Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect ownership of real estate via a pass-through entity such as an LLC, partnership, or S corporation. You may expect to pay Uncle Sam the standard 15% or 20% federal income tax rate that usually applies to long-term capital gains from assets held for more than one year.
A Company Car Is a Valuable Perk but Don't Forget About Taxes
Posted by Nick Wheeler, CPA on Dec 04, 2023
One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees driving the cars. (And of course, they enjoy the nontax benefit of using a company car.) Even better, current federal tax rules make the benefit more valuable than it was in the past.
Posted in Individual Tax, Business Tax
With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2023 and 2024 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations.
Posted in Individual Tax
If you are in the market for a new (not used) electric vehicle this holiday season, you may delay your purchase until 2024.
Posted in Individual Tax
Required Minimum Distributions (RMDs) Relief and Guidance for 2023
Posted by Jessica Hemard, CPA on Sep 11, 2023
If you were born in 1951 and took a required minimum distribution (RMD) this year (due to reaching age 72), you may be able to roll the funds back into your retirement account and not have it subject to income tax. The distribution must have occurred between 1/1/23 and 7/31/23; you have until 9/30/23 to roll the funds back into the retirement account. This could also apply to the surviving spouse of the IRA owner.
Posted in Individual Tax
Summer is around the corner, so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win!
Posted in Individual Tax
With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2022 and 2023 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations.
Posted in Individual Tax
The end of any tax year is a natural time to consider tax planning ideas for the year ahead — and beyond. What tax-related changes should you be aware of this year? We expect to see adjustments to tax brackets and other minor changes to the tax code. But the prospects for more impactful developments in the tax environment are still unclear.
Posted in Individual Tax
The IRS urges everyone to complete a paycheck checkup to make sure they are withholding the right amount of tax from their paychecks.
You can check out the IRS Tax Withholding Estimator to help navigate the complexities of multiple employer tax situations and determine the correct amount of tax for each employer to withhold.
Posted in Individual Tax
White House Unveils Plan to Help American Families Funded by Tax Increases on Wealthy
Posted by Michael D. Machen, CPA, CVA on May 13, 2021
On April 28, 2021, the Biden administration unveiled a $1.8 trillion plan to provide assistance to middle- and low-income families that would be largely funded by tax increases on wealthy Americans. The plan is expected to be fleshed out during President Biden’s first address to a joint session of Congress.
Posted in Individual Tax