2013 Real Estate Related Laws Every Homeowner Should Know

I'm a tax return preparer . Here are some tips for you real estate agents:

1) If this is your first year placing a lsited automobile (personal property converted to full or partial business use), you have a choice between actual expenses or standard mileage. But if you choose actual expenses, you must use that  method for every year the asset is in service. If you use standard mileage the first year, you have the choice in subsequent years of standard mileage or actual expenses.

2) The IRS is frowning upon Independent Contractors that don't claim business expenses on their Schedule Cs.

3) If you don't have an exact account of your expenses, the IRS accepts reasonable reconstructions.

4) Although it's helpful, a 1099-MISC is not essential in preparing a tax return. But if the figure you give the tax professional is not accurate, there will be problems later.

5) The cost of cleaning clothing suitable for outside wear is not deductible.

6) Do not wait until April 13 to bring your tax professional one hundred documents and expect to get your tax return in time.

7) If you file your return by 1/31/2013 and pay all your estimated tax, there will be no penalty.

8) If you do not have the money to pay your taxes, file anyway. The penalty for fsilure to file is 5% of the tax due per month.

Nat Weiner

Tax Return Preparer

New York, New York

mceairpgcc@yahoo.com