There are some significant tax benefits to be aware of when it comes to selling and acquiring a property through a rental property 1031 tax exchange. However, there are also certain requirements you’ll need to meet to qualify a real estate transaction as such.
The following are five things to know about the “like-kind property” specifications regarding 1031 tax exchanges.
The IRS requires that the property must be of “the same nature or character” Read More»
Tax debts can be among the biggest sources of financial stress and strain for individuals. While this is a common type of debt for people to encounter, it is a reality that individuals may not always know what their options will be for finding relief from these debts.
Can You Discharge Tax Debts In Bankruptcy?
When individuals find themselves in serious financial trouble, it can be a common option for them to pursue a bankruptcy filing. Read More»
Now that you’ve saved up what you need for a comfortable retirement, the tax strategy you choose will play a big role in maintaining it. What should your tax strategy look like? While it varies for each individual investor, the most common way to minimize taxes follows a few basic strategies. Here’s what you need to know about them.
1. Take RMDs First
Required Minimum Distributions are the mandatory withdrawals from certain retirement accounts at certain times. Read More»
Dealing with the Internal Revenue Service (IRS) isn’t for the faint of heart. In reality, even the most confident, courageous person may think twice about trying to handle the IRS on their own.
With the IRS, there are many rules, laws, and regulations to follow, and this can be very difficult for a person who isn’t a tax expert to do. If you’re in one or more of the three scenarios below, hiring professional IRS representation services to help you is a wise move. Read More»
Taxes are part of life. But at times, a tax burden can become more than just a civic responsibility and instead become an insurmountable debt with which you need help. Has your tax debt reached this point? If you’re not sure, here are five good indicators that it may be time for a better solution.
1. You May Tap the Wrong Money Sources
Some taxpayers turn to the wrong sources to pay back taxes they can’t afford. Read More»
