It normally doesn’t matter. If you lease a car you can deduct the business portion of the payment, but if you buy you get to deduct depreciation which will be close to the payment price. Real Estate Agents normally have high mileage, so we normally suggest that you buy not lease. That way you don’t have to worry about going over your miles and paying a large penalty at the end of the lease.
Real Estate Agents normally have high mileage, so we normally suggest that you take the mileage rate.
It won’t matter, either way it goes on your personal return.
When it comes to a personal tax return it is very difficult to provide an estimate without first seeing the tax return.
For Real Estate S-Corps we charge the following:
- Initial Consultation – Free
- Setup S-Corp (including all state fees) - $750
- 1120S (S-Corp tax return) - $750
- Payroll - $150 per Quarter, Additional $175 for W-2s and 940 (annual)
- Tax Planning - Free