Sure, take 30% from each and every one of your closings and put that amount into a savings account. Then on April 15th each year use that account to pay your taxes. Sounds easy, right? Hello! This is America. We love us some credit cards and love to spend beyond our means. There's a reason people escrow their property taxes and roll it into their mortgage payment. Because we're inherently fiscally irresponsible. I can't tell you how many agents I know that owe the gubment tens of thousands of dollars because they haven't been paying their taxes as I described above. (I have to admit I haven't been as responsible as I should be but I'm certainly able to pay my taxes on time...painfully.)
This is the reality of the real estate industry. But it doesn't have to be that way. Ever since I got into real estate I have heard from the old timers and NAR that we want to keep taxes out of our commission checks. Um, I don't! Have at it! I say this at the risk of getting hate mail from my fellow Realtors. But I'm sorry, if I don't have to stay up till 4:30am for 3 days straight running through my Quickbooks trying find tax deductions then I say, "PUH-LEEZ TELL ME WHERE TO SIGN UP!"
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