As most real estate agents know, being an independent contractor requires special attention and organization when it comes to managing your day-to-day business finances and keeping on top of your taxes.
When it comes to managing your finances, are you a receipt-saver, a DIYer? Do you use an online platform, or hire a pro? Through this brief, 2-minute survey, RISMedia would like to take a pulse and report back to you on what real estate professionals are doing to manage their balance sheets.
You can submit your email on the survey to be entered to win one of five $100 Amazon gift cards!
Responses will be accepted from Wednesday, March 8, 2017 at 12:00 a.m. ET to Wednesday, March 22, 2017 at 11:59 p.m. ET. A $100 Amazon gift card will be awarded to five (5) randomly selected participants who submit their [name, company and] email in the survey following March 22, 2017.
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I keep all my receipts. All book keeping is done in house by staff, but then sent to CPA to complete and do the taxes.
I maintain all my receipts organize a spread sheet that I provide to my CPA who does my taxes
I use a box with a slit cut into and drop all my receipts on a daily basis.
Further, I have a business credit card and use it 90%+ fpr all expenses. The bank records all my bills and invoices and totals them up by the month and the year. I give this to my accounting firm along with my 1099.
The firm runs through my receipts and uses the bank re-cap to do the taxes. This is an easy way to do it! Most of my records are kept by the bank and my boxed receipts. HarryMcCarty@remax.net
I keep all receipts. I also charge 90% + to one credit card. CC company year end totals are of no help. I break down all categories manually at year end, some months I do as they come. Meet with CPA and give him all my totals by tax categories. I am charged $500.
I used Quickbooks online. My bookkeeper keeps it reconciled. I collect receipts and expense go in a yearly folder.
All is taken to CPA for year end taxes
I download all financial records from bank accounts, credit cards etc into Quicken, adding any other items from receipts, then I produce an itemized spreadsheet which I give to my CPA. With this method I also track my personal, non business spending.
I use Quickbooks home and Business
I keep all of my receipts and try to put all of my business expenses on one credit card. I organize everything by category and usually total them semi annually. When I meet with my CPA I give her all my totals and she charges me $450.
I list receipts,credit cards and bank statement to quicken with expense account categories and then enter totals to turbo tax.
Have used this process since 1967 and only
2 audits and no penalties.
I keep all my receipts in files organized by the schedule C. I pay 95% of my expenses by credit card and bank card so the bank organizes the expenses. I just get the numbers and give them to the CPA.
I pay my expenses with a business credit card or checking account, and keep receipts in file folders. At year end, it takes me about 2 hours to compile and total for Sch C. I prepare my own taxes. Since my expenses don’t fluctuate much, I pay estimates based on prior year liability plus increase based on increase in prior quarter commission.
Keep everything in a file. Pay most of my expenses via CC.
Sort at the end of the year and give to accountant.
I use quickbooks & use primarily one credit card to charge my expenses to. I write checks through my quickbooks program for those expenses not charged to a credit card.