TAX STRATEGIESFOR REALTORS & BROKERS            Karla Dennis           Enrolled Agent
AGENDA• New Laws• New IRS• New Compliances• New Penalties• Strategic Tax Plan
The New Laws               •   Small Business Jobs Act               •   Financial Reform               •   Mortgage Lendi...
The New IRSIRS IS ON A MISSION!• 5,100 agents hired in  2011 alone to enforce  tax collection and  financial compliance  p...
Recordkeeping
Audit          IRS is        targeting         groups.
Filing Taxes On Time
Short Sales & Foreclosures
New Penalties       The IRS   anticipates $69 Billion in penalties alone for business   and individuals     who are not  i...
Tax Strategies
A Referee vs. A Coach                What is the           difference between              a referee and                 a...
What is Beyond a Winning Attitude?Championship Attitude
Step 1– Review Previous TaxReturnsThe Coach Will Review Previous Game Tapes?           As Part of your tax planning ask yo...
Step 2– Assess The Current Situation The Coach Will Know His Starters, His Subs and His Special Teams  • What expenses do ...
Step 3– Implementing the RightStrategyThe Coach Will Call Certain Plays toMove the Ball Down the Field andScore a Touchdow...
Cost Acceleration vs. Decelerate Cost
Income Shifting• Entity Selection• Corp. vs. S-Corp.• Sole-Proprietor
Create Your Own Tax Plan
ANYQUESTIONS????
Karla Dennis, Enrolled        Agent     Tax Strategist      COHESIVE    (800) 878-4051 www.cohesivetax.com
Tax strategies by karla dennis  originally done 4 8-11
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Tax strategies by karla dennis originally done 4 8-11

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Tax strategies by karla dennis originally done 4 8-11

  1. 1. TAX STRATEGIESFOR REALTORS & BROKERS Karla Dennis Enrolled Agent
  2. 2. AGENDA• New Laws• New IRS• New Compliances• New Penalties• Strategic Tax Plan
  3. 3. 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…
  4. 4. 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.
  5. 5. Recordkeeping
  6. 6. Audit IRS is targeting groups.
  7. 7. Filing Taxes On Time
  8. 8. Short Sales & Foreclosures
  9. 9. New Penalties The IRS anticipates $69 Billion in penalties alone for business and individuals who are not incompliance!!
  10. 10. Tax Strategies
  11. 11. A Referee vs. A Coach What is the difference between a referee and a coach?
  12. 12. What is Beyond a Winning Attitude?Championship Attitude
  13. 13. Step 1– Review Previous TaxReturnsThe 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?
  14. 14. Step 2– Assess The Current Situation The 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?
  15. 15. Step 3– Implementing the RightStrategyThe Coach Will Call Certain Plays toMove the Ball Down the Field andScore a TouchdownAccording 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.
  16. 16. Cost Acceleration vs. Decelerate Cost
  17. 17. Income Shifting• Entity Selection• Corp. vs. S-Corp.• Sole-Proprietor
  18. 18. Create Your Own Tax Plan
  19. 19. ANYQUESTIONS????
  20. 20. Karla Dennis, Enrolled Agent Tax Strategist COHESIVE (800) 878-4051 www.cohesivetax.com

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