Any independent contractor understands this reality of freelance life: tracking expenses so you can get compensated for any appropriate items related to your business, or submitting those numbers to the IRS come tax time.
Sounds pretty simple. In reality, it almost always means that real estate agents must remember to stop what they’re doing and turn on a mileage tracker, file a receipt or conduct another activity that the IRS requires.
Hurdlr for Freelance is a finance-tracking app specifically for freelance employees, and today, it’s launching a real-estate-specific version of its app called ProfitDash for Keller Williams agents at the KW Mega Camp event taking place in Austin this week.
“Few agents are able to accurately track all of their business mileage for tax deduction purposes, among other expenses; they’re just too busy,” said Chris Heller, CEO of Keller Williams. “And that’s where ProfitDash comes in.”
“Through our partnership with Hurdlr, we’re helping our agents become better business people by enabling them to make more informed financial decisions on the go,” added Heller in a company statement announcing the partnership.
“Hurdlr’s mobile apps and API are currently consumed by over 50,000 entrepreneurs, business owners and self-employed freelancers to easily and quickly manage all of their business finances and taxes,” said Hurdlr CEO Raj Bhaskar in a statement.
ProfitDash is modeled on Keller Williams’ “Millionaire Real Estate Agent” models and systems.
[Inman Slideshow]
According to the company release, the app “securely integrates an agent’s business finances with exclusive access to Keller Williams’ internal franchise data systems for rapid business income tracking and financial decision-making.”
The app will help agents:
- Analyze business expenses
- Track mileage
- Manage tax deductions and quarterly estimates
- Analyze gross commission income and future income
ProfitDash will use a single sign-on for Keller Williams agents to keep everything streamlined, sync to credit and debit cards, generate real-time income tax estimates (both annual and quarterly) with automatic payment due date reminders.
Keller Williams agents will have full use of the app for free to track their first $1,000 in tax deductions. According to the company release, this yields “an average $200 post-tax savings for agents.” All other features can be used on an ongoing basis.
After the first $1,000 in tax deductions, Keller Williams agents can refer friends to the app for continued access to the tax-deduction tracking feature, or they can pay $19.99 monthly or $199.99 annually to continue to track their tax deductions.
ProfitDash is available on iPhone and Android — and Raj Bhaskar, CEO at Hurdlr, said that both he and Keller Williams are committed to making ProfitDash available to the entire industry at some point in the future.
“Ultimately we’ll make ProfitDash available to all agents because it’s important to KW and us that the whole industry thrives,” said Bhaskar in the company statement.
Keller Williams and Hurdlr expect to make ProfitDash available to the entire industry in 2017.
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