Pro-Ledger Online Blog

A common question Real Estate Agents have is whether they should buy or lease their vehicle.  Let's take a look at some of the Pro's and Con's of each. Generally, leasing a car instead of buying only makes financial sense if you prefer a new car every 3 or 4 years and drive an average amount of m...

There are 2 methods you can use as a Real Estate Agent to deduct your auto expenses.  Which method is right for you?    This chart may help: IMPORTANT TAX TIPS:  For a Car you OWN:  use the standard mileage rate for the first year your vehicle was in service.  After that, you can calculate both m...

Now that you are in “business” you cannot afford to be careless in keeping track of your income and expenses.Real Estate Agents... "Open up a separate bank account & keep the personal stuff out!" Here are 4 reasons real estate agents should have a separate bank account for business: It makes book...

Many Real Estate Agents do their own bookkeeping, some will hire a bookkeeper... but what about virtual bookkeeping? How does "virtual bookkeeping" work? Why & when should an agent consider a "virtual bookkeeper"?  Here is a flowchart on the "HOW" question:  A few thoughts on "WHY" use a Virtual ...

Agents will typically spend a good part of the day in their vehicle conducting business in the local market... this article will discuss...  ... what is considered a deductible local business trip?  Costs of local travel are deductible if: They are ordinary and necessary for your business The cos...

As a Real Estate Agent there are many types and kinds of operating expenses.  Rather than just list them all, it is best to understand the criteria of an operating expense. Here is a chart that can that you can use as a guide: A few tips to note:Is It Ordinary?  Is the expense common for your bus...

 It's all about something called "De Minimis Safe Harbor"...What is "De Minimis Safe Harbor" & Why Should You Care?De minimis safe harbor, allows you to deduct the entire expense of the cost of a single item rather than having to depreciate it over several years. Thus allowing a much bigger deduc...

Giveaway Items – why real estate agents should keep them at $4 or less per item. Giveaway items that you use to publicize your business (such as pens, coffee cups, T-shirts, refrigerator magnets, calendars, tote bags, and key chains) are deductible. However, you are not allowed to deduct more tha...

Do You Have a Marketing Plan?  Here are 5 tips and a simple planning tool that may help. TIP 1: KEEP YOUR PLAN SIMPLE, CLEAR & FOCUSEDPlans often can fail because they are too complex or not clearly defined.  Are you taking on too many tasks at once?  Trying to become proficient on too many socia...

As a real estate agent,  you may be eligible to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation.To qualify to claim expenses for the business use of your home, you must meet both of the following test...