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This blog post is brought to NAR members by their partners at SentriLock, NAR’s official lockbox solution. SentriLock offers members access to SentriGuard® REALTOR® Lockbox and features—the world’s most secure, durable, and versatile in the industry. Learn more.
Maximize Your Return on Every Mile with Smart Tracking
It’s 2024 tax season crunch time! Over 87% of REALTORS® file as independent contractors, which means you’ll want to focus on going a step beyond dotting the i’s on your tax forms and really dig deep to discover those hidden financial gems that make sure each mile spent on the road servicing your clients is rewarded to its fullest potential. Take time this season to do more than mere form-filling – now is your opportunity to really dive into your financials. Every document, every figure, represents a chance to maximize your hard-earned returns.
Mileage Deductions: The Road to Tax Savings
For REALTORS®, the road is more than just a commute—it’s a path to potential tax savings. Let’s say you’re traveling about 15,000 miles annually for work. If these miles go untracked, you’ll end up with:
- Total Miles: 15,000
- Potential Untracked: 7,500 miles
- Potential Lost Deductions: Around $5,025 (based on the $0.67/mile rate)
That’s no small sum – it’s money that could be flowing back into your business or personal adventures. So, tracking every single mile isn’t just another task on your list; it’s a wise financial tactic, ensuring your drives are as rewarding as your destinations.
Luckily, NAR REALTOR Benefits® has partnered with Sentrilock to give members access to SAM® Mileage. Powered by artificial intelligence, SAM® Mileage tracks your miles automatically as you move from showing to showing.
Making Mileage Tracking Effortless with SAM® Mileage
With SAM® Mileage, tracking those essential business miles becomes more manageable, seamlessly fitting into your daily routine. This tool diligently records each mile, preparing a comprehensive log for tax time. Think of it as a stress-reducer for tax prep – quietly and efficiently handling the logging, it keeps you organized and focused on your business. It’s about more than just logging miles; it’s about ensuring you’re positioned to claim every deduction you deserve, potentially safeguarding savings like the $5,025 you might miss from untracked miles.
Navigating a Financially Smart Future
It’s not just about working hard; it’s about working smart. From using SAM® Mileage for efficient mileage deductions to tapping into home office and educational expenses, each area offers a chance to boost your financial well-being. Embrace these tax strategies to reflect your year-round efforts in your returns, paving the way for a financially robust year. Here’s to seizing every opportunity and advancing confidently into a prosperous future in your REALTOR® career.
Ready to optimize your tax deductions for 2024? If you’re not yet using SentriLock through your REALTOR® association, broker, or MLS, now’s the perfect time to start a conversation. Discover how these tools can elevate your efficiency and financial planning. Reach out to learn more, see a demo, and take a step towards a more prosperous and manageable tax season with SentriLock. Let’s move forward into a smarter way of working!