Considering downsizing your home or moving? If so, be sure to check whether you’ll qualify for the tax-saving home sale gain exclusion.
depreciation
Your Weekly Read
It’s income tax planning time for your small business
2024 will be over soon enough. Here are some year-end tax planning moves to consider that may help your small business save on taxes.
TCJA and the possible future tax landscape for businesses
The tax landscape for businesses may change significantly in the near future. That’s because provisions in the Tax Cuts and Jobs Act (TCJA) are scheduled to expire and the November elections will be decided. Here are some possible outcomes.
Understanding taxes on sales of real estate
The federal income tax rules for gains from the sale of business real estate or vacant land may be more complicated than you thought. Here’s a look at the issues.
Tax tips when buying the assets of a business
When buying a business, you may not focus on taxes. But the way the transaction is structured can lead to better or worse tax results after the acquisition.
Taxes when you sell an appreciated vacation home
If you own a vacation home, perhaps you’re ready to sell it. What are the tax implications? Here are the rules if you sell at a profit.
Defer a current tax bill with a like-kind exchange
The real estate market has been tough recently. But there are still large profits being made on some business property. In these cases, a “like-kind” exchange may be attractive when selling commercial or investment real estate.
What types of expenses can’t be written off by your business?
As a business owner, expenses can be written off in order to save you money. What things can’t be written off?
Update on depreciating business assets
Inflation has some beneficial side effects. One is that the amount of depreciation tax breaks your business can claim has increased for 2023.
The cents-per-mile rate for business miles decreases again for 2021
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021...
Read something interesting? Want more information? Give us a call, and we will be happy to assist you in any way we can.
144 W 2nd St
Washington, NC 27889
Washington, NC 27889
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