Tax Tips for Appraisers and Inspectors

Sunday, July 28, 2013

It’s that time of year again when Uncle Sam comes knocking (not-so-patiently) at your door. When it comes to business taxes, the name of the game is to maximize the value of the write offs you can legitimately take in order to minimize your taxable profits.

So, how exactly do you make this happen?

Chances are good that right now that question is front and center as you’re staring a pile of receipts in the face and trying to prepare your tax filing. Maybe you went one step farther than the shoebox of receipts and you have an Excel spreadsheet. Even so, you’re probably still trying to rack your brain on your total expenses over the last year and wondering if you’ve got EVERYTHING down that you could possibly write off.

Here are a few things you may be able to write off as business expenses:

  • Business use of your home

  • Business use of your car

  • Mileage, tolls and parking related to business purposes

  • Your employees’ pay

  • Interest on money you’ve borrowed for a business purpose

  • In some cases, taxes that are applicable to your business

  • Business-related membership dues, like your FREA membership

  • In many cases, insurance that you purchase for a business purpose, like your E&O insurance

That’s right! As an appraiser or inspector, you can likely write off your E&O insurance as well as your FREA membership as business expenses. The IRS breaks down deductions for you even more detailed here.

Remember, these are just suggestions. Ask your tax professional or accountant to confirm the items that you can legitimately write off as business expenses.

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