2010 Year End Tax Planning Guide for Real Estate Professionals, Agents, Brokers

by Property Management Software on November 19, 2010

2010 Year End Tax Planning Guide for Real Estate Professionals, Agents, Brokers

2010 Year End Tax Planning Guide for Real Estate Professionals, Agents, Brokers

Real Estate professionals, real estate agents, real estate brokers, mortgage professionals whether you are 1099 self-employed or are running your own company, it is important to prioritize end of the year tax planning. You can keep more money in your pocket by taking advantage of the tax benefits available and tapping into new tax saving opportunities.

Take action now to save on taxes!

Unfortunately, 2010 is the worst year for end of the year tax planning due to the deadlock in Congress and the inability of Congress to act upon tax issues. One of the positive tax law changes affecting real estate professionals is the Small Business Jobs Act of 2010, which provides $12 billion of tax incentives – including bonus depreciation, enhanced expensing, and other relief for small businesses.

1. Accelerate or Defer Income

2. Accelerate Expenses

3. Equipment Expensing and 50% Depreciation

4. $8000 Bonus Depreciation on Vehicles

5. Tax Credit

6. Health Insurance Credit

7. Contribute to Retirement Plan

8. Carry Back Credits for 5 Years

9. Convert to Roth IRA

10. Qualifying dividend tax rate

Bonus Tips

1.  Startup Business Cost Deductions

2. Business Losses

Bonus Tips for 1099 Self-Employed

1. Hire your children

2. Claim your Home Office deduction

3. Claim your travel and entertainment expenses

4. Claim your automobile expenses

Remember to take action before December 31, 2010!

Everyone’s tax situation is different, and this information should not substitute professional advice. Real Estate professionals, Real Estate Agents, Real Estate Brokers, and Mortgage brokers should always consult with their tax advisors to consider specific factors that might affect their situation.

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