Last updated on: May, 2024 As a realtor, using your vehicle for business purposes uses up a huge amount of your miles. Regardless of whether you are driving a potential future homeowner to 5 different locations on a Sunday or going to get snacks for your open house, these trips will all be tax-deductible for you as you drive your car for business purposes. The key to your tax savings on business trips as a real estate agent will be mileage logs. What is Mileage Deduction? Mileage deduction is a

Learn how to maximize your tax savings by claiming mileage on taxes in 2024. Discover eligible trips, required documentation, and the latest IRS rates for business travel.

October 11, 2020 An odometer or odograph is an instrument used for measuring the distance traveled by a vehicle, such as a motorcycle or a car. The device may be electronic, mechanical, or a combination of the two (electromechanical). Most odometers work by counting wheel rotations. It assumes that the distance traveled is the number of wheel rotations times the tire circumference. The formula is (actual distance traveled) = ( (final odometer reading) – (initial odometer reading) ) * (actual tire diameter) / (standard tire diameter). Usually even new cars

Last updated: April 26, 2023 Buying real estate is rarely a bad decision. If you purchase a house that requires minor repairs, you’ll have an excellent return on your investment. You can renovate it and resell it or rent it out, creating continuous cash flow. But how about its tax purposes? Few know and take advantage of the tax deductions that come with real estate. Let’s take a look at what expenses you can deduct Insurance If you’re a landlord and receive rental income from your home. Your homeowners’ insurance,