Self Employment as a Real Estate Agent

[ebaeva]

Hi, 

I have questions regarding quarterly tax reporting.

How to do and where to do the quarterly tax reporting as a real estate agent?

Why it is recommended to do a tax reporting quarterly?

What are the deductions a real estate agent can do?

Thanks!

[Jackstar221]

Hi,

Here is an IRS article, you can use it as a calculator, it is the IRS withholding estimator. Here is the link https://www.irs.gov/individuals/tax-withholding-estimator  

Take 10 minutes or so to fill it out, it will give you an idea on how much you may owe, or be due a refund. From there, you can determine the amount owed at the end of the year, and make quarterly estimated payments based on an amount due, if applicable. 

Here is also a link to TurboTax Taxcaster, which can also be useful for paying estimates. https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ 

If you would like more information regarding states, just type the state into google and write estimates after, there should be helpful links for paying estimates for that particular state.

Here is a link to eftps. https://www.eftps.com/eftps/ 

From here, you can pay your federal estimates electronically, after enrolling.

For a real estate agent, many things are deductible. You can write off the TurboTax fee that you paid in 2022 for your 2021 taxes, advertising and marketing expenses, training, education costs, licensing, home office expenses, travel, dues, vehicle expenses, etc.

Here is an article regarding filing taxes as a real estate agent:

https://turbotax.intuit.com/tax-tips/self-employment-taxes/tax-tips-for-real-estate-agents-and-broke... 

Thank you,

John

CPA

[RPZ1]

Hello, 

I will include several links at the end for you to bookmark. First quarterly estimated tax payments are the same for any self-employment so you are not alone on this. The best way to make your estimated payments would be to create an account at IRS.gov. When you reach the site just type "estimated tax payments" into the search bar and this will take you to the proper steps you need to follow. The reason you should make estimated tax payments quarterly is to avoid the penalty the IRS imposes if you don't.  Here are the links and I hope this helps you in your career!

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-p...

https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-guide-to-paying-quarterly-taxes/L6p8C53...

https://turbotax.intuit.com/tax-tips/self-employment-taxes/tax-tips-for-real-estate-agents-and-broke...