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Sample paragraph
Tax for Real Estate Agents
There are several things you have to do to ensure that you comply with your tax obligations
when you are a real estate agent. As a business person, you get to take advantage of several
deductions, which can go a long ways towards reducing your liability. You also need to be sure
to file your quarterly business taxes. Read on to learn more about both.
The IRS typically classifies you as self-employed when you are a real estate agent. You have
two taxes you need to take care of – a federal earnings tax, and a self-employment tax. Once a
quarter, you need to make a payment towards your tax obligations if you will end up with a total
tax liability greater than $1,000. You will have to make these payments once a quarter instead
of waiting until the end of the year. If you pay at the end of the year, the IRS will assess both
interest and late payment penalties.
To make each of your payments, you will need to estimate how much your commission income
will be for the year, and how much your business expenses will be. Subtract your expenses from
your income – this will be your net income. Your self-employment tax rate is 15.3%. Multiply
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