Accounting for Real Estate Brokers & Agents in New York
Presti & Naegele provides tailored accounting for real estate brokers & agents, offering expert tax support built around the specific needs of real estate professionals. Every agent faces unique tax challenges, and our job is to simplify the process so you can focus on your business.
From residential markets in Westchester to commercial listings in Albany or upstate vacation properties near the Catskills, real estate agents across New York turn to us for reliable, detail-focused tax services that keep them on track.
Real Estate Agents and Brokers in New York
As a real estate agent in New York, you're considered self-employed, meaning you’re responsible for paying your own self-employment taxes—including Social Security and Medicare. On top of that, New York State income tax requires you to make consistent estimated payments to avoid penalties and interest.
CHOOSING THE RIGHT BUSINESS ENTITY in New York
Legal Structure: Your tax obligations in New York depend heavily on how your real estate business is structured. At Presti & Naegele, we help agents identify the most effective business entity for their goals.
✔ Sole Proprietorship – The most basic setup where your income is reported as personal income.
✔ Limited Liability Company (LLC) – Offers personal liability protection and flexible tax options.
✔ Partnership – A structure where two or more individuals share income, expenses, and responsibilities.
✔ S-Corporation – Allows business profits to pass through to your personal return while offering potential tax benefits.
✔ C-Corporation – A stand-alone legal entity with its own tax requirements, suitable for more complex businesses.
Record Keeping
Staying on top of commissions, receipts, expenses, and other financial records is key to running a clean and compliant real estate business in New York. That’s why our property accounting services in New York are designed to help brokers and agents stay fully organized all year long.
That's why you need
Property Accounting Services.
Tax Deductions
If you’re a self-employed real estate agent in New York, there are a wide range of deductions available to you. With our property accounting services, we make sure you’re maximizing those deductions effectively. Common ones include:
✔ Business Expenses: Including software, signage, digital ads, and listing tools.
✔ Home Office Deduction: A portion of your home-related expenses may be deductible if you have a dedicated office space.
✔ Vehicle Expenses: Whether you're traveling to showings or client meetings, mileage or auto-related costs may be deductible.
✔ Meals and Entertainment: Eligible business-related meals and meetings can be partially written off.
✔ Education and Training: Real estate classes, licensing renewals, and ongoing development expenses may be claimed.
✔ Health Insurance Premiums: Self-employed agents can deduct premiums for personal health insurance coverage.
Retirement Planning
Real estate brokers and agents in New York have access to several retirement savings options that provide both future financial security and immediate tax advantages. These plans are flexible and built to scale with your income.
✔ Solo 401K Plans – Ideal for individual agents, allowing you to contribute a significant portion of income on a tax-deferred basis.
✔ Simplified Employee Pension (SEP) IRAs – Suitable for independent professionals, with easy setup and flexible contribution limits.
✔ Defined Benefit Plans – Offers guaranteed retirement income with the potential for large tax-deductible contributions.
✔ Health Savings Accounts (HSA): Triple tax advantage accounts with deductible contributions, tax-free growth, and tax-free qualified withdrawals.
Need More Information?
Contact Presti & Naegele today for a free consultation regarding property accounting services for real estate brokers and agents in New York.
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!
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