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Written by Breakthrough Broker President Eric Sachs

Save Time on Deduction Tracking with Realtyzam

“Just started using this product and it’s so freaking easy!” says real estate agent Shelly on the Breakthrough Broker Facebook page.

In the real estate industry, time is literally money, and we love to partner with useful applications that save us time. Breakthrough Broker users are telling us that Realtyzam is one of those applications. In an increasingly complex tax environment, real estate professionals need the ability to track their expenses each month. This process can be complex and agents may be tempted to put these important responsibilities on the back burner. If you are anything like me, that makes April a very stressful month!

Next Door recently published an article about tips for filing taxes for Realtors, and the #1 tip is to collect all appropriate documentation before taxes are due. It’s not easy to keep track of your expenses throughout the year, and they are often forgotten, costing us potentially thousands of dollars of tax deductions. Almost every year, I speak with real estate professionals in March and April who are scrambling to look back to find the most deductions they can. Realtyzam can help you eliminate this stress by categorizing your purchases throughout the year and making it easy to identify all tax-deductible expenses with a click of a button.

Real estate agents are self-employed, which means you have plenty of opportunities for tax deductions. Although this can save you tons of money, it requires focused work to track all of those expenses. Try to imagine tracking all of the purchases you make toward marketing, coaching, licensing fees, transportation, airfare, home offices, and gifts under $25. On top of that, if you own any depreciating assets like a car, you will have to keep records from the last few years to receive any deductions. Sounds like a headache, huh?

That’s why we have partnered with Realtyzam, a real estate-focused tax application that makes it easy to track expenses and get the most out of your tax return. Realtyzam is unlike other tax programs because it’s specially made for real estate agents so they can stay on top of their monthly accounting, and as Shelly says, “It’s so freaking easy!”

In our opinion, this app is one of the biggest no-brainers in real estate. With an annual fee of $119, this application will track business expenses, categorize your purchases by syncing with your credit cards, collect important receipts, and create seamless profit and loss statements for your accountant. Say goodbye to the shoebox filled with receipts because Realtyzam allows you to easily upload receipts using your computer, tablet, or with their free mobile app. To put it in perspective, real estate agents spend an average of 1 to 2 hours every month making sure their taxes are in order, but Realtyzam users spend 10 minutes per month or less with theirs.

Real estate agents spend between $6,500 to $10,000 toward tax-deductible expenses, depending on how much business they are generating. This is not a small amount of money, and you should be saving as much as possible on taxes. Unless you have the time to accurately track all of your expenses throughout the year, tax season can be difficult. If you are interested in learning how Realtyzam can save you time and money this tax season, click here.

About our President

Eric Sachs

After a successful career as a top-producing real estate agent and building a mid-sized real estate company in Colorado, broker and owner Eric Sachs and his business partner sold their company. Then, they followed their passion for helping those in the real estate industry by founding Breakthrough Broker. Eric is a recognized national speaker and is dedicated to helping real estate agents, title companies, and mortgage companies build successful businesses.

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