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»
As you take on employees, your responsibilities as an employer are about to multiply. With so much oversight and regulations around the hiring of employees, their work and payment, and their termination, it’s more important than ever that you understand how to keep the best books and fulfill all your legal requirements. To help you with this sometimes daunting task, here are a few key accounting tips for new employers. Read More»
Hiring a tax preparation company is a decision that requires balancing costs against needs. If you’re not sure whether you’d benefit from professional tax preparation services, here are 5 things you may want to consider.
A Complex Return
Some individuals and even a few small businesses can knock out their returns with a few pages of documentation. Others will encounter major issues due to complexity. Especially if you’re not 100% sure about which forms have to be filed, there’s a lot to be said for hiring a pro to do the work. Read More»
When filing their income tax forms, most Americans rely on the tax forms that they receive from employers or brokerage companies. But in reality, there could be other sources of income that may need to be declared. How can you know what you might need to pay taxes on that isn’t put on a Form W-2? Here is what you should know about five of the most common other income sources. Read More»
Even though federal law states that Americans must file and pay income taxes annually, there are a surprising number of people who are currently sitting on one or more unfiled tax returns.
For some, a failure to file their income tax return might be attributed to events in their life that made filing a great hardship, such as a death or major illness in their immediate family. For others who fail to file, however, it may simply be that they forget to file or want to postpone filing until they have more time or money to do so. Read More»
