Real Estate Agent Checklist
For Managing Your Real Estate Business
Working with buyers and sellers is an integral part of your business. As a realtor, there are multiple action items that need your attention. This checklist provides you with some important steps to take as you navigate the process.
1) Create an Employee Identification Number (EIN).
Name your business and register for an EIN. Go to www.irs.gov to establish the EIN for the name of your business.
2) Open a business banking account.
Create this account under your name, as a sole proprietor or by using your EIN.
3) Decide on your business entity and how you will be taxed.
Ask your tax advisor if becoming an S-corp is in your best interest.
4) Save receipts.
Save all business receipts (meals, entertainment, gas, business expenses, licensing).
5) Keep track of your business mileage.
Record any miles driven for business purposes by using a notebook or a mileage tracking app on your phone.
6) Use a software program to track your income and expenses.
We recommend QuickBooks Online. If you need assistance with an outside bookkeeper, we can help!
7) Send out 1099s or setup payroll.
Stay compliant with the IRS by paying contractors or paying yourself and your employees through a payroll service provider. We offer this service!
8) Save for retirement.
Contribute to a SEP (Simplified Employee Pension) or Simple IRA so you can save for your retirement. Establishing a 401K plan for you and your employees could be the right choice for effective retirement planning. Our team of financial advisors can assist you with setting up and managing these financial plans.
Learn more about our services here or click here to contact us now!
Blog by Debbi Kuller – Business Development Manager
Learn more about Debbi and the rest of the Storen Financial team here.