Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.
Issue link: http://remag.rismedia.com/i/790164
24 March 2017 RISMedia's REAL ESTATE A s real estate agents, you're eligible for a host of deductions—from car mileage to meals and entertainment—permitted you keep track of your business-related expenses. However, with so many expenses and so little time, it's easy to lose receipts, forget what was business and what was pleasure, and miss out on deduction opportunities come tax time. QuickBooks Self- Employed provides the solution. As an app and online product, QuickBooks Self-Employed was designed with real estate professionals in mind. It automatically imports and categorizes expenses, tracks your mileage, and captures your receipts, making tax season a breeze. In fact, on average, QuickBooks Self- Employed has helped subscribers identify an average of $4,340 in potential tax savings. "At Intuit, we're on a mission to change the financial lives of real estate agents around the world," says Alex Chriss, vice president and general manager of Self-Em- ployed Solutions at Intuit. "We know that agents face enough challenges trying to juggle a competitive real estate market and increase income. That's why we de- signed the QuickBooks Self-Employed Tax bundle, to help agents keep more of that hard-earned income in their pocket, with a tailor-made solution that maximizes their deductions, simplifies tax time with automatic filing, and provides clear visibility into their cash-flow throughout the year." Michelle Pettway, a REALTOR® with PalmerHouse Prop- erties in Atlanta, Ga., and director of the Estate Systems Training Institute in Georgia, has been using QuickBooks for years, but learned about QuickBooks Self-Employed during last year's National Association of REALTORS® Conference & Expo. "I used to use Excel and different spreadsheets to keep track of everything, which got confusing, but once I heard about this, I realized it accomplishes everything I need," she says. "Because I'm on my phone so much, this is very convenient." A self-confessed paper hoarder, Pettway can simply snap a photo of a receipt and forget about having to file the paper one away—a recipe for disaster in the past when receipts would pile up in different places at home and in the office. "There have been times I have lost receipts or forgot to log something, but this helps me keep track of things, and I don't forget them because I do them right away from where I am," she says. "Nothing is falling through the cracks." Pettway has shared the experience with her entire team, and has also gotten her students on board with QuickBooks Self-Employed. "One thing is true with most real estate profession- als: we're not that great at organizing paperwork, so this takes it all off the table," she says. "It takes automating to a whole new level." How Your Smartphone Can Help You Track Expenses and Maximize Tax Deductions Intuit's QuickBooks Self-Employed puts expense tracking on autopilot by Keith Loria