Jan 11, 2023 | Tax Tips
As you likely know, the Section 1031 tax-deferred like-kind exchange is one of the greatest wealth-building mechanisms for real estate investors. With Section 1031, you can avoid taxes on all your property upgrades during your lifetime and then pass the property to...
Dec 16, 2022 | Tax Tips
You may have noticed that the IRS is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone. Congress noticed and took action by passing a massive funding of the IRS in the recently...
Dec 15, 2022 | Tax Tips
Have you sold, or are you planning to sell, commercial or rental property? To avoid immediately paying capital gains tax on your profit, you have options: • Defer the capital gains tax using a Section 1031 exchange• Defer the capital gains tax using a qualified...
Dec 14, 2022 | Tax Tips
Are you 72 or older? If so, you must take a required minimum distribution (RMD) from your traditional IRA, SEP-IRA, or SIMPLE IRA by the end of the year. If you turn 72 this year, you can wait until April 1 of next year to take your first RMD—but you’ll also have to...
Dec 13, 2022 | Tax Tips
All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will begin to phase out: 100 percent bonus depreciation. Since late 2017, businesses have used bonus depreciation to deduct 100 percent of the cost of most...
Dec 12, 2022 | Tax Tips
At first glance, the corporate tax rules for forming an S corporation appear simple. They are not. Avoid these mistakes when you convert to an S-corp. Basic Requirements Here is what your business must look like when it operates as an S corporation: 1. The S...
