Installment Sales: Minimizing Capital Gains Tax On Real Estate
When selling real estate, the thought of paying a hefty capital gains tax can weigh heavily on any investor’s mind. However, there’s a useful tax tool available to taxpayers under IRC § 453 in the form of installment sales. This method not only defers tax payments but can also potentially lower the total tax liability. […]
How to Find a Good CPA for Small Businesses
Choosing the right CPA (Certified Public Accountant) is crucial for any small business. A skilled CPA provides vital support in financial planning, tax compliance, and accounting strategy. They can help to prevent costly errors and enhance financial well-being. If you need professional help with planning or preparing your taxes, this guide can help you find […]
A Guide to Filing Federal Income Taxes for Small Businesses
Filing federal income taxes as a small business owner involves navigating specific steps tailored to your business structure. This comprehensive guide provides detailed insights into each stage of the tax filing process, emphasizing the importance of proactive tax planning and professional guidance. Step 1: Collect Your Records Before diving into tax preparation, gather all necessary […]
Breaking Down Retirement Account Options for Self-Employed Individuals
Planning for retirement as a self-employed individual comes with its own unique challenges and opportunities. Unlike traditional employees who may benefit from employer-sponsored plans, freelancers and small business owners must navigate a range of retirement account options tailored to their needs. Let’s explore some of the top choices available in 2024 to help you make […]
What to Do if You Missed the 2024 Tax Deadline
Introduction The Tax Day countdown has passed, but if you find yourself among those who missed the April deadline for filing your federal tax return, don’t panic. While missing the deadline isn’t ideal, it’s essential to take prompt action to minimize penalties and resolve any outstanding tax issues. In this guide, we’ll walk you through […]
How Anyone Can Build Wealth: A Step by Step Guide
Building wealth isn’t just about earning a lot of money; it’s planning and organizing a strategy that guides you toward reaching your financial goals and living the life you want. Whether your goal is to buy a home, secure your children’s education, or retire comfortably, here’s a guide with practical steps to help you achieve […]
How Does Selling Your Home Affect Your Taxes?
Capital Gains Tax on Real Estate and Selling Your Home What is the capital gains tax on real estate? The IRS charges a capital gains tax on the profits made from selling an investment or asset, such as your home. To calculate, subtract your home’s original cost or purchase price (the “tax basis”), plus any […]
Comprehensive Guide to Economic Nexus Policies in the United States
In the realm of state taxation in the United States, the concept of economic nexus has become increasingly pivotal, particularly concerning sales tax. Economic nexus dictates that a business’s tax obligations within a specific state are determined not solely by its physical presence but also by its economic activity within that state. This shift has […]
How to Plan Tax Savings for Retirement: Your Complete Guide
Planning for retirement means more than saving money. It also means knowing how taxes will affect your savings and investments in the future. Did you know you could get a tax break for retirement savings? The federal government offers incentives to save for retirement through taxes, including a federal tax credit for retirement savings. Using […]