RETIREMENT AND ESTATE PLANNING UPDATES
A new year brings fresh opportunities to strengthen your retirement and estate plans. With updated contribution limits and evolving planning strategies, now is the time to review your accounts and ensure you’re maximizing every available advantage. Here’s what to keep on your radar for 2026:...
TAX IMPLICATIONS OF SELLING A BUSINESS
Selling a business is often the most significant liquidity event in an entrepreneur’s life. Dive in to review the most important tax considerations we are discussing with business owners in 2025 and early 2026....
THE TAX ADVANTAGES OF HOMEOWNERSHIP IN 2025: WHAT YOU NEED TO KNOW
🏡 The Tax Advantages of Homeownership in 2025: What You Need to Know For many Americans, owning a home is more than just a milestone—it’s also a smart financial move. Beyond the benefits of building equity and long-term appreciation, homeownership continues to offer several valuable tax advantages in 2025...
DON’T MOVE … UNTIL YOU’VE CONSIDERED THE TAX IMPLICATIONS
Many people think about moving to another state. However, it’s important to consider the tax ramifications before doing so. This article urges readers to identify all applicable taxes in a destination state and recommends being prepared to meet the legal requirements for establishing domicile....
WHO CAN TAKE HOME OFFICE DEDUCTIONS?
Working from home was widespread during the COVID-19 pandemic, and many people continue working from their homes today. Those workers may wonder, “Can I claim home office tax deductions?” The short answer is: Only if you’re self-employed. This article delves deeper into the rules...
UPDATED GUIDE TO ROBUST DEPRECIATION WRITE-OFFS FOR YOUR BUSINESS
Section 179 of the tax code provides opportunities for substantial first-year depreciation deductions when a business places newly acquired qualifying assets into service. The Sec. 179 deduction amounts change annually due to inflation adjustments and certain limitations apply. Additionally, it’s important to consider any available...
UNLOCKING TAX SAVINGS: THE BENEFITS OF A COST SEGREGATION STUDY
A cost segregation study is a strategic tax planning tool that allows a business property owner to accelerate depreciation deductions. That, in turn, will enable the owner to reduce taxable income and increase cash flow. Take a look at the powerful tax benefits of this...
SENIORS: A TAXWISE ALTERNATIVE TO SELLING YOUR APPRECIATED HOME
In recent years, the residential real estate market has surged in many areas. That means there are more seniors with highly appreciated homes than ever before. Here’s one tax-saving strategy to consider for seniors who may be wondering whether they should sell or stay in...
USING AN IRA WITHDRAWAL FOR A QUALIFIED HOME PURCHASE
Taxpayers hoping to purchase a home may find themselves short of cash for a down payment or related costs. That’s where withdrawing from an IRA could come in handy. But for taxpayers who are below age 59½, the IRS considers that to be an “early...
RENTING TO FAMILY MEMBERS
Owners of residential real estate may consider renting their properties to family members. As rents rise in many parts of the country, renting property at a discount to family members may seem like a good way to help relatives in need. But these arrangements can...
DO YOU RUN A BUSINESS FROM HOME?
Many people who began working from home during the COVID-19 pandemic are still doing so, full or part-time. Business owners who moved their operations to a home office, or at least began performing some work functions there, may be able to claim home office expenses...
MOVING OUT OF STATE? LEARN ALL THE TAX IMPLICATIONS FIRST
Many people might think about moving to another state. However, it’s important to consider the tax ramifications before doing so. This article urges readers to identify all applicable taxes in a destination state ahead of time and recommends learning what the legal requirements are for...
QUALIFYING FOR THE HOME OFFICE DEDUCTION
Working from home has become the norm for many people in recent years. Now they might be wondering if they can claim the home office deduction for 2022. The short answer is: Only those who are self-employed can claim it. This article delves deeper into...
PROTECT YOUR BUSINESS WITH METICULOUS RECORDS
Abstract: Running a business requires that strong, supportable records be kept. Every expense that appears on a tax return might have to be defended if the IRS decides to audit the return. And failing to operate in a businesslike manner and keep good records might...
SELLING TRADE OR BUSINESS PROPERTY? KNOW THE TAX EFFECTS
The sale of business or trade property can be subject to many rules, depending on the details. Factors that affect the taxability of the sale include the type of property, the primary use and how long the property was held. This article gives a rundown...
TAKING CASUALTY LOSS TAX DEDUCTIONS IS NOW HARDER
In recent months, some Americans have been victimized by severe storms, flooding, wildfires and other disasters. No matter where someone lives, an unexpected disaster may cause damage to his or her home or personal property. Before the passage of the Tax Cuts and Jobs Act,...
SHOULD AN LLC HOLD YOUR VACATION HOME?
Holding a vacation home shared by family members in a limited liability company is one option that can offer important benefits. This short article lists several: asset protection, ease of management, ownership restrictions and estate planning advantages....
HOME’S WHERE A TAX BREAK MIGHT BE
If you own a home, the interest you pay on your home mortgage may provide a tax break in the form of the mortgage interest deduction. However, you must itemize deductions on your tax return and follow a few other rules. Acquisition debt A personal interest deduction...
REVIEW YOUR ESTATE PLAN FOLLOWING A MAJOR SHOCK
Generally, it’s recommended that individuals review their estate plans at year’s end. However, with a life shock as monumental as the COVID-19 pandemic, it might be a good idea to get an earlier start. This article provides examples of potential revisions and discusses wills and...
IS YOUR PORTFOLIO READY FOR A REIT?
The stock market’s roller coaster ride this year, spurred largely by the COVID-19 crisis, has many people craving stability. One way to potentially steady a portfolio is with real estate. This article looks at real estate investment trusts....
INSTALLMENT SALES MAY ATTRACT PROPERTY BUYERS
Many businesses and individuals are unexpectedly looking for liquidity this year. One way to raise cash is to sell off real property, though finding ready buyers has gotten more difficult. This article discusses one potential solution: an installment sale....
ROLLING OVER CAPITAL GAINS INTO A QUALIFIED OPPORTUNITY FUND
Anyone selling a business interest, real estate or other highly appreciated property could get hit with a substantial capital gains tax bill. One way to soften the blow — though it ties up the funds long term — is to “roll over” the gain into a...
EXECUTIVE COMPENSATION REQUIRES INFORMED DECISION-MAKING
Business owners want to compensate themselves and their top executives fairly and competitively for their work, results and commitment. But how can they do so without attracting undue IRS scrutiny and claims of inappropriate compensation? This article explains some important factors to consider for both...
VACATION HOMES: DO YOU UNDERSTAND THE TAX NUANCES?
A vacation home can provide a welcome retreat from the hustle and bustle of everyday life. But that’s not all: It can also offer valuable tax benefits. This article sorts out the rules for claiming a tax break....
DID YOU REPAIR YOUR BUSINESS PROPERTY OR IMPROVE IT?
Business owners may think that, if they repair a piece of tangible property, they’ll qualify for an immediate tax deduction. But the IRS may define that “repair” as an “improvement,” and require the costs to be depreciated over a much longer period. This article explores...
CATCHING UP WITH THE HOME MORTGAGE INTEREST DEDUCTION
Among the biggest tax perks of buying a home is the ability to deduct mortgage interest payments. But this deduction has undergone some changes recently, so taxpayers may need to do some catching up. This brief article explains how the tax break has changed....
CONSIDER SEPARATING REAL ESTATE ASSETS FROM YOUR BUSINESS
Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are valid and potentially beneficial tax...