by Susan Balcomb | Dec 15, 2020 | Tax Planning
Beneficiaries Acquiring Property From Descendants As our society continues to age we are new seeing estates beginning to distribute their assets. On Tax Form 8971, you will find the list of these distributions and this form could be delivered at any point...
by Susan Balcomb | Apr 16, 2020 | Tax Planning
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...
by Susan Balcomb | Feb 19, 2020 | Tax Planning
Come tax time, owner-employees face a variety of distinctive tax planning challenges, depending on whether their business is structured as a partnership, limited liability company (LLC), or corporation. Partnerships and LLCs If you’re a partner in a partnership or a...
by Susan Balcomb | Mar 19, 2019 | Tax Planning
Court rules that real estate was held for investment. A custom home developer purchased undeveloped land through several single-member LLCs. He planned to develop the land, including making payments for permits. However, plans were stalled due to a lack of credit and...
by Susan Balcomb | Oct 27, 2018 | Tax Planning
Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income...
by Susan Balcomb | Oct 16, 2018 | Tax Planning
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S...
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