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!
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.