Monetary advantages platform Tongo has added a associate in april, which supplies a tax administration resolution for actual property brokers.
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Tongo, a monetary advantages firm for the fee financial system, has cast a partnership with software program firm april to increase its advantages into the realm of tax administration, Inman realized in a Jan. 29 assertion.
Tongo, which formally rolled out in September 2024, is an online and cell utility that rests on the idea of offering actual property brokers clear and versatile management of fee income, particularly because it pertains to dividing funds between their private and enterprise wants, a longstanding business problem contributing to why coming into the business from a reliable, salaried function will be so difficult.
“Till now, actual property professionals have been challenged to precisely estimate and make required quarterly tax funds,” mentioned Brandon Wright, CEO at Tongo, in a press release on this partnership. “1099 employees should fastidiously calculate their revenue and bills to prepay the IRS to keep away from penalties. Working with april allows us to ship handy and tailor-made monetary companies to assist actual property professionals thrive personally and professionally.”
Amongst different advantages, Tongo supplies superior entry to commissions as much as 60 days earlier than closing, permitting brokers to raised deal with bills and make advertising and marketing choices out from underneath the stress of a “start-stop” mannequin, whereby enterprise investments can’t occur till the subsequent deal closes.
Brokers can immediately entry future commissions as much as 60 days early through Tongo. By providing on-demand entry to commissions, brokers have the flexibleness to pay month-to-month bills and put money into enterprise development between commissions.
April is exclusive in that it affords a completely built-in resolution, providing customers a single sign-on setting and thus, direct entry to the offers, {dollars} and cents that decide tax methods. The software program is very helpful in facilitating quarterly tax funds, quantities it derives and adjusts as transaction quantity ebbs and flows all through 1 / 4.
“As well as, april’s embedded tax submitting software covers many widespread tax situations for 1099 employees and small companies, together with Schedule C, contributions for retirement plans, and Certified Enterprise Earnings deductions,” the discharge acknowledged.
Wright mentioned in September that conventional enterprise banking is constructed across the salaried skilled, limiting assets for the 1099 skilled.
“The salary-based system of normal payroll is why payments are due month-to-month, and, in flip, why credit score scores reward month-to-month funds,” Wright mentioned final fall. “Moreover, 401K contributions and tax withholdings are automated by way of payroll, which makes it simpler to save lots of and pay taxes on time.”
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