Two for Tuesday – Tax Time

#TwoforTuesday – It’s tax time! As of yesterday, and “not” the time to call a CPA.  However, what it is a good idea to do is educate your clients on how the way they itemize certain things can hinder their ability to borrow.  Two things we will go over today to help you in sales, 2106 expenses and self employed filings.  A CPA does their job well, sometimes too well.  They lower the clients overall tax implications, but as a result they are affecting what the client will qualify for.

If you’re self employed, or your clients are, knowing certain line items is a good idea on taxes.  Educate your clients so they can plan accordingly.  If they are thinking they will do a new home loan within the next 2 years, it may be a good idea to skip writing off all the “meals and entertainment”.  Same with those that are W2’d, itemizing deductions on line 21 of the 1040 will affect their “income qualification calculation”.

Knowing these little tid bits can make you seem like the expert.  They are also good conversation starters after a first touch, during a follow up.  Make yourself the NEWEST EDITION to your clients “financial team” by helping bridge the gap sometimes.  When you do this and present to be the newest member, whom is a lender for life, your objections to “price” go away.  Add value in building a custom tailored solution for your clients and you will be referred more.  This education is a way to do it.

This week I am looking to partner with more Brokers in the East Coast.  If you know a great mortgage broker in NC/SC/GA/NJ/PA/VA/MD please let them know about me.  Fill in below! ↓

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