Three Things You Didn't Know You Could Deduct on Your Taxes

With the deadline for filing taxes looming (48 days to go), here are three surprising things that REALTORS® can deduct on their taxes.

Driving Miss REALTOR®

“When you’re driving, you’re not able to do your job,” said Shauna Wekherlien, a Scottsdale CPA with the Tax Goddess. Many of her clients have resorted to hiring drivers for the day when they want to take clients around. And the best part – it’s tax deductible. “Hiring a driver makes it easy to show homes to clients answer emails and texts and return phone calls. You’re able to give your full attention to your clients.”

Sofia the Security Dog

We know that being a REALTOR® is a rewarding job, but it comes with some risk. Single, female real estate agents can actually write off their pooch if they use him or her for security. According to Wekherlien, “if the dog is taller than the height of your knee, trained, and comes with you to your business appointments, you can write your dog off as a business expense.” This includes vet bills and obedience training for the dog.

Put Your Kids to Work

“Yes, you can pay your children to work for you and deduct it as a business expense,” said Wekherlien. While there are rules about what an unlicensed assistant can and cannot do in the eyes of the IRS, just as long as you pay your children a reasonable salary, you can claim their salary as a business expense.

This post originally appeared in the February issue of Arizona REALTOR® Magazine.

Tags: tax deductions, taxes