By month: December 2022

Section 1031 Exchanges vs. Qualified Opportunity Zone Funds: Which Is Better?

When you sell commercial or rental property, you can avoid paying capital gains tax by (1) completing a Section 1031 exchange for another replacement property, or (2) investing all or part of the gain in a qualified opportunity zone fund. Which is best for you depends on your specific goals.

Crowdfunding: Is It Taxable?

Billions of dollars are raised each year through crowdfunding websites such as GoFundMe and Kickstarter. Whether this money is taxable income to the recipient depends on whether it is a gift, a payment made in return for a reward, a loan, or a payment made in return for equity ownership in a business.

2023 Retirement Plans Desktop Reference for One-Person Businesses

Download your PDF copy of the 2023 retirement plans desktop reference for one-person businesses.

Q&A: Home-Office Deduction for Orthodontist

Learn how orthodontists and other professionals can have an office downtown and also qualify for a home-office deduction using tax law’s administration rules.

$80 Billion to the IRS: What It Means for You

The Inflation Reduction Act gives the IRS an additional $80 billion over the next decade, enabling it to add thousands of new employees and upgrade its operations. Audits will increase over the next few years, but not for everybody. High-income taxpayers will be in the IRS’s crosshairs.

Q&A: Two More Reasons NOT to Rent Equipment to Your Corporation

Should you buy equipment, vehicles, and other personal property in your personal name or an LLC name and then rent them to your corporation? There’s much to consider, as you learn in this Q&A.

Use In-Kind RMDs to Avoid Selling Your Retirement Account Assets

If you need to make a required minimum distribution (RMD) from your IRA or other retirement account this year, doing an in-kind distribution enables you to avoid selling stocks or other securities in your account that have gone down in value over the past year. An in-kind RMD can also reduce taxes on future appreciation when you later sell the assets.

Is Mileage to Rental Properties Tax-Deductible?

How do you treat a trip from your home to your rental property? Does the trip produce deductible mileage? Or is the trip a personal commute? If it’s a personal commute, what could you do about it?

I Won My Home-Office Deduction

During an IRS audit, this taxpayer and his CPA won their case by being persistent and using two articles from the Tax Reduction Letter.


[ View / Print full text of all articles in this issue ]