When you take advantage of the tax law's offset game, your stock market portfolio can represent opportunities to reduce your 2022 income taxes. The tax code contains the basic rules to follow, and once you know the rules, you can…
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Do you own investment property or a small business? Sooner or later, you will probably want to sell. One of the downsides of selling a business or investment property is the huge tax bill at the end. Profits are likely…
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In 2021 you may have made substantial gifts to your children, grandchildren, or other family members as part of your estate planning. Or maybe you just wanted to help those close to you with some financial support. (more…)
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You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an inheritance to reduce or even avoid taxes when and if they sell inherited property. When an individual sells property,…
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As the end of the year is approaching it’s time to consider implementing some last-minute tax planning strategies that will help reduce your 2021 taxes. Here are five tax reduction ideas. Prepay Expenses Using the IRS Safe Harbor The IRS…
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Tax planning is part of a healthy, strategic financial plan. It’s a great way to take a step back and consider how all facets of your finances and even your lifestyle as a whole have the potential to impact your…
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The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax revenues have declined while government spending has soared. (more…)
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For some time, there have been lawmakers who have expressed their displeasure with the so-called stretch IRAs.These IRAs have permitted certain beneficiaries, such as a young child or a grandchild, to use the Inherited IRA RMD rules to extend the…
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You purchased several rental properties during the year and are looking for ways to reduce the income generated by the buildings. A cost segregation study may provide the tax benefits you want. (more…)
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Have you been like so many other taxpayers and procrastinated about setting up a retirement plan for your small business? Here’s why you shouldn’t wait any longer. You are paying income taxes that could easily be avoided. (more…)
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