A number of tax-law changes could make 2013 a challenging year for commercial REALTORS® and others who are in upper-income tax brackets.
“These are probably the most significant tax law changes in my career,” said Chris Bird, a former IRS agent turned trainer who conducts more than 125 seminars a year for real estate and tax professionals nationwide.
Two federal mandates have created this new business environment: The American Tax Relief Act of 2012 and The Affordable Care Act of 2010 otherwise known as the federal health care bill. “Fiscal Cliff” negotiations have also added uncertainty and relief to the mix.
Learn about some tax breaks that have been extended through the end of 2013 as well as tax changes that could reduce the profit margin for commercial practitioners or upper-income earners in the April issue of Illinois REALTOR® magazine.