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#454980 - 10/16/16 10:49 PM How to file taxes for those who have a P.A.
Florida Guy 2017 Offline
Junior Member

Registered: 10/16/16
Posts: 6
Loc: ft laud
Hello,

for those of you fellow agent who use a PA, is it better to file taxes as a S corp or a C corp?

I am trying to see if its possible to make get all my commissions through my PA then a salary/or1099 to myself.

The business(PA) will have expenses and I will have deductions.

I asked accountants but they say filing depends on you. so i am asking fellow brokers and agents to see what input i can get. thanks

Any info will be greatly appreciated.

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#454981 - 10/17/16 05:32 AM Re: How to file taxes for those who have a P.A. [Re: Florida Guy 2017]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7591
Loc: Vermont's North-East Kingdom
Becoming an "S" Corp or a "C" Corp is a manner of legally organizing, just like being an Individual Proprietor, or a Partnership . . . . it's not just a method paying your taxes.

Have you even received any Real Estate Commissions in 2016 ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#454982 - 10/17/16 06:29 AM Re: How to file taxes for those who have a P.A. [Re: Florida Guy 2017]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2208
Loc: Outer Banks
We run our commissions through an s corp and write paychecks. Many advantages.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#454987 - 10/17/16 09:57 AM Re: How to file taxes for those who have a P.A. [Re: Vermont]
Florida Guy 2017 Offline
Junior Member

Registered: 10/16/16
Posts: 6
Loc: ft laud
A PA can be treated as a S corp or a C corp depending on how you file your taxes.

This i know.

Question is by opinions in this forum, which one is more advantages.

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#454996 - 10/18/16 08:05 AM Re: How to file taxes for those who have a P.A. [Re: Florida Guy 2017]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7591
Loc: Vermont's North-East Kingdom
For the purposes of this Real Estate thread, is your reference here to a P.A. intended to mean a Personal Assistant, a Public Accountant, or what ?

Abbreviations can often be more confusing than they are helpful.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#455016 - 10/19/16 02:54 PM Re: How to file taxes for those who have a P.A. [Re: Vermont]
Florida Guy 2017 Offline
Junior Member

Registered: 10/16/16
Posts: 6
Loc: ft laud
means Professional Association

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#455018 - 10/19/16 04:52 PM Re: How to file taxes for those who have a P.A. [Re: Florida Guy 2017]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7591
Loc: Vermont's North-East Kingdom
Originally Posted By: Florida Guy 2017
means Professional Association

No wonder it didn't click . . . . most of the Professional Associations I'm familiar with happen to be Not-for-Profit Organizations like Trade Unions, Religious Bodies or Political Parties . . . . and they make a point of not making profits; and usually don't have to pay Taxes to the Government.

I don't suspect there are many Real Estate Brokerages who have organized themselves as Professional Associations . . . . even though many do unintentionally fail to make a profit (in some years). When operating at a loss, Brokers still have to report any Income.

The National Association of REALTORS® (NAR) is a Professional Association; but they spend all of our Annual Dues just to make sure they remain a Non-Profit entity.

I'd be surprised if any Real Estate Brokers here on this Forum are organized as Professional Associations; but maybe I'm just in the dark.

You might be the first one ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#455032 - 10/20/16 10:13 AM Re: How to file taxes for those who have a P.A. [Re: Vermont]
Florida Guy 2017 Offline
Junior Member

Registered: 10/16/16
Posts: 6
Loc: ft laud
I see many realtors with the designation P.A.

maybe it means something else.

Not sure, thats off topic.

No one here is a realtor/broker who uses a P.A. for their real estate business?

Im looking for info on what model is best to follow - C or S - also

structure - have the PA and pay yourself a salary? can you do a 1099 misc on yourself?

any info will be appreciated

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#455035 - 10/20/16 11:06 AM Re: How to file taxes for those who have a P.A. [Re: Florida Guy 2017]
June2012 Offline
Member

Registered: 08/22/14
Posts: 145
Loc: FL
I don't have a P.A. I have an LLC. I use a S corporation because a)There's only I myself in this LLC. B) My accountant said that my income is below $100,000 so there's no need to pay myself as an employee. In another word, it's as simple as income and expenses. Who's doing your taxes?

Did you trying reading the articles on these 2 links?

http://info.legalzoom.com/pa-vs-llc-23145.html

http://myfloridalicense.custhelp.com/app/answers/detail/a_id/1799/~/what-does-%E2%80%9Cp.a.%E2%80%9D-mean-in-relation-to-a-real-estate-license%3F

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#455036 - 10/20/16 11:12 AM Re: How to file taxes for those who have a P.A. [Re: Florida Guy 2017]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7591
Loc: Vermont's North-East Kingdom
Originally Posted By: Florida Guy 2017
". . . I see many realtors with the designation P.A. . ."

But NAR doesn't issue a "Designation" abbreviated "P.A."

Originally Posted By: Florida Guy 2017
". . . maybe it means something else. . ."

Maybe you've been seeing B.A. which typically stands for Buyer's Agent ?

Originally Posted By: Florida Guy 2017
". . . Not sure, thats off topic. . ."

So true, except you have it in the Title of this thread/topic; so what did you think the abbreviation meant before you used it in the Title ?

PA is also used for Purchasing Agent, Physicians Assistant and Project Architect; but that's getting further and further afield from the Real Estate Industry !

Right now, I doubt that it's a key financial aspect of any Business Model for a Brokerage.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#455118 - 10/25/16 11:12 AM Re: How to file taxes for those who have a P.A. [Re: Vermont]
Florida Guy 2017 Offline
Junior Member

Registered: 10/16/16
Posts: 6
Loc: ft laud
Professional Association
A PA is a professional entity formed for the purpose of providing a professional service. Some states limit the availability of this business entity to very specific professions, such as medical doctors, veterinarians and architects. Typically, the people who own and govern the PA must be licensed in the profession in which the business is engaged. Further, in some states, a PA will look like and be formed similar to a corporation in that it will have a board of directors, and a PA is an independent legal entity that will outlive its members.

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#455119 - 10/25/16 11:13 AM Re: How to file taxes for those who have a P.A. [Re: June2012]
Florida Guy 2017 Offline
Junior Member

Registered: 10/16/16
Posts: 6
Loc: ft laud
Thank you!

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