2d • 💰 Wealth
💰 WEALTH TIP — Uncle Sam Doesn't Wait Until April
Real talk: the wholesalers getting hit with IRS penalties aren't broke — they're undisciplined. They closed deals all year, spent the fees, then got blindsided by a tax bill they never planned for.
Here's what most new wholesalers don't know: as a self-employed closer, you're required to pay taxes QUARTERLY — not once a year. Skip a quarter and the IRS doesn't just charge what you owe. They tack on penalties and interest for "underpayment," even if you pay in full come April.
The fix is simple if you build the habit now:
1️⃣ Know your dates — Q1: April 15, Q2: June 15, Q3: Sept 15, Q4: Jan 15. Mark them now.
2️⃣ Use the safe harbor rule — pay at least 90% of this year's tax bill or 100% of last year's (110% if you made over $150K) and penalties disappear.
3️⃣ Set aside 25–30% of every assignment fee the DAY it hits your account. Separate account. Don't touch it.
4️⃣ Use Form 1040-ES to calculate and submit payments — IRS.gov, takes 10 minutes.
5️⃣ Get a CPA who knows real estate. The fee pays for itself in deductions alone.
Your action TODAY: Open a separate "Tax Account." Move 25% of your last closed deal into it right now.
Full breakdown is inside the Wholesale to Wealth Course in the Classroom 👆🏽
Drop a 💰 if this hit. Tag a brother who's been ignoring his tax bill.
0
0 comments
💰 WEALTH TIP — Uncle Sam Doesn't Wait Until April
