Karla DennisEnrolled

Agent

TAX STRATEGIES TAX STRATEGIES FOR REALTORS & BROKERSFOR REALTORS & BROKERS

AGENDA

• New Laws

• New IRS

• New Compliances

• New Penalties

• Strategic Tax Plan

The New Laws• Small Business Jobs Act• Financial Reform• Mortgage Lending• Bank Reform• Home Owner Bailout• Wall Street Regulation• Economic Stimulus• Health Care Law• And many more…

The New IRSIRS IS ON A MISSION!

• 5,100 agents hired in 2011 alone to enforce tax collection and financial compliance priorities.

• IRS announces an 11% increase of AUDITS in 2011 than past years.

Recordkeeping

Audit

IRS is targeting groups.

Filing Taxes On Time

Short Sales & Foreclosures

New PenaltiesThe IRS

anticipates $69 Billion in penalties alone for business

and individuals who are not

incompliance!!

Tax Tax StrategiesStrategies

What is the difference between

a referee and a coach?

A Referee vs. A Coach

What is Beyond a Winning Attitude?

Championship Attitude

Step 1– Review Previous Tax Returns

The Coach Will Review Previous Game Tapes? As Part of your tax planning ask yourself…

• What was your 2010 year’s tax liability?

• What was your adjusted gross income in 2010?

• Did you pay alternative minimum tax in 2010?

• Did you have any tax credits in 2010?

Step 2– Assess The Current SituationThe Coach Will Know His Starters, His Subs and His

Special Teams

• What expenses do you have to deduct in 2011?

• What income are you reporting in 2011?

• What do you currently have that you are not using?

• Do you have any available tax credits?

Step 3– Implementing the Right Strategy

The Coach Will Call Certain Plays to Move the Ball Down the Field and Score a Touchdown

According to the Uniqueness of the OpponentAnd the thorough Knowledge of his team’s

skills

You have to find and use the best strategy to reduce taxes based on your unique situation.

Cost Acceleration vs.Decelerate Cost

Income Shifting•Entity Selection•Corp. vs. S-Corp.•Sole-Proprietor

Create Your Own Tax Plan

ANY QUESTIONS????

Karla Dennis, Enrolled Agent

Tax StrategistCOHESIVE

(800) 878-4051www.cohesivetax.com