Sitting on a piece of investment property that you would like to sell? By structuring the transaction as a tax-deferred exchange, you can delay paying taxes on the full amount of the gain realized. Also known as a "like-kind exchange" or a "1031 exchange," these...
You can enjoy a vacation home and cut your taxes - with some careful planning and a little discipline. The IRS rules can be complex and potentially restrictive, so a word of caution is in order as you plan the use of your vacation home. Owners of vacation homes often...
If you're an officer or on the board of a community organization, you may wonder about the tax requirements that apply to your group. Generally, an organization will not owe taxes if two things are true: * It has registered as an exempt nonprofit organization with the...
If you're receiving a tax refund this year, the IRS reminds you that you can use it to buy U.S. savings bonds directly from the IRS. Here are the details. * You may purchase up to $5,000 in U.S. Series I savings bonds. * The total amount of bonds you purchase must be...
If you do volunteer work for a charitable organization and have not kept track of your out-of-pocket expenses, you might be passing up an excellent opportunity to lower your tax bill. To qualify, your unreimbursed expenses must relate directly to the charity, and you...
During Christmas break and summer vacation, young family members may be looking for a job – and having a hard time finding one. Hire them in your family business, and you get a double benefit: helping the kids gain valuable experience and garnering tax breaks for your...
Selling items on eBay and other online auction Web sites has become a very popular way to get rid of unwanted household stuff, as well as a way to turn a little profit. Many users have even started full-time businesses auctioning merchandise on the Web. But like any...
For many business owners, a business appraisal or "valuation" can furnish vital planning information and help mitigate risk. Consider the following: * Establishing a verifiable value for your business can show whether assets have appreciated at a reasonable rate. If...
One of the first decisions you face as a new business owner is whether or not to incorporate the business. The biggest advantage of incorporating is limitation of your liability. Your responsibility for debts and other liabilities incurred by a corporation is...
If you earned $400 or more of net profit during 2013 (as an example) from work as a sole proprietor or independent contractor, you may owe self-employment tax. That's true no matter what your age – even if you're receiving social security benefits. The tax is assessed...
