GET IN TOUCH GET IN TOUCH The recently-implemented Inflation Reduction Act brought about sweeping changes impacting U.S. taxpayers. Yet, one frequently-debated provision of the tax code ended up remaining unchanged, in spite of demands from representatives of high-tax states with Pass-Through Entity Tax (PTET) laws: the SALT cap. However, although federal legislators who supported a…Read More
GET IN TOUCH GET IN TOUCH Did the IRS hit you with a penalty related to your 2019 and/or 2020 tax returns? If so, there is some good news that may apply to you. You don’t need us to tell you: The Covid-19 pandemic profoundly impacted all aspects of life and continues to be felt…Read More
GET IN TOUCH GET IN TOUCH Being named the beneficiary of a person’s retirement plan is an honor and demonstrates that the person who passed away was willing to trust you with their life savings. However, if you are receiving this type of inheritance, you should know it also comes with significant responsibilities, choices, and…Read More
If you are considering a reverse mortgage, it’s essential to understand how it works.
This article will answer some common questions about reverse mortgages and examine some risks and potential disadvantages to help you make the wisest decision for your circumstances.Read More
GET IN TOUCH GET IN TOUCH For most people, selling a home is a major life event that takes time, planning, and careful consideration. And, as with most big changes in life, it can have some tax implications. If your home is your most significant and valuable asset, you may view selling it as a…Read More
GET IN TOUCH GET IN TOUCH Employee stock options can be a valuable aspect of a good compensation package. However, knowing when and how to exercise your options is not always so simple — and it can be expensive. If you don’t have the cash to cover the expenses of your options exercise out-of-pocket, you…Read More
According to the IRS, qualified business income, or QBI, is “the net amount of qualified items of income, gain, deduction, and loss from any qualified trade or business.”
To explain it more simply: Qualified business income refers broadly to your business’s net profit.
To learn more about the qualified business income (QBI) deduction, and discover what it means for your real estate business or rental property, continue reading.Read More
If you drive for work, use your car for your job, or even use car-for-hire services or rideshare programs for business purposes, you might be able to deduct expenses related to your vehicle.
To discover how you can maximize your tax deduction for the business use of vehicles, continue reading below.Read More
The most common way to profit from owning a piece of real estate is by selling the property for more than you paid, often because the property’s value has appreciated or increased over time.
Fortunately, there is a way to cash out on a property and avoid a hefty capital gains tax bill: Section 1031, or a “like-kind exchange,” allows you to defer or postpone capital gains tax liability on the transaction.
To learn more about 1031, or like-kind exchanges, and what they mean at tax time, continue reading below.Read More
Nobody wants to think about the potential destruction of their personal property due to a disaster or loss due to theft.
However, casualty loss rules are complicated, so there are some things you should know beforehand should the worst happen. Of course, we sincerely hope that you will never need this information. But as the Scout motto goes: Be prepared.
To learn more about what personal casualty or theft losses may be deductible on your tax returns, how to calculate your loss, and when to deduct such losses, continue reading.Read More