From the Press.
Warning Signs That You Should STOP Managing Your Own Books
On the one hand, it's almost a prerequisite for entrepreneurs of all types to have that "can-do spirit." That sense that nobody else sees things quite like they do so, whatever it is they want to accomplish, it becomes something they know they'll have to do...
Defer Taxes with Installment Sales
Selling a property one has owned for a long period of time will frequently result in a large capital gain, and reporting all the gain in one year will generally expose the gain to higher-than-normal capital gains rates and subject the gain to the 3.8% surtax on net...
How Does Code Section 1244 Affect Stock Sales And How Can You Take Advantage Of It?
Starting a small business can be a risky undertaking and Internal Revenue Code Section 1244 provides special tax treatment to the disposition of certain qualifying stock of small businesses. It essentially allows losses up to $50,000 ($100,000 for married taxpayers...
Did You Overlook Something on a Prior Tax Return?
It is not uncommon to discover that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the oversight will result in more tax due or a refund, it...
Business Growth: How to Plan for (and Make the Most of) This Critical Stage
While it's true that every business is different from the next - and every entrepreneur will go on his or her own unique journey - there are still a few constants that we know to be true. The start-up phase, for example, is when you write a formal business plan. You...
Considering a New or Pre-Owned Electric Vehicle? Read This First to See If You Will Benefit From a Tax Credit
2023 brings with it a whole new set of rules related to qualifying for the tax credit for purchasing a new or used electric vehicle. Among the changes that must be navigated are buyer income limitations, vehicle assembly and component limitations and even vehicle...
Eldercare Can Be a Medical Deduction
Because people are living longer now than ever before, many individuals are serving as care providers for elderly loved ones (such as parents or spouses) who cannot live independently. Such individuals often have questions regarding the tax ramifications associated...
Don’t try this at home
As printed by Journal of Accountancy A taxpayer's physical possession of gold coins purchased with her individual retirement account (IRA) caused her to have taxable distributions from the IRA, the Tax Court held. Facts: In 2015, Donna McNulty purchased IRA services...
How married couples can use trusts in estate planning
As printed by Journal of Accountancy This article discusses some strategies that married taxpayers can use to manage their estate tax liability by creating certain types of trusts. During the past 10 years, the federal estate tax has not been a major concern for most...
7 tax changes you need to know before filing for 2021
The 2020 tax year was wild. Pandemic relief bills brought a slew of changes, and filing for the 2021 tax year doesn’t look like it’s going to be much easier. Some temporary tax provisions for the 2020 tax year were extended through 2021, while others were not. Then...
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