Tax strategies by karla dennis originally done 4 8-11
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Transcript of Tax strategies by karla dennis originally done 4 8-11
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Karla DennisEnrolled
Agent
TAX STRATEGIES TAX STRATEGIES FOR REALTORS & BROKERSFOR REALTORS & BROKERS
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AGENDA
• New Laws
• New IRS
• New Compliances
• New Penalties
• Strategic Tax Plan
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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…
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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.
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Recordkeeping
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Audit
IRS is targeting groups.
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Filing Taxes On Time
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Short Sales & Foreclosures
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New PenaltiesThe IRS
anticipates $69 Billion in penalties alone for business
and individuals who are not
incompliance!!
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Tax Tax StrategiesStrategies
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What is the difference between
a referee and a coach?
A Referee vs. A Coach
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What is Beyond a Winning Attitude?
Championship Attitude
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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?
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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?
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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.
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Cost Acceleration vs.Decelerate Cost
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Income Shifting•Entity Selection•Corp. vs. S-Corp.•Sole-Proprietor
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Create Your Own Tax Plan
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ANY QUESTIONS????
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Karla Dennis, Enrolled Agent
Tax StrategistCOHESIVE
(800) 878-4051www.cohesivetax.com