Reduce Your Taxes - Tax Cut & Jobs Act Tax Planning Opportunities

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Services for Real Estate Pros with KEYSTONE FINANCIAL SOLUTIONS

As an affiliate member of the Suburban West Realtors® Association, I spoke at its January 30, 2019 educational seminar “2018 Tax Changes and Tax Issues Effecting REALTORS” held at the SWRA’s office in Malvern, PA. As an Enrolled Agent and Certified Tax Resolution Specialist with the Exton, PA accounting firm of Keystone Financial Solutions, Inc., I enjoy speaking before this group to answer their income tax questions.

This was a particularly rewarding experience due to the Tax Cuts and Jobs Act of 2017 which made several very significant changes to the taxation of individuals, including reforms to itemized deductions and the alternative minimum tax, an expanded standard deduction and child tax credit, and lower marginal tax rates. All attendees wanted to understand how the new tax act impacted their taxes, and what they could do to pay less in taxes.

Topics discussed included the IRS audits of realtors, tax strategies for real estate investors, the home office deduction, the use of PA Qualified Associations as a tax planning tool for realtors desiring to be taxed as an S Corporation, and why the use of LLCs should be considered for asset protection whenever a person invests in real estate.

A topic of great interest was the newly enacted 20 per cent qualified business income (QBI) tax deduction available for partnerships, LLCs, S Corporations ad sole proprietorships effective with the 2018 tax year. These legal entities are known as pass-through tax entities since the income flows from the legal entity to the individual taxpayer where the tax is paid. Naturally the attendees wanted to better understand how they could possibly reduce their taxable income by 20 percent.

Through the courtesy of the SWRA, this tax planning presentation can be found on YouTube(You may wish to fast forward to the 11 minute mark)

 

For real estate professionals with IRS tax debt issues or tax planning issues, feel free to contact me at (610) 594-2601 or by email at info@keysolutions.us. By visiting our website you can learn about the 5 Secrets the IRS Doesn’t Share and order a FREE SPECIAL REPORT: Should You Represent Yourself or Hire a Tax Professional.

Bryan Haarlander, an Enrolled Agent and a Certified Tax Resolution Specialist, is a member of the American Society of Tax Problem Solvers (ASTPS), PA Society of Tax & Accounting Professionals (PSTAP), the National Society of Accountants (NSA) and the National Association of Tax Professionals (NATP). He is the author of “How to Resolve Your IRS Tax Debt Problems” as well as a book on how to start your own business. He has been practicing in Exton for 18 years. His blogs http://www.taxexpertblog.com and http://www.stopmytaxproblems.com discuss pertinent tax and business issues.

Keystone Financial Solutions, Inc. specializes in providing innovative tax planning, tax preparation, and solving IRS tax problems. The company’s web site is https://www.keysolutions.us and its telephone number is (610) 594-2601.

 

Disclaimer: Content in this blog is for educational purposes only and should not be considered as the rendering of tax, legal or investment advice. The publisher of this blog makes no representations as to the accuracy or completeness of any information herein, will not be liable for any errors or omissions, and shall not assume liability for any losses, injuries, or damages from the display or use of this information. 

 

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Bryan Haarlander

IRS Tax Strategies & IRS Tax Debts
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