Brad Gay – Home Office Deduction

Brad Gay CPAs of Florida Tips from the Team

With so many people working from home, I am often asked about deducting home office expenses. Self-employed taxpayers may claim a business deduction for expenses arising from qualifying use of all or part of a residence. Employee’s are no longer allowed to deduct home office expenses. To clai…

Do I Need to Track My Miles?

Andrea Dillon Real Estate Professionals

The IRS allows you to take either your actual costs of driving your vehicle as a business expense(gas, insurance, repairs, etc) or to track your miles driven, and use the standard business mileage rate. You would then multiply your miles driven for business against this rate, and voila, there’s your expense. For 2021 the standard business mileage rate is .56 cents per mile (it was .575 in 2020). You can’t do both actual costs and miles driven as that would be double dipping. For purposes of this blog, we are going to assume you are tracking miles in lieu of using your actual costs. So, lets’ say you drive 15,000 business miles, your expense on your taxes would be $8,400 (15,000 x .56). Easy enough. However, we will now shift over to the question at hand: how necessary is it to actually track this?

How to Track my Income and Expenses in My Real Estate Business

Andrea Dillon Real Estate Professionals

We are NOT going to go into the different ways you can write off your vehicle expenses in this article, never fear, I will do another one on this topic by itself! You need to be tracking your business miles, and we will leave out all the rest for this articles purposes. This is likely your biggest expense, and it is also your most audited expenses (and most loosely tracked). If you are old school, you can keep a notebook in your car and jot down by hand every business mile driven in a pen and paper log.

I’m a Realtor – Do I Really Need a Bank Account?

Andrea Dillon Real Estate Professionals

While to some business owners, this may seem like a no brainer, we discover quite a few of our new real estate agents that come in for financial guidance are not actually using a separate business checking account for their real estate business. Now, there are really two types of agents that we speak with…the new agent and the seasoned agent…

CPAofFlorida WOW Podcast – How To Pay Tax

Andrea Dillon WOW Words of Wealth Podcast

One of the most common questions that we get from clients when they have a tax balance due is how do they actually make the payment. Listen in to this episode to hear the ways you can actually pay your tax, and some of the issues clients have along the way so you can avoid a costly mistake down the road when all you want to do is pay your tax.