Mortgage Industry Tax Deduction Tips and Tricks

Mortgage Industry Tax Deduction Tips and Tricks

Please note: I am not an accountant. Please consult an actual accountant when preparing your taxes. These are ideas to help you prepare for your taxes.

Are you prepared for taxes?

It’s never too soon (or late) to consider all the realtor tax deductions possible! Have you been keeping tabs on all those coffees, gas miles, and other deductibles in order to save on your tax bill?

To help us all out, I’ve reached out to some experts and compiled some ways to help you with your taxes this year and next year.

One of the key strategies in getting better tax returns is starting New Years Day.  Your tax strategy starts from day #1.  Keep is simple and keep every single receipt for transaction starting today! Find a way to compile all the loose documentation you currently have into one place.

Here are some ideas for staying better organized:

1) Evernote – For Mortgage Banker Tax Deductions:

You cannot deduct it if you can’t track it.  Evernote is an easy way to keep everything in the same
place. You can take pictures of receipts or copy/paste email reciepts directly into a folder. Here’s a great video showing you all the possibilities of using Evernote to track your taxes:

2) MileIQ

The next thing to track when considering Mortgage Banker tax deductions is mileage.  You’ll want to pay yourself mileage checks in addition to paychecks. This way you can write off the miles of your car.

This application lets you keep a clean mileage documentation on your phone.  The app tracks your miles as you drive them so you never have to play a guessing game at the end of the year. Here’s a video explaining how it works:

Mortgage Banker List Of  Tax Deductions:

Consulting fees
Continuing education
Dining during business travel
Education and training for employees
Employee wages
Entertainment for customers and clients
Family members’ wages
Franchise fees
Furniture or fixtures
Gifts for customers ($25 deduction limit for each)
Health insurance
Home office
Internet hosting and services
Investment advice and fees
Legal fees
License fees
Losses due to theft
Mortgage interest on business property
Newspapers and magazines
Office supplies and expenses
Parking and tolls
Retirement plans
Safe-deposit box
Storage rental
Website design

Here are more Mortgage Banker tax deductions:

Accounting fees – Don’t forget that your accounting fees are tax deductible. When deciding whether to do your taxes yourself, consider how you can write off the cost of the accountant in your calculation.
Advertising – A cool thing to do with advertising is to pay with a credit card instead of your business debit card. If you pay the balance off at the end of the month, you’ll incur zero interest and can typically get 2% cash back!
Auto expenses – This is a big one! You need to writing off the expenses of mileage on your car.
Banking fees – Does your bank charge you fees? You can write them off! (And them promptly changes to a bank that doesn’t charge fees.)
Business association membership dues – There are many fees realtors have to pay to maintain their license.  Be sure to track them all! Every time you join an association, put that invoice in your Evernote folder that tracks expenses.
Business travel – Did you travel to a convention?  You can write this off!
Charitable deductions made for a business purpose – While this isn’t the best reason to donate to charity, this is a great perk.
Commissions to outside parties – Do you pay commission to your brokerage or a marketing team? You can write off these expenses.
Computers and tech supplies – Did you buy an iPad that you sometimes use for business? Be sure to track that in your Evernote folder for taxes.



Author Nick Magiera

Mortgage Banker by trade, Nick Magiera epitomizes integrity, energy, hard work, and creative service in every detail of the real estate transaction. Nick is a family man with a devotion to God, his beautiful wife & his adorable Bernese Mountain Dog.

More posts by Nick Magiera