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Work Travel Vacation

Have you ever thought to yourself, oh, I’m traveling would be really good if I could expense this? I’m a realtor, maybe I want to go ahead and take and write off this vacation. So we’re going to discuss right now how you could possibly do that. I can give you some tips and tricks. Yeah. Who doesn’t want to vacation more? That’s Shana Acquisto. She’s a luxury real estate broker and she travels a lot for work. Don’t you work? Yes, for work all the time. Actually, we do. All day.

Yeah, no, we totally do. So let’s talk about this here. What you first have to do is you have to make sure you keep expenses to actually do some work with that genuine intentions about it being a work vacation. And maybe if you’re on vacation and you’ll go ahead and visit some different homes for open houses, you’ll take a look, you’ll compare trends, you’ll see what’s going on.

ÇYou’ll consider some of these investments for yourself or potential clients. It’s really weird when you’re licensed in all different states or you could be licensed in different states that you can look at something. Right. You kind of see that.

So it’s kind of is. Yeah. Meaning other realtors, you know, we’re staying in A, BnB and our friends are are here as well. And they booked the BnB and the owner happens to be a realtor. So super nice and friendly. And we invited him over last night. We were growing out here on our patio and you know, it was great to talk with him and learn about the area.

Yeah. And I talked about the market and what was happening here and how it was different from where we are, but yet how it’s similar and what was going on. And we just kind of talked real estate and not having enough, you become a little bit more knowledgeable about everything once you do this right. And that’s kind of key. So you are working, you are doing things, you are getting better. So why can you write this off? So the first reason you can write it off is because you as an agent are an independent contractor. You’re not an employee. So you have your income that comes in at the top line.

You have that and you run your own independent business and you can write off expenses underneath that. And those expenses, there would be something that you do on a regular basis. Right. And the expenses could be things like education could be growing. Your business could be marketing, could be fine.

Business cards could be renting a car, could be your vehicle around. It could be any one of these different items and it could be trying to expand your business as another form of marketing. So maybe you’re trying to tap into a new market. Maybe you’re interested in, you know, expanding into whatever market and traveling. So I have true intentions about that. Yeah.

And knowing that the various markets, what we’ve learned is it does help us back in our home market because we are able to compare and contrast all the different trends and you know, what we see. So, yeah, it’s really good. You see, not just design things, but you see space things. You see construction styles and techniques. You see pricing. You see just so many different things.

Learn something that may be happening here that’s not so common in our market that’ll help you have a competitive edge.

Yeah. One of the things that I first remember on hearing about this is your talk with your niece, Beth. And she talked about how in the pantry they had this what they do in the pantry, different ways they put like they’re very minor appliances in the pantry and put them there and had plugs. And you could use them in there, but got them off of the shelves in the kitchen. And I thought that was really cool. I did, too. And in doing that, I talk about it quite frequently how it was interesting.

It was kind of like an under the radar thing that I think does improve considerably. And it was one of the items that I wanted to be worked into our property when we get done constructing that. And it just the same trend continued because I really thought about it. And what it was is minimizing visual distractions and having everything have a place but have it have its place, not in your eyesight, and have it look more model home ask.

And that trend continues over a bunch of different places. So that’s something that you get from visiting in another market by looking into. And it might seem small to you, but you’re able to write off all these items, all the expenses that you have here when you’re traveling.

But don’t just look at it as write it off, you know? Start a journal and start writing some of these things that you see, so in Montana, I see this and you can go back, you know, and educate clients and like I said, compare. And I think it really sets you apart from others. And I think you’re going to get a lot of respect as an agent being able to have this knowledge.

Absolutely. All right. There you go. It’s important how much you earn, what the top line number is, but also it’s super important how much you retain or how much you actually take home. So make sure you’re expensing all the correct items. This definitely would include any vacations, work, travel, anything else. And there’s a whole bunch of other items.

So really kind of think about how much you’ve already made for the year and what you should be doing to continue to expand and grow your business for the future and how you can continue to write off more and more items legally. Right, so that you and your family get to take more of that money home and be thinking about the next of upcoming work trip to Montana. So a good way to learn how to write, so when you’re there, you guys are just going to be like doing a lot of that.

Episode Links

Shana Acquisto , luxury real estate broker ,

Episode Recorded Live on YouTube 7.16.21

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