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.
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.
NO, the IRS is very clear that everyday clothes cannot be considered an expense. BUT, if you emborder your company name into a shirt, it is an expense, but I would list it under marketing, not uniforms.
Yes, you can write off health insurance premiums for you, your spouse, and your children up to 26 years old (if on your plan).
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