Tax Advice for Brokers and Agents - Part One

UPDATED: May 2, 2022

By R. Michael Brown, Go Home TV Producer

We got a couple extra days this year to file our taxes because April 15 was a federal government holiday. And if you're like many real estate pros, filing your taxes are one of the last things on your list.

If you still haven't filed your taxes, watch this video and take this advice!

Go Home TV brought tax expert Michael Miller, P.A. into the studio for a two-part interview with host Dawn Pfaff, president of My State MLS, first on what you need to know and do by April 18th, 2022, and second how to get through the complicated tax issues when it's time to help your clients close on a property.

Michael is a former IRS Agent and he's a CPA and lawyer that specializes in tax resolution for his clients.

A few tips from the video: 

  • How to handle quarterly tax payments if you do, or don't, have the money.
  • 30% of your commission should cover your income taxes and self-employment tax.
  • Taxes and Penalties - Make sure you file on time! "Not filing is a really bad idea."
  • Failure to File penalty is 4.5%
  • Failure to Pay penalty is 0.5%
  • Eliminate 90% of your penalty for the cost of a postage stamp.
  • IRS generally only goes back 6 years on your taxes. There are exceptions. 
  • IRS will file your taxes for you if you don't file, called a Substitute for Return (SFR) and the results are generally not favorable for the taxpayer.

Watch the video below for tips and traps in this tax season. 

Dawn Pfaff, host of Go Home TV and president of My State MLS, interviews Michael K. Miller, Tax Attorney, in this special edition of the Real Estate Cellar. 11:05 

Michael K. Miller, P.A. is located in Florida but since Tax Law is a Federal Law, he can handle cases throughout the country. Contact Michael Here

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