As a real estate sales or rental business, you represent the heart of the economy in the communities served by MLCFS, and you are a primary focus of MLCFS's accounting practice. Our traditional accounting services are tailored to help you operate as efficiently as possible, at minimal cost and with minimal disruption to your business. The accounting support we provide is designed for the small and medium-sized businesses that find it cost effective to outsource many day-to-day accounting and business office responsibilities.
Under tax law, a "real estate professional" isn't always a licensed real estate agent or a broker. It's a tax classification, and it's an important one. As a regular real estate investor, you are limited to deducting $25,000 in passive losses each year, against your passive income. That amount begins phasing out once your taxable income tops $100,000 and disappears entirely when your income reaches $150,000. Real estate professionals have neither the dollar nor the income limitation, making this classification an important part of tax-planning. As your business grows, you may need to sell, buy, and defer the capital gains. We can help your Like-Kind exchange transactions and take the section 1031/1033 to save you taxes. If you turn to MLCFS, you can expect results, including:
- a clear identification of opportunities for you to reduce costs or increase revenues
- more effective and efficient business practices
- income tax planning strategies that minimize tax liability and fully address business structure and reasonable compensation issues
- a business succession plan that is carefully developed and evaluated long before business succession becomes an issue