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) Name your business and determine your business entity.
Establish your legal business name and legal entity through a lawyer, an online service, or on your own by visiting your state’s Secretary of State website. Additionally, ask your tax advisor if becoming an S-corp is in your best interest, as there can be certain tax benefits to this transition.
1) Create an Employee Identification Number (EIN)
After your legal business is setup, you will need to register for an EIN on the IRS website and create your taxing entity. (Click here to access this website.)
2) Open a business banking account
Create this account under your newly established business name and EIN.
4) Save receipts
Save all business receipts (meals, entertainment, gas, business expenses, licensing, etc.).
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 income and expenses
We recommend QuickBooks Online or enlisting the help of an outsourced business accounting team. Need help? Ask about our business accounting services.
7) Pay quarterly estimates
Set aside a portion of your sales for income taxes. Contact your accountant about projecting your tax liability and whether quarterly estimated tax payments are needed.
8) Send out 1099s or establish a payroll system
Stay compliant with the IRS by paying contractors or by paying yourself and your employees through a payroll service provider. We offer this service!
9) 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.
Have questions? Contact our team at any time to discuss any questions you might have (Click here for contact information). Or learn more about our Business Services (Click here).
Blog by Debbi Kuller – Chief Operating Officer
Learn more about Debbi and the rest of the Storen Financial team here.