Tax Strategies

If you’re an investor who is looking to sell property, IRC Sec 1031 has good news for you: you can defer any and all capital gains by reinvesting the proceeds of your sale into new property. As IRC Section 1031 (a)(1) states:

With the amount of taxes the IRS already collects from taxpayers—as well as the ever-increasing cost of living self-employed—tax payers can ill afford to overlook claiming as many deductions as the IRS makes available.

Grandparents can help with college and lower taxable income.

A grandparent helping their grandchild pay for college can be a win all around. When a grandparent that contributes to a 529 savings plan, it lowers assets within the grandparent’s estate. This helps lowering estate tax.

Tax planning is the practice of analyzing multiple tax options to decide how you want to operate your business as well as your individual transactions to minimize or wipe out your tax liability.

With a working knowledge of how mutual funds are taxed along with some diligent bookkeeping, you can reduce the amount your mutual investments are taxed on. The below gives you the understanding you need of mutual fund taxation.

What's type of loan is ideal for big ticket items?

Great tax management is keeping and receiving all the money you’re entitled to while meeting your legal obligations. Here are some common mistakes you don’t want to make.

The best way to plan for taxes is to start at the beginning of the tax year. So it’s important to know how the tax laws change so you can plan to take every advantage to keep as much of your income as you’re entitled to.

What’s New for Business Owners

For most newly divorced people, doing taxes the following year after the divorce brings up important questions that can be stressful. Here’s what you need to know to successfully make the transition.

You may be able to elect a tax year that suits your business; how will you choose?

The IRS requires your business to determine your taxable income based on your tax year and file a return accordingly. Your tax year is the yearly accounting timeframe for reporting income, reporting expenses and maintaining records.