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[...]
When starting a new business venture, a limited partnership can be a good choice as an entity. You can raise capital to fund the venture without giving up control of the business or being saddled with considerable start-up debt. A limited partnership will enable you,[...]
Many people ask if they can save on taxes by transferring assets into their children’s names. This tax technique is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower tax brackets of your children.[...]
What is an ESOP?An Employee Stock Ownership Plan (ESOP) is an employee benefit plan that enables employees to have ownership interest in the company. It is a qualified defined contribution plan that is either a stock bonus plan or a combination stock bonus and money[...]
What are 529 plans? Also known as qualified tuition programs, these plans enable prepayment of higher education costs on a tax-favored basis. Types of 529 Tuition Plans Prepaid 529 Plans These plans allow you to buy tuition credits or certificates at present tuition rates, even[...]