Tips/News&Articles

Capital Gains and Losses - How Do They Effect You

Most property an individual owns and uses for personal or investment purposes is a capital asset. This article discusses cost basis and average basis, capital gain and loss, as well as capital gain tax rates.

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Cancellation of Debt - Insolvency

Taxpayers with cancelled debt can often exclude the cancellation of debt income to the extent they were insolvent immediately before the cancellation – therefore, if a cancelled debt is excluded from income, it is nontaxable.

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College Financial Aid Strategic Planning

Consider these asset strategies when planning for college financial aid.

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High-Income taxpayers

High-income taxpayers with relation to capital gain tax rates, IRAs, education benefits, Medicare and retirement savings contribution credit

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The IRS & Audits

Individual taxpayers who are under audit by the IRS may attend the audit in person without a tax professional, however, this can be a dangerous mistake.

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Business Owners Taking Money Out of a Business

When taking money out of a business, transactions must be carefully structured to avoid unwanted tax consequences or damage to the business entity.

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Pension Income Planning

An employee nearing retirement may face a dilemma when it comes to choosing his or her pension.

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Gift or Entertainment Deduction Which is it?

If you give gifts in the course of your trade or business, you can deduct all or part of the cost. Gift or Entertainment. Any item that might be considered either a gift or entertainment generally will be considered entertainment. However, if you give a customer packaged food or beverages you intend the customer to use at a later date, treat it as a gift.

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Business Vehicle Tax Depreciation Changes

The IRS recently released the depreciation dollar limits for business vehicles placed in service in 2017.

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Know the Rules for Home Sale Tax Savings

The home sale exclusion is one of the biggest and best tax breaks for individuals. The requirements to qualify are this:

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