76: Tax Tips for Realtors
Hustle Humbly Podcast
Alissa Jenkins & Katy Caldwell
4.9 • 916 Ratings
🗓️ 18 January 2021
⏱️ 69 minutes
🧾️ Download transcript
Summary
Episode 76: Tax Tips for Realtors – How to Manage Finances and Reduce Tax Stress
In this highly requested episode, Alyssa and Katy sit down with CPA and tax strategist Karen Bahn to demystify the tax side of real estate. Karen specializes in working with realtors and breaks down everything from entity structure to deductions, bookkeeping habits, and quarterly taxes.
Inside the episode:
- Why new agents struggle with taxes
- The importance of a separate business bank account and credit card
- When to transition from sole proprietor to S Corporation
- How S Corps save on self-employment taxes
- Payroll requirements and "reasonable salary" rules
- Top realtor deductions (marketing, mileage, home office, meals, software, and more)
- How to set aside money for quarterly taxes
- Lease vs. buy: what realtors should know about vehicle deductions
- How tax laws evolve and why most changes take time to implement
- Why hiring a CPA and bookkeeper reduces stress and increases accuracy
Resources:
Hustle Humbly: https://hustlehumblypodcast.com
Rate the Podcast: https://ratethispodcast.com/hustlehumbly
Karen on Instagram: https://instagram.com/karen.bahn
Karen's Email: karen@bahncpa.com
Free Trello Training: https://youtu.be/IUMVbF0X5II
Music Credits:
"Straight A's" by Connor Price → https://connorprice.shop/
"The Good Life" by Summer Kennedy → https://soundcloud.com/summerkennedy/the-good-life
"Be The One" by Matrika → https://uppbeat.io/t/matrika/be-the-one
Transcript
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| 0:00.0 | Hi, y'all. Welcome to Hustle Humbley. It's Alyssa and Katie, and we are two top producing realtors in the Baton Rouge market. |
| 0:05.7 | We work for two different companies where we should be competitors, but we have chosen community over competition. |
| 0:10.6 | The goal of our podcast is to encourage you to find your own way in business. So stop comparing yourself and start embracing your strengths. |
| 0:18.2 | Hi, Karen. Hi. We're excited to have you here on the Hustle Humbley. This is episode 76, |
| 0:26.2 | and it has been heavily requested. Today we are talking about taxes. I mean, I think we're going to |
| 0:33.3 | stay mostly on the tax front, but Karen, tell us who you are and what you do and kind of how |
| 0:41.0 | you came to because you were listening to the show so like tell us your back story okay so thank you |
| 0:47.3 | so much for having me I'm really excited this is so I've been a practicing accountant CPA for about eight, nine years. |
| 0:57.1 | I've worked as a in-house accountant as a controller working with somebody else's books, |
| 1:03.4 | a big business. |
| 1:04.2 | And then I went into the tax field about six years ago, and I've done compliance work, which basically means I'm filing income tax |
| 1:12.8 | returns for people. And I would do consulting work and planning. In that life for the last six |
| 1:19.8 | years, I've been doing private wealth tax planning, which basically means I was doing working |
| 1:23.7 | with people that were ultra wealthy and planning to for generational wealth. And so from that, |
| 1:29.7 | I've gotten a lot of just like hints and things and understanding different types of tax |
| 1:33.8 | structures. I am the wife of a real estate agent. And so for the last, however long he's been |
| 1:41.6 | an agent, I can't even remember now. I've done his books and his tax |
| 1:45.9 | work and done all of his planning and made the decisions to make changes. Friends of his have |
| 1:51.6 | contacted me and asked me questions along the way. And so when I started dreaming, frankly, started |
| 1:57.1 | thinking about my life change. I have two little kids. And so when I started thinking about like, where do I want to go and what do I want to do with my life? I started thinking about my life change. I have two little kids. And so when I started thinking about |
| 2:01.8 | like where do I want to go and what do I want to do with my life, I started thinking like, do I want to |
| 2:05.9 | go off on my own? And that kind of obviously blew up in my face because of COVID and I was home anyway, |
... |
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