- Increased Business-Vehicle Deductions Due to Tax Reform
- The Tax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Before getting into these changes, it is appropriate to first provide a review of the two methods for deducting the use of a business vehicle.
- Did You Sell Stocks, Real Estate Or Other Assets This Year?
- When preparing your tax return these transactions receive special treatment and may require some extra tax appointment preparation. These include the following covered in this video.
- Tax Season Is Here. Check Out These Tips To Get The Most Out Of Your Tax Appointment.
- When you arrive at your appointment fully prepared, we’ll have more time to explore additional deductions and consider a tax plan for the future.
- Several Ways to Defer the Tax on Gains
- When a sale of a business or investment property results in a gain, the seller is typically taxed on that gain during the year of the sale, even when the gain was generated over many years. However, the tax code provides opportunities to spread this gain over several years, to postpone it by deferring the gain into another property, or to simply defer it for a specified period of time. These arrangements can be accomplished by selling the property in an installment sale, by exchanging the property for another, or by investing in a qualified opportunity fund. As with all tax strategies, these options have unique requirements. The following is an overview of what tax law says about these strategies.
- Unforced Errors - The 8 Most Common IRS Tax Penalties and How to Avoid Them in 2019
- You know the old line about the inevitability of death and taxes? It’s still true. What isn’t inevitable, however, is the need to pay penalties to the IRS. It happens, but it doesn’t have to, and the main reason that it does is because taxpayers don’t educate themselves about the rules. When you get hit with an IRS penalty, it adds on to a number that you already wish you didn’t have to pay.
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