As I’m sure you know, the dollars you spend to promote and run your real estate business are deductible against your income taxes.
Did you have a good year this year?
- Do you need a new printer?
- Are you yearning for a better desk chair?
- Do you need to update your agent bio?
- Do you need prospecting letters to send in January?
- Do you need to add some client-gathering content to your website?
- Maybe you even need a new car.
If so, now is the time to spend the money so you can deduct it against your 2014 income taxes.
If this year was kind of skimpy but you plan on hitting it hard in January and turning 1015 into a banner year, then wait until January. But if you’re looking at a huge tax bill, get busy now acquiring the tools to make 2015 even better.
Remember that small dollars add up, and if you’re in the 25% tax bracket (earning over $73,800) you’ll pay 25% plus about 14% in Social Security and Medicare. If you earn more than $148,500 the percentage goes to 28%, and if you’re really doing well and earning more than $226,850 it goes to 33% (plus the 14%, of course).
That means spending $100 before January 1 will save you from $40 to $47 on your tax bill. I’d say that’s better than most of the sales at WalMart over Black Friday week-end!