Luxury Connect
Meet the Luxury Leaders | October 19-20 | Beverly Hills

We've entered the last quarter of 2012; however, there is still plenty of time for real estate pros and other small business owners to take steps to lower their taxes for the year. Here are 5 things you can do now to lower your 2012 tax bill: 1. Buy business equipment If you've been thinking about buying equipment to use in your real estate business -- whether it be a car, computers, software or anything else -- do so by the end of the year. In all likelihood you'll be able to deduct the entire amount you paid for the item in a single year, instead of having to depreciate it over several years (this is not true for passenger cars, however, for which annual deductions are capped). The 2012 first-year tax deductions for business property purchases are extremely generous. First, IRC Code Sec...