2022 Tax Planning: Basis of Property Acquired Under Code Section 1031
July 22, 2022
The real estate market has long been attractive for people and businesses looking to increase their net wealth. Additionally, savvy investors who work with their CPA may afford some tax advantages. In certain types of transactions, taxpayers have opportunities to defer gain on the exchange of property, including like-kind exchanges. Like-kind exchanges offer tax planning opportunities to defer gain on the exchange of real property held for business use or for investment in exchange for similar replacement property.
Transaction Planning- Sale of Home
July 18, 2022
2022 Transaction Planning: Sale of Residence
The hot housing market may be cooling slightly, but there are still many buyers looking to make a move now due to rising interest rates. Some homeowners are concerned that selling their homes now may significantly impact their taxes next year. Old news but good news nonetheless is homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home.
4 Advantages of Roth IRAs as Part of Your Tax Planning Strategy
July 15, 2022
The last few weeks have been a bumpy ride for most investors in the stock market. The market volatility in 2022 has many investors rethinking their investment strategy and looking at other viable investment tools, including Roth IRAs. From a tax strategy standpoint, this is usually when you should consider converting some of your retirement money into Roth IRAs.
Mergers and Acquisitions are Hot!!
May 26, 2022
Summer isn't the only thing heating up this year. The merger and acquisitions market hit a record of $2.9 trillion in transactions in 2021, an increase of 55% from 2020, and things are still heating up.
Conducting An Audit is Good Business
May 26, 2022
The word audit conveys negative images of disruption from day-to-day activities, endless questions, and bad news for many business owners. The truth is that an audit can provide business owners peace of mind. An audit ensures the company's financial statements have been completed correctly and gives insight into the company's financial position so business owners and shareholders can create a strategic plan for the future.
2022 Tax Planning: Real Estate Activity Compliance
May 26, 2022
If a taxpayer owns rental real estate, there are federal tax responsibilities. All rental income must be reported on their tax return, and in general, the associated expenses can be deducted from their rental income. Landlords should be aware that keeping accurate accounting records is just as important as collecting the rent on time each month.