Accounting for Real Estate Brokers & Agents in New Jersey
Presti & Naegele delivers expert accounting for real estate brokers & agents, offering personalized tax services for professionals across New Jersey. With every agent’s business structure and tax situation varying, we provide clear, strategic support to help you stay compliant and efficient.
From listings in Hoboken and Jersey City to suburban homes in Morris County or shore properties along the coast, New Jersey real estate professionals count on us to handle the tax details while they focus on their clients.
Real Estate Agents and Brokers in New Jersey
If you’re working as a real estate agent in New Jersey, you're considered self-employed. This means you’re responsible for covering your own self-employment tax, which includes both Medicare and Social Security. Additionally, New Jersey’s state income tax requires regular estimated payments to avoid penalties.
CHOOSING THE RIGHT BUSINESS ENTITY in New Jersey
Legal Structure: Your business structure impacts how you’re taxed in New Jersey. Presti & Naegele evaluates your situation and helps you select the most beneficial entity setup for your real estate business.
✔ Sole Proprietorship – A straightforward setup where you report income directly on your personal tax return.
✔ Limited Liability Company (LLC) – Provides limited liability protection with flexible tax options.
✔ Partnership – For two or more individuals sharing ownership and responsibility.
✔ S-Corporation – Offers pass-through taxation and potential tax savings depending on income level.
✔ C-Corporation – A separate legal entity with distinct tax filing requirements, often suited for more complex operations.
Record Keeping
Managing commissions, tracking business expenses, and keeping your tax documents organized is essential for real estate agents in New Jersey. Our property accounting services in New Jersey help you stay on top of it all, so nothing gets missed come tax time.
That's why you need
Property Accounting Services.
Tax Deductions
Self-employed real estate agents in New Jersey qualify for a wide range of business deductions. With our property accounting services, we ensure those deductions are properly tracked and applied. These include:
✔ Business Expenses: Office supplies, online tools, listing services, and professional fees.
✔ Home Office Deduction: If you work from a dedicated space at home, you may be able to deduct part of your rent or mortgage, utilities, and related expenses.
✔ Vehicle Expenses: Business mileage and vehicle costs related to property showings and meetings.
✔ Meals and Entertainment: Partial deductions for business meals or client interactions.
✔ Education and Training: Real estate classes, licensing renewals, and seminars related to your profession.
✔ Health Insurance Premiums: Deductible if you pay for your own health insurance as a self-employed professional.
Retirement Planning
New Jersey real estate agents have access to multiple retirement plans that allow for tax-deferred savings. These options help you secure your future while reducing taxable income today.
✔ Solo 401K Plans – A strong option for independent agents with high contribution limits and tax-deferred growth.
✔ Simplified Employee Pension (SEP) IRAs – Easy to manage, with flexible annual contributions based on business income.
✔ Defined Benefit Plans – Allows you to build a predictable retirement benefit and take advantage of significant tax deductions.
✔ Health Savings Accounts (HSA): Deduct contributions, grow savings tax-free, and make tax-free withdrawals for qualified medical expenses.
Need More Information?
Contact Presti & Naegele today for a free consultation regarding property accounting services for real estate brokers and agents in New Jersey.
For inquiries or expert guidance, contact Presti & Naegele Accounting Offices. Your success awaits!
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WHAT OUR CLIENTS ARE SAYING
I have had my business for more than 10 years and struggled through several *truly awful* accountants in the early years. I found Presti & Naegele about five years ago and have never looked back. They are a life-changing breath of fresh air and they will be my accountants for as long as I live. Donald Sager brings me confidence, peace and calm in an area of the business that would otherwise be stressful. He knows what he's doing and is always extremely responsive and ready with a plan of action and to explain anything at all. I am so grateful for him!
Eager to collaborate with Presti & Naegele?
We welcome the opportunity to understand your financial needs and tailor solutions for success. Join our distinguished clientele who have experienced the excellence of our services. Let's embark on a journey toward financial prosperity together.
