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Navigating Redfin 1099 Taxes: A 2023 Guide
If you're a realtor, taxes are inevitable. This comprehensive guide will shed light on dealing with recent updates from the IRS to the nuances of realtor taxes, what 1099 forms you’ll need, strategies for tax reduction, filing deadlines, and how partnering with FlyFin can streamline your tax filing process.
Table of contents
Recent updates to Form 1099-K...Read more
Decoding Redfin 1099 taxes...Read more
I’m a Redfin agent, what tax forms do I need?...Read more
How can I lower Redfin 1099 taxes?...Read more
Redfin 1099 tax write-offs...Read more
Tax filing deadlines for Redfin taxes...Read more
How FlyFin helps Redfin agents with taxes...Read more
Recent updates to Form 1099-K
- In 2023, real estate professionals on Redfin were supposed to face a significant shift through updated IRS guidelines for 1099 reporting, which would reshape the way income documentation is handled.
- • Revised reporting threshold: The IRS has officially confirmed that the 1099-K threshold will remain at $20,000 for the 2023 tax year. The proposed reduction to $5,000 has been deferred until the 2024 tax year.
Decoding Redfin 1099 taxes
As a platform connecting real estate professionals with potential clients, Redfin taxes are paid on the income generated by these professionals. Similar to other platforms like Realtor.com, Redfin doesn't directly tax the individual; it's up to the real estate professional to report and pay taxes on their Redfin income.
As the responsibility for Redfin taxes falls on real estate professionals earning income through the platform, monitoring earnings becomes essential.
If you cross the 1099-K income threshold, Redfin will send the form directly to your account on the platform. Any income you earn on Redfin will be reported to the IRS by the platform, so don’t skimp out on your tax payments.
I’m a Redfin agent, what tax forms do I need?
The main form Redfin professionals need is the 1099-K form. You might receive a 1099-MISC if you got any miscellaneous payments over $600 from Redfin. If you’re paying self-employment tax, you’ll need Schedule C to report your earned income which you’ll then add to the standard Form 1040.
How can I lower Redfin 1099 taxes?
- Here are some ways you can lower your Redfin 1099 taxes:
- • Business deductions: You can write off ordinary and necessary business expenses related to your Redfin activities like marketing, travel and other operational costs.
- • Estimated taxes: Tax liabilities over $1,000 have to be paid off quarterly to avoid IRS penalties.
- • Retirement plan contributions: You can contribute to a retirement plan to reduce your taxable income.
- • Tax credits: Explore credits like the Child Tax Credit or Earned Income Tax Credit as a way to minimize your taxes.
Redfin 1099 tax write-offs
- Some common write-offs for Redfin agents are:
- • Marketing and advertising: Costs incurred in promoting your real estate services.
- • Travel expenses: Expenses related to traveling for property showings or client meetings
- • Office supplies and technology: Business supply expenses and any technology needed to manage your real estate business.
Tax filing deadlines for Redfin taxes
- Redfin agents should keep the following dates in mind:
- • January 31: Redfin typically sends 1099-K forms by this date.
- • April 15: This is the standard tax filing date for most taxpayers
- • Estimated quarterly taxes: These payments are made on April 15, June 15, September 15 and January 15 of the next year
How FlyFin helps Redfin agents with taxes
Navigating platform-based taxes can be challenging. FlyFin specializes in helping self-employed individuals with their taxes by:
- Simplifying the income reporting process on Redfin with a built-in income tracker.
- Using A.I. to identify credits and deductions to maximize tax savings.
- Providing unlimited tax support from expert CPAs
Tools like FlyFin can alleviate tax season complexities, ensuring accurate and stress-free income reporting.
Starter Plan for free
✨ Only for Redfin agents
Lifetime free plan
A.I. Deduction Tracking
Income tracking
Monthly Finance Tracker
Ultimate Tax Guide
What’s FlyFin?
FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors.
But anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. technology.
Then, our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes.
In addition, you can download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and money.
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