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2023 Year-End Tax Planning Strategies for the Real Estate and Construction Industry

Cherry Bekaert

The discussion below focuses in on tax planning opportunities tailored specifically for the real estate industry: deferring revenue, maximizing deductions, and utilizing available credits and incentives. The key benefit to a PTE election is the federal deductibility of the entity’s state income taxes paid.

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Business Tax Rates: How Much Do Small Businesses Pay in Taxes?

xendoo

The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.