🔔 Heads Up: First Quarter Tax Payments Are Due April 15
Hey agents 👋 If you hit the ground running in 2025 and already had closings in Q1 — first off, congrats! 🎉 That’s a big deal. But now it’s time to handle the less fun part of being self-employed…💸 Estimated Taxes. As a real estate agent, no one’s withholding taxes from your commission checks — which means you are responsible for making quarterly tax payments to the IRS (and possibly your state). What You Need to Know: ✅ Q1 taxes (Jan 1 – Mar 31) are due April 15 ✅ You’re paying income tax and self-employment tax (roughly 15.3%) ✅ If you skip quarterly payments, you could owe penalties and interest later Not Sure How Much to Pay? A simple way to estimate: ➡️ Set aside 25-30% of your net income from your commissions. ➡️ Work with a CPA (👋 hi, I can help) to dial it in based on your actual numbers. Paying early and consistently keeps you in the IRS’s good graces — and keeps you from having a massive tax bill next April. Got questions? Drop them in the group or shoot me a DM. I'm here to help you stay profitable and prepared. – Bracey Alexander CPA | Real Estate Agent | Your Financial Wingman