Real Estate Agents - Onboarding Package

Real Estate Agents - Onboarding Package

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Relax Tax is the only Central New Jersey-based CPA firm focused exclusively on Real Estate Agents and their clients. This deposit is to confirm a meeting time and is applied to your agreed-upon fee if you choose to become a client. The initial meeting is a 55-minute personalized service completed by your personal CPA. It is not a product or software application. 

Although your business is a critical part of your taxes, in reality, is only a single schedule (Schedule C) on your personal return. So beyond gathering a full understanding of your business, this session allows your personal New Jersey-based CPA to gain an understanding of your current financial situation in its entirety to formulate a holistic custom tax plan. 

The areas addressed will be based on your specific situation but common areas include but are not limited to the following:

Taxes

Of course, we will start with taxes, but unlike most accountants, we try not to spend too much time looking back at the last year. Once we understand last year, we focus on appropriately planning to reduce this year's taxes as well as future year's taxes. 

Income:

 A good portion of the meeting will be focused on your various sources of income beyond just 1099s from the current year's sales. We realize better than most how market forces can have a major impact on annual income from year to year.  We will determine if there are legal creative ways to restructure the recognition of the income when appropriate.  

Expenses

FORGET QUICKBOOKS. For most Realtors QuickBooks is overkill. Yet if you don’t have a system to record, summarize, and monitor your expenses you will be in for huge issues down the road.  This is why we became an Expensify Approved Partner. We can start you out on the free version. If it makes sense with our discounts we can help with the setup of your app to assure that you don't have any expense leakage. We will make it simple to see exactly how much you actually made on every sale.  

If you’re a successful Realtor, you laugh at the idea of a  work-life balance. Real estate is your life and you’re always working even when you’re not officially on the Clock. Thus we encourage you to use expensive for all your expenses. Our configuration and custom year-end process will help you to easily sort it all out. 

Unlike most accountants that focus on WHAT your annual expenses are. We focus on WHY your annual expenses are what they are. We often find that clients are accidentally wasting money in places they don't need to be. Often this is because they are too busy to review the many areas by themselves.  

Saving from avoiding expense leakage and reducing unnecessary overpayments takes expertise and we can often generate savings multiple times the cost of our annual fee.

Insurance:

Insurance can often be the most critical point of leverage for all taxpayers and Realtors are no exception. It can have serious impacts on your tax planning and personal cashflow, we assure you are optimizing the use of ALL the various forms of insurance in your tax planning. 

Yet if you are a young healthy, top producing agent, there are some strategies that will not only reduce your current tax burden but can have a life-changing long-term impact on your finances.

Debt

Like insurance, debt is a critical source of financial leverage. We assure you are optimizing the use of ALL the various forms of debt in your tax planning. 

Assets

As a Realtor, your expertise in real estate should give you advantages in certain types of assets. Yet your personal New Jersey-based CPA will dig deeper to gain a thorough understanding of all your assets and if they can be used to impact your tax planning. 

Investments  

Most people understand that there is a difference between qualified and non-qualified investments, but we go beyond that. We will assure your current investments are optimized for your specific tax situation. We often arrange for future meetings with your investment advisors to assure that they understand and actively assist in implementing strategies that are in line with your long-term tax plan.  

Somerset County, NJ

Relax Tax utilizes virtual meetings for the convenience of our clients. By being 100% virtual we are able to offer the most efficient service to our clients. Yet our CPAs are based out of Somerset NJ, and an in-person meeting could be arranged if the circumstances require it. But we have found the convenience and screen sharing capabilities outweigh the in-person experience for our type of meetings. 

If you have any questions regarding our process please call us at (551) 249-1040.

We are not the right firm for clients who are not comfortable utilizing smartphones to send pictures of documents, email for communication, and zoom for face to face meetings. 

**No Sale is final until after the initial onboarding meeting. These are professional services and not physical products. The initial onboarding meeting allows each party to gain a full understanding of the Relax Tax process and the client's unique circumstances. Either party is free to cancel the sale at the conclusion of this onboarding meeting, and all funds will be refunded without any form of penalty.