A three-step strategy to save tax when selling appreciated vacant land

Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated land that you want to subdivide into lots, develop them and sell them off for a big profit. Either way, you’ll incur a tax bill. For purposes of […]

Be careful when dealing with NFTs

Recently, the U.S. Treasury Department released a risk assessment report about nonfungible tokens (NFTs). It warns that NFTs are “highly susceptible” to use in fraud and money laundering schemes. Risk rises for NFT platforms and buyers when cybersecurity and antifraud controls aren’t adequate. Confusing copyright and trademark laws, as well as hype and fluctuating pricing […]

Is your home a money pit?

There’s a reason some homeowners refer to their residences as “money pits.” Owning and maintaining a home can be expensive. So it’s important to keep in mind the tax breaks available to homeowners, starting with the mortgage interest deduction. If you itemize deductions, you generally can deduct interest on up to $750,000 in mortgage debt […]

Tax tips when buying the assets of a business

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: Buy the assets of the business, or Buy the seller’s entity ownership interest if the target […]

Guidance issued for clean electricity production credit

The IRS has released proposed regulations that provide guidance for determining and claiming the clean electricity production credit (Section 45Y) and the clean electricity investment credit (Section 48E). The Inflation Reduction Act established the two clean energy credits. Taxpayers may be eligible for a credit on electricity produced from a qualified clean electricity facility or […]

Universal Savings Accounts idea gaining traction

As Congress debates extending provisions of the Tax Cuts and Jobs Act, one concept that’s gaining traction is the use of Universal Savings Accounts (USAs). Speaking before the Senate Finance Committee, Veronique de Rugy, a senior research fellow at George Mason University, said if enacted, “[USAs] will allow workers to save in one simple account […]

Planning for next year’s tax return

Summer’s almost here, and the April tax season is in the rearview mirror. But a few simple tax planning steps during the year can take the stress out of filing your next tax return. You might even be able to improve your next refund or lower your next tax bill. Before heading to the beach, […]

Clean Vehicle Credits

The IRS has issued final regulations to clarify and modify the tax credits for new and previously owned clean vehicles. The credits are part of the Inflation Reduction Act, which allows a maximum credit of $7,500 for a new clean vehicle that meets certain requirements. The credit for previously owned clean vehicles is up to […]

4 bookkeeping pitfalls for small businesses to avoid

Accurate bookkeeping is essential to operating a successful small business. The problems created by inadequate bookkeeping practices can have significant, long-lasting consequences. Here are four common pitfalls — and how to avoid them with the right knowledge and tools. 1. Commingled bank accounts It’s important to maintain a separate dedicated bank account for business transactions. […]

Credit for Summer Camp Expenses

Once kids are out of school for the summer, many will head to summer camp. Although camp can be a costly proposition for parents, day camp costs may count as an expense toward the federal child and dependent care credit. This credit ranges in value from 20% to 35% of day camp expenses, depending on […]