Tax Geaks is your trusted partner for accounting and tax services specializing in the real estate industry. We cater to a wide range of clients, including real estate investment trusts (REITs), real estate developers, investors, and brokers. Our expertise extends beyond traditional accounting services, as we offer comprehensive solutions to meet all your financial needs.
We specialize in these areas:
residential
At Tax Geaks, we offer integrated real estate, tax, and accounting services specifically designed to meet the unique needs of residential property owners, investors, and landlords. Our dedicated team of professionals brings together expertise in real estate transactions, tax planning, and accounting to provide comprehensive support that ensures your residential real estate ventures are both financially sound and tax-efficient.
commercial
Tax Geaks specializes in comprehensive real estate, tax, and accounting services customized for office spaces, shopping malls, and parking facilities. Our team of experts helps owners, lessees, and managers in these sectors navigate real estate operations and optimize tax and accounting strategies, providing valuable support for their commercial property investments.
multi-family
Tax Geaks specializes in comprehensive real estate, tax, and accounting services tailored for multi-family properties, providing assistance to property owners, investors, and managers. Our team of experts helps navigate the complexities of multi-family real estate operations and optimize tax and accounting strategies, leveraging our industry knowledge and experience to support your investments in multi-family properties.
reit's
Tax Geaks specializes in comprehensive real estate, tax, and accounting services exclusively for Real Estate Investment Trusts (REITs), recognizing the industry's distinct challenges and complexities. Our dedicated team of professionals combines deep expertise in real estate, tax, and accounting to deliver tailored solutions that ensure compliance, financial efficiency, and long-term success for your REIT.
real estate brokers
Tax Geaks offers tailored real estate, tax, and accounting services for brokers and agents, addressing their unique needs and challenges. Our dedicated team ensures financial compliance, supports business operations, and provides services such as transaction management and tax strategy optimization to help professionals thrive in the real estate industry.
Tax Planning Tips Real Estate Agents and Brokers:
Proper expense tracking: Keep detailed records of all business-related expenses, including mileage, marketing costs, office supplies, professional development, licensing fees, MLS fees, and association dues. Proper documentation is crucial for maximizing deductions. ​ Home office deduction: If you have a dedicated space in your home used exclusively for your real estate business, you may be eligible for a home office deduction. This deduction allows you to deduct a portion of your home-related expenses, such as rent, mortgage interest, utilities, and insurance. Self-employment taxes: Real estate agents are typically classified as self-employed individuals. Be prepared to pay self-employment taxes, which include both the employer and employee portions of Social Security and Medicare taxes. Plan accordingly to ensure you set aside funds for these tax obligations. Independent contractor status: Real estate agents are often classified as independent contractors rather than employees. Understand the tax implications of being classified as an independent contractor, as you will be responsible for paying self-employment taxes and managing your own tax withholdings. Qualified Business Income (QBI) deduction: Take advantage of the QBI deduction if you qualify. This deduction allows eligible self-employed individuals to deduct up to 20% of their qualified business income, subject to certain limitations and thresholds. Consult with a tax professional to determine your eligibility. Retirement contributions: Consider contributing to a retirement plan specifically designed for self-employed individuals, such as a Simplified Employee Pension (SEP) IRA or a Solo 401(k). These plans offer tax advantages, including potential tax-deductible contributions and tax-deferred growth. Mileage deduction: Track your business-related mileage for property visits, client meetings, and other real estate-related travel. You can deduct either the actual vehicle expenses or use the standard mileage rate provided by the IRS. Education and professional development: Deduct the costs of real estate-related education and professional development, such as training courses, seminars, and industry conferences. Staying up-to-date with industry trends and enhancing your skills can be tax-deductible. Health insurance deduction: If you are self-employed and pay for your health insurance premiums, you may be eligible for a deduction. Explore the rules and limitations related to health insurance deductions for self-employed individuals. Consult a tax professional: Real estate taxes can be complex, and it's crucial to consult with a tax professional who specializes in real estate taxation. We can provide personalized advice, help you navigate the intricacies of tax laws, and ensure compliance with applicable regulations.