Business owners and managers face complex tax issues that can strain resources and drain profits. Grant Thornton’s tax professionals offer 10 tax tips for construction, real estate and hospitality companies that can help you manage your tax burden in 2010.
Ten tax tips for construction, real estate and hospitality companies
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2010 Tax Tips for the construction industry Tip #10: Consider not deferring income. The traditional wisdom of deferring income for tax purposes deserves another look. With many government entities looking for increased tax revenues, new tax policies and rate increases are very possible. At the current time, individual taxpayers are a target. With tax increases scheduled for 2011, taxpayers would be well-advised to consider whether deferring taxable income is still the most cash-efficient option.
2010 Tax Tips for the real estate industry Tip #4: Determine if you are a dealer or an investor. Determine if you are a dealer or an investor. Do you know if you are a real estate dealer or an investor with regard to taxes? Proper planning will ensure the desired treatment upon disposition of the property.
2010 Tax Tips for the hospitality industry Tip #6: Check out your meals and entertainment expenses. The 50 percent limit on deductions for business-related meals and entertainment (M&E) expenses is often seen as a normal cost of business; however, there are many exceptions to this limit. An M&E study can find these exceptions and increase your deduction. It can also serve as a confirmation of the veracity of your expense reporting system.
