Installment sales can enable you to defer the tax on some or all of the gain on the sale of property or a business. In general, if you receive payments from a buyer over time, you report the gain on the payments in the year[...]
If you’ve decided to close a business, it’s important to take care of your Federal tax obligations. In this article, we’ll outline the requirements of closing a business as well as the information that your accounting team will need to help you through the process.[...]
280E Update: Pursuing normal business deductions for Missouri medical marijuana licensees Cannabis businesses, also known as marijuana related businesses (MRBs), face significant tax challenges. Though cannabis businesses are now legal in some state laws, they are still illegal under federal law. This results in a challenging[...]
Before you sell a property to a relative at a loss, stop and find out more about the tax consequences. Special tax rules, such as the loss disallowance rule, make it a bad idea. In a nutshell, you won’t be able to claim the loss[...]
What are the tax consequences of renting a home you own to a relative? In normal circumstances, when renting a home or apartment, you’re entitled to a depreciation deduction for your cost of the house or apartment (except for the portion allocated to the land).[...]
With the stock market making record gains, it’s a good time to review how you, as an individual, are taxed on the gains and losses from your investments. According to the IRS, nearly everything you own and use for personal or investment purposes is a[...]
In this short video, James Curran CPA/PFS discusses President-Elect Biden’s proposed tax plan and what you can do to prepare.
How does the cancellation of your student loan affect your tax liability? In general, if a loan or other debt you owe is canceled, you must report the cancellation as income. This means that you will generally have income that you must pay taxes on[...]
Check out these business tax planning moves before the year ends. It’s been an unusual year to say the least for most businesses. Business tax planning for 2020 brings an extra dimension. Business Tax Changes: Many business tax changes from recent years generally remain in[...]
As year-end approaches, it’s a good time to think about planning moves that may help lower your tax bill for this year and beyond. 2020 year-end planning takes place during the COVID-19 pandemic, which has widely affected personal and business finances. Year-End Planning: Tax Savings[...]