Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this...
Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you...
We’re entering the giving season, and if making financial gifts to your loved ones is part of your plans — or if you’d simply like to reduce your capital gains tax — consider giving appreciated stock instead of cash this year. Doing so might allow you to eliminate all...
The year is quickly drawing to a close. But there’s still time to take steps to reduce your 2017 tax liability, as long as you act by December 31st. Here are a few tried-and-true year-end tax planning tips for those who normally itemize their deductions: Pay your...
With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher....
Two valuable depreciation-related tax breaks can potentially reduce your 2017 taxes if you acquire and place in service qualifying assets by the end of the tax year. Tax reform could enhance these breaks, so you’ll want to keep an eye on legislative developments as...
A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer (and in some cases permanently reduce) your taxes. But there are exceptions. One is if the additional deductions this year trigger the alternative...
Your compensation may take several forms, including salary, fringe benefits, and bonuses. If you work for a corporation, you might also receive stock-based compensation, such as stock options. These come in two varieties: nonqualified stock options (NQSOs) and...
Our last article discussed year-end tax retirement tax planning for individuals participating in their employer’s 401(k) plans. This article will focus on individuals over age 59½ with large traditional IRA balances. Required Minimum Distributions IRA owners also have...
If your company sponsors a 401(k) plan, your employer may offer a match. Make certain that you are contributing at least enough in 2017 to get the full match. Remember, your full match is essentially free money. The same is true when you are setting up your 2018...
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