Getting a divorce can be an agonizing process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are six issues to consider if you’re getting a divorce.
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Tax tips when buying the assets of a business
When buying a business, you may not focus on taxes. But the way the transaction is structured can lead to better or worse tax results after the acquisition.
When do valuable gifts to charity require an appraisal?
If you donate valuable assets to charity and don’t follow certain requirements, the charitable tax deduction may be denied. Here are some answers to questions about how to protect your deductions.
Taxes when you sell an appreciated vacation home
If you own a vacation home, perhaps you’re ready to sell it. What are the tax implications? Here are the rules if you sell at a profit.
How renting out a vacation property will affect your taxes
Many people who own vacation homes rent them out to earn extra income. Even better, renting them out may provide tax breaks. Here are the rules.
Defer a current tax bill with a like-kind exchange
The real estate market has been tough recently. But there are still large profits being made on some business property. In these cases, a “like-kind” exchange may be attractive when selling commercial or investment real estate.
Understanding the passive activity loss rules
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of...
Divorcing couples should understand these 4 tax issues
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to...
Fundamental tax truths for C corporations
The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same: Double Taxation Double taxation occurs...
New limits apply to Section 1031 like-kind exchanges in 2018
Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this...
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