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Real Estate Agent Cash Flow & Tax Readiness Quiz

How Well Do You Manage Cash Flow & Taxes as a Real Estate Agent?

Answer the questions below and find out how prepared you are.

1. How do you track your real estate income and expenses?

A) I use accounting software (QuickBooks, Xero, etc.).
B) I keep an organized spreadsheet.
C) I review my bank statements occasionally.
D) I don’t track it regularly.

2. How do you handle estimated quarterly tax payments?

A) I pay them on time, every quarter.
B) I pay them when I remember.
C) I pay at tax time and deal with penalties if needed.
D) I didn’t know I had to pay quarterly taxes.

3. What percentage of each commission do you set aside for taxes?

A) 25-30%
B) 15-20%
C) 10% or less
D) I don’t set aside anything specifically for taxes.

4. How do you budget for slow months?

A) I have a cash reserve to cover 3-6 months of expenses.
B) I try to save, but sometimes I have to rely on credit.
C) I adjust spending and hope for the best.
D) I don’t budget for slow months.

5. Do you separate personal and business finances?

A) Yes, I have separate business and personal accounts.
B) Mostly, but I mix some expenses.
C) I use one account but keep records.
D) No, it all goes into the same account.

6. How do you handle deductible business expenses?

A) I track and categorize them throughout the year.
B) I gather receipts at tax time.
C) I rely on my accountant to figure it out.
D) I don’t track business deductions.

7. What is your plan for retirement savings?

A) I contribute regularly to a SEP IRA, solo 401(k), or similar plan.
B) I save when I can, but it’s inconsistent.
C) I plan to invest in real estate as my retirement.
D) I haven’t thought about retirement savings.

8. How do you manage commission income fluctuations?

A) I maintain a consistent budget and savings plan.
B) I adjust spending based on my income that month.
C) I take on debt or use credit cards during slow periods.
D) I don’t have a system—I just deal with it as it comes.

9. Have you consulted a tax professional or financial planner?

A) Yes, I meet with one regularly.
B) Occasionally, but not consistently.
C) Only during tax season.
D) No, I handle everything myself.

10. How confident are you in your understanding of tax deductions for real estate agents?

A) Very confident—I maximize my deductions every year.
B) Somewhat confident—I claim what I know.
C) Not very confident—I feel like I’m missing deductions.
D) Not at all confident—I just go with whatever my tax preparer suggests.

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JNW Bookkeeping

Orlando, Florida, United States

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