pA disaster loss is a loss attributed to a casualty occurring in an area declared by the President of the United States to be a disaster area entitled to federal assistance. Thus, in order to qualify as a disaster loss, the loss must also qualify as a casualty.
pBrexit is an abbreviation for the term “British exit.” On June 23, 2016, a referendum was passed by voters in the United Kingdom approving the exit of the United Kingdom from the European Union.
pIf you’re an investor who is looking to sell property, IRC Sec 1031 has good news for you: you can defer any and all capital gains by reinvesting the proceeds of your sale into new property.
pspanMany people use the term “tax planning,” but it is often misunderstood. It is the art of learning how to manage your affairs in ways that postpone or avoid taxes. Skilled tax planning means more money to save and invest, and it can make the tax season more of a financial boost instead of a financial burden.
pspanDid you know that under current law, any family or individual who pays a household employee more than $2,000 (2016) a year must withhold and pay Social Security and Medicare taxes, also known as FICA.
pSo what happens when you inherit retirement plans? It all depends on the type of account. It also depends on whether the beneficiary is a spouse. Those variables will determine the rules that govern how the inheritance is taxed and what options are available.
pspanWith the amount of taxes the IRS already collects from taxpayersspan—/spanas well as the ever-increasing cost of living self-employedspan—/spantax payers can ill afford to overlook claiming as many deductions as the IRS makes available.
pspanIf you’re like me, then this is probably not the first time you’ve ever heard of rent-to-own as an alternative to more traditional methods of home purchase.
pspanDo you happen to be one of many who has dreamt about going into business for yourself but couldn’t put your finger on what kind of business to start? Perhaps you have an idea of what kind of business to start but fear has got in the way of taking the plunge.
