTIES.
• OFFER A PAYMENT PLAN.
• FILE UNFILED TAX RETURNS.
• IF NECESSARY, WE WILL REPRESENT YOU IN AN IRS AUDIT OR HEARING SO YOU DO NOT HAVE TO APPEAR.