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Rainer
279,878
Dipti Thakkar
LAER Realty Partners - Andover, MA
On a team with Praful Thakkar

My husband takes care of this.

Jul 12, 2018 11:06 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Bruce Walter  - I have a spreadsheet that I update for non-recurring expenses and for recurring, you know what they are.

Flat tax? Not a good idea. Some agents spend 5% and some 50%! It will not be fair. 

Mar 04, 2015 02:11 PM
Rainmaker
634,482
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

I keep everything up to date so it's usually not more than 3 hours.

Mar 04, 2015 12:25 PM
Rainmaker
1,153,794
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Anywhere from 6 to 8 hours sounds about right. I've been a proponent of a flat tax ever since writing my first check to the IRS. At 12% that would put me ahead of the game with tons less aggravation too!

Mar 04, 2015 08:10 AM
Rainmaker
533,993
Robert Havana
Park and Protect- Alberta Real Estate License Parking - Calgary, AB
Alberta Real Estate License Parking

just looking back through some of the old Q and A's.  Just leaving a comment so you know i was here :)

Mar 06, 2016 06:41 AM
Rainmaker
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Long painful hours......Since I'm not that organized as Kathleen ( bravo Kathleen!)I wish I could pay taxes just by post card based on some basic questions, no deductions. But my tax return can be quite complicated.

Mar 04, 2015 04:18 PM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

YOur idea is good but it will never happen.  I don't spend a lot of time on my taxes with good record keeping.

Mar 04, 2015 09:41 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I keep records contained throughout the year and have a checklist so when I do my personal I am also doing my business taxes. It usually takes about a half day and then another couple of hours the second day.

Mar 04, 2015 09:21 AM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Bruce,

It takes several hours, and then it is all turned over to the accountanta who do their thing.  A

Mar 04, 2015 08:05 AM
Rainmaker
927,795
Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

Bruce, it takes Chief Cook about eight hours to do mine, and at least another eight hours to do hers.  I am not sure about the flat tax unless those of us who are little guys get a bigger deduction than those 1-5%ers! 

Mar 04, 2015 08:02 AM
Ambassador
6,392,879
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

A flat tax would likely not be sustainable and it would be a disincentive to small business owners.

Nov 27, 2019 11:43 PM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I use an accountant.

May 20, 2018 05:21 AM
Rainmaker
630,251
Ajay Pandya
e-Merge Real Estate Unlimited - Columbus, OH
Realtor Ajay Pandya

Monthly, about 2-5 hours.

Feb 25, 2018 06:00 PM
Rainmaker
938,407
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Frank, thanks for your input.  Does your 8 hours include all your time throughout the year?

Mar 05, 2015 01:57 AM
Rainmaker
969,858
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

Flat tax for business would not work. That would mean we would start paying taxes. I need to do my tax's. I re check everything before I send to the CPA. I should get done in about 8 hours. 

Mar 05, 2015 01:30 AM
Rainmaker
938,407
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Sham, I am as well!  Thanks for your answer!

Mar 04, 2015 09:57 PM
Rainmaker
870,312
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

I am all about simplification

Mar 04, 2015 07:26 PM
Rainmaker
938,407
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Inna, I agree with you and for those who are very organized and keep up with all deductions daily I still wonder what the TOTAL hours are for people to file their return.  It takes TIME to keep a daily log book of mileage explaining where you went and for what purpose concerning business and to log the purpose, conversation, and application to business for a business meal to name a few!

Mar 04, 2015 06:45 PM
Rainmaker
938,407
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Praful, the spreadsheet sounds like a good idea!  I understand your point about the deductions, but I wonder how much cheating goes on or people under reporting legitimate business deductions where it would even out?

Mar 04, 2015 06:41 PM
Rainmaker
938,407
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Kathleen, do you use any type of software or spread sheet system to help with your organization so it takes so little time?

Mar 04, 2015 06:37 PM
Rainmaker
938,407
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Debbie, but how many hours do you spend the whole year preparing and keeping up your records so you can do your taxes in about six-eight hours? 

Mar 04, 2015 10:01 AM
Rainmaker
938,407
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

William, I sadly agree that the flat tax will never happen.  That would put about 75% of the lobbyists out of business!!!!

Mar 04, 2015 09:59 AM
Rainmaker
938,407
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Kevin, the key thing is where to set the flat tax percentage rate that would determine if people liked it or disliked it. 

If business owners and individual taxpayers could do their taxes on a post card there would be lots of tax accountants and lawyers looking for work in other areas of their practice.

Mar 04, 2015 08:24 AM
Rainmaker
938,407
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Alexandra, that really surprises me that it is that low!

Mar 04, 2015 08:21 AM
Rainmaker
938,407
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Ron, I envy you that it is less than 20 hours for both of you!!!

Do this.  Subtract all your deductions off your gross and see what the tax is and how much all your deductions knocked off as a percentage. 

Ron, I think we would find that the more money a business earns as a Schedule C or as a corporation the GREATER the loopholes and deductions that are taken under the current system.  A flat tax would negate all those deductions depending where the percentage was set at.

Mar 04, 2015 08:06 AM