Section 1031 Exchanges, also known as like-kind exchanges, are often used to postpone gain on the sale of property by buying like-kind replacement property. To avoid gain, or boot, the replacement property must be equal to or of greater value and purchased within a...
Each year, the IRS sends out millions of notices to taxpayers. Some are informational only; others require a response. Not every letter means an audit and, in some cases, the notice you received could have been sent in error. In part because of staffing issues, the...
As we close out 2015, here are year-end moves that will make that April tax deadline less painful. If you’re a high income earner and/or have certain types of income, you may be subject to the net investment income tax discussed in more detail below. Single taxpayers...
You might feel relief since the calendar has moved past April 15th and tax season, but don’t get too comfortable yet. Having just wrapped up another busy season, it’s now time to shift gears to start planning for 2015. No one enjoys paying income tax, but unexpectedly...
The beginning of a new year is a time when many people set goals, establish resolutions, and look optimistically at ways they are going to improve themselves over the next 12 months. While the majority of these tend to be fitness related, financial, involve learning a...
