I get 75% of my commission and the broker, 25%. I pay L&I and E&O per commission through the brokerage. 6% off the pre deduction/split goes to the franchise. What deductions can I legally take on my Fed. taxes?
Hi B. Forbes,
If you are a 1099 contractor and not an employee of Century 21 then you should be able to deduct any business expense that the IRS deems reasonable. However, I recommend that you contact a tax expert that can review you particular situation and advise you accordingly. Below is a link to an article that I wrote which includes several resources on how to find a CPA/Tax pro: https://fitsmallbusiness.com/how-to-find-a-quickbooks-proadvisor/
Thank you for reading!
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