The real estate market is an ever-growing business with clients always looking for a real estate agent to help them find a home or office. One of the best features of being a real estate agent is that there is always a need for an agent to help a person look for the right property, especially as clients are becoming increasingly frugal with their money. However, it isn’t always easy to find a real estate position, which can be especially true for those without much experience. With that said, real estate agents are starting to hire assistants to help them take on some of the workload. Real estate assistants can be at the agent’s side as they show potential buyers properties, as well as assist with paperwork.
Both the real estate agent and their assistants have financial obligations that they must adhere to in order to keep their business up and running. One of the most important obligations real estate agents must uphold is accounting. They must account for all documents and transactions made between agent and client; this is where the help of the assistant might come in handy. If a real estate agent is the one making the sale, the assistant can take the time to record all transactions for tax purposes. The real estate agent must also track all funds and account for their location. They cannot combine business funds with client funds, or take client funds and add it to their personal account, which is considered unethical.
Documenting all transactions and tax deductions keeps a real estate agent and his or her assistant organized and able to easily recall past records if needed. The IRS has guidelines for deductions on taxes, which must be followed in order for wage tax filing to be done correctly. If a real estate agent hires an assistant, he or she must document any payments made for their records and report all payments to the IRS on a 1099-MISC form. The agent must also report any commission payments made to an assistant since there will be times when they will be of assistance beyond the office, at functions like open houses and showings.
Wage Tax Filing
Once all documentation has been organized, it is time for the real estate agent to file 1099-misc for real estate assistant. Agents can do so online at Wage Filing’s site, which makes it easy for small businesses to prepare and file taxes quickly and without stress. Real Estate Payroll information can instantly be entered online before the business chooses to fine 1099-misc real estate agent. Then they can print an IRS-approved copy of their documents for their personal records and send off the federal tax forms for the low price of $3.49. Wage Filing is the only owner-operated e-filing system for 1099-MISC and W-2 forms.
Financial obligations for real estate agents and their assistants also include monthly expenses, as well as expenses that must be made in order to get their real estate business up and running. That being said, it does not have to be difficult to get taxes filed. With Wage Filing, the time it takes to file taxes is cut in half thanks to their cutting-edge technology, which does all of the hard work itself. They take the stress right out of the tax filing process.