A 20 percent income deduction for pass through businesses
passed last year, but at its time of announcement, it was unclear whether this
applied to independent contractors and real estate business owners. The IRS
recently released proposed rules
for this deduction, and it clarified that the deduction will be available to a
wide range of real estate professionals.
Taxes can be complicated, but planning for essentials like
taxes and retirement is necessary. That’s why NAR has launched its Center for
REALTOR® Financial Wellness, a new resource designed exclusively to meet the
specific financial planning needs of REALTORS®. It includes education materials
and resources for wealth building, business planning, and investing in real
estate.
Nearly nine out of 10
REALTORS® are independent contractors and face complex situations when it comes
to personal finances. Unique attributes such as fluctuating income, taxing
issues, and lack of salary cap require a different perspective.
Through this new tool, all NAR members can assess their
current financial profiles, receive personalized financial planning goals,
practice financial planning decisions in a risk-free way, and explore a robust
library of budgeting, retiring, and real estate investing resources.
This program isn’t the typical financial planning tool. It’s
designed specifically for REALTORS® with their specific needs and strengths in
mind. And, it’s free to all members.
Log in with your NAR information at www.financialwellness.realtor
to start planning.
