Subscribe to Tax Insights
Received the latest Tax Insights post, delivered directly to your inbox. New posts are published each week.
Subscribe Now
Defer a Current Tax Bill with a Like-Kind Exchange
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. With this transaction, you exchange the property rather than sell it. Although the real estate market has been tough recently in some locations, there are still profitable opportunities (with high resulting tax bills) when the like-kind exchange strategy may be attractive.
Keep Reading this post - Defer a Current Tax Bill with a Like-Kind Exchange
A Cost Segregation Study May Cut Taxes and Boost Cash Flow
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow.
Keep Reading this post - A Cost Segregation Study May Cut Taxes and Boost Cash Flow
The Social Security Wage Base for Employees and Self-Employed People Is Increasing in 2024
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase for employees and self-employed people.
What Types of Expenses Can’t Be Written Off By Your Business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of Section 162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”
Keep Reading this post - What Types of Expenses Can’t Be Written Off By Your Business?
Spouse-Run Businesses Face Special Tax Issues
Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues.
Keep Reading this post - Spouse-Run Businesses Face Special Tax Issues
Update on Depreciating Business Assets
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know.
Keep Reading this post - Update on Depreciating Business Assets
Divorcing Business Owners Should Pay Attention to the Tax Consequences
If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it.
Keep Reading this post - Divorcing Business Owners Should Pay Attention to the Tax Consequences
Guaranteeing a Loan to Your Corporation? There May Be Tax Implications
Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re required to pay principal or interest under the guarantee agreement, you don’t want to be caught unaware.
Keep Reading this post - Guaranteeing a Loan to Your Corporation? There May Be Tax Implications
Selling Your Home for a Big Profit? Here Are the Tax Rules
Many homeowners across the country have seen their home values increase in recent years. Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT).
Keep Reading this post - Selling Your Home for a Big Profit? Here Are the Tax Rules