Many agents are often confused about what tax deductions they can take. Many agents make the mistake of not taking enough deductions that can save you hundreds if not thousands of dollars.

Advertising costs: Drawing, newspaper ads, flyers, online advertising, postcards, promotional, Yellow Pages, Promotional flyers and leaflets, radio and TV ads, internet ads, ad agency fees and business cards.

Fees: Your MLS Board Dues, Dues broker, Renewal fees with your State Board, Errors and Omissions Insurance.

Doubtful: NSF checks

Teaching Materials: Need Continuing Ed classes or seminars?Purchase Books and Magazines?

Cars / driving costs: This is an obvious remember most agents – but many are often confused about how many miles or how they can deduct your “personal” and “business” to separate. You can choose to deduct per mile driven or you can also do this with the actual cost of insurance, gas, repairs and maintenance, and other vehicle costs.

Office Equipment: Office equipment may include office expenses if you do at your office, computer / software, telephone charges, cameras, stationery, and anything else related to necessities of running your office.

Salary paid: Did you pay an assistant? Hire someone to help you?Did you pay any referral fees to other agents? All these may be deductible as well.

Keys and Key Boxes: Did you purchase or Leys key boxes made?

Business Entertainment: You can commission for dinners, tickets to events that are business oriented, entertaining for business at home, and anything else related to the charges you made for entertaining business clients.

Gifts: You can deduct up to $ 25 per customer per year for these gifts, not the actual value of the gift exceeded.

Health Insurance: The self-employed, you are also entitled to deduct health insurance and qualified long term care insurance for you and your family in a plan for your business.

Home Office: you are entitled to a home office deduction.

Whether you are launching your real estate career or have been in business for years, so we will change how your broker business, home office and personal finance site that you have more time to the things you need money - working with buyers and sellers.

Now that 2011 has drawn to a close, the 2011 tax due date will soon be upon us. Although the taxpayer actually increasing in number, the Internal Revenue Service will not be easing on people either not to pay taxes or to properly report information about their failure. The I.R.S. remain vigilant as ever, armed with improved software, a wandering eye on potential taxpayers.

To keep controlled, a taxpayer must file taxes, of course. This is the absolute minimum, but at least they were submitted. If an error is made or something is omitted, then fines may be levied, but not completely resistant to more serious consequences. A lien can be placed on a taxpayer’s car, house, boat or other valuables Property.

It is also important to report all sources of income. Any W-2s and 1099s should be included. The I.R.S. perhaps slightly more generous if the information inadvertently reported incorrectly, but there is little leniency for those who do leave out some information.This is considered to be deliberately concealed.

For anyone who claims dependents, charitable contributions, education expenses or other deductions, documents available to prove this information. Some deductions, like education or dependents will transfer the last fiscal year and are less prone to problems. Even this should be confirmed with envelopes addressed to the families concerned. Claims such as mileage and work-related deductions which are required original receipts to confirm.

It’s a good idea to double check the math on each form, because human error can occur. File on time, and the I.R.S. is much less likely to control. Luckily they fixed any mistakes made. Everyone receives a proper 2011 tax return.