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5 things you can do now to lower your 2012 tax bill

Real estate tax talk

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 Section 179 allows you to deduct in one year most tangible personal property you purchase and use over 51 percent of time for your business. The annual limit for this deduction in 2012 is $139,000. Howev...