Financial benefits platform Tongo has added a partner in april, which provides a tax management solution for real estate agents.
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Tongo, a financial benefits company for the commission economy, has forged a partnership with software company april to extend its benefits into the realm of tax management, Inman learned in a Jan. 29 statement.
Tongo, which formally rolled out in September 2024, is a web and mobile application that rests on the concept of providing real estate agents clear and flexible control of commission revenue, especially as it relates to dividing funds between their personal and business needs, a longstanding industry issue contributing to why entering the industry from a dependable, salaried role can be so challenging.
“Until now, real estate professionals have been challenged to accurately estimate and make required quarterly tax payments,” said Brandon Wright, CEO at Tongo, in a statement on this partnership. “1099 workers must carefully calculate their income and expenses to prepay the IRS to avoid penalties. Working with april enables us to deliver convenient and tailored financial services to help real estate professionals thrive personally and professionally.”
Among other benefits, Tongo provides advanced access to commissions up to 60 days before closing, allowing agents to better handle expenses and make marketing decisions out from under the pressure of a “start-stop” model, whereby business investments can’t happen until the next deal closes.
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