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Category: tax planning

Tax Planning 2023

Posted in tax planning,taxes on December 5, 2022

Tax Planning is very complex if you forego tax planning you may be paying more to the IRS than you think, if you keep track of all your expenses and deduct the ones you are allowed, you will pay less income tax than you ever imagined. What can be deducted? Is of the utmost importance… (Keep reading)

The Death of a Loved One is Extremely Difficult

Posted in asset protection,IRS,tax planning,taxes on September 26, 2022

The death of a loved one is extremely difficult. This information should help so at least their final tax return will not be a nightmare. After the death of your spouse, their final tax return (Form 1040) should be filed the following April 15th after their death. The preparer will check a box on the… (Keep reading)

When You’re Self Employed

Posted in asset protection,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on August 18, 2022

A self- employed individual wears two hats for tax purposes, they are both the Employer and the Employee and pay both the Employer and the Employee portions of the FICA and Medicare (Self – Employment) taxes to the IRS.  Self employed individuals fall into three categories.  The first is the Sole Proprietor or Single Member LLC owner… (Keep reading)

What Is Qualified Small Business Stock?

Posted in asset protection,tax planning,taxes on June 15, 2022

Under section 1202 of the tax code, individuals investing in Qualified Small Business Stock (“QSBS”) can exclude a significant portion of associated capital gains when selling or exchanging that stock depending on when it was acquired.  In fact, for QSBS acquired after September 27, 2010, and held over five years, gains may be completely tax-free… (Keep reading)

Tax Season Is Upon Us, 2021 Individual Tax Returns Are Due April 18, 2022

Posted in tax planning,taxes on January 26, 2022

We received three more days to file because of Washington D. C’s Emancipation Day and the weekend. The same is true for C Corporations. The deadline for calendar year S Corporation and partnership is March 15th, 2022. If you file an extension for your return remember that is for the return but your taxes should… (Keep reading)

Proposed 2021 Tax Code Changes

Posted in asset protection,tax planning,taxes on January 5, 2022

As many of you know, Congress is considering changing or not changing parts of the tax code.  These are some items that are being proposed. Capital Gains – There would be no increase from 20% to 25% to the long terms capital gains rate. Corporate Tax Rate – The rate for Corporations will not be increased… (Keep reading)

The IRS Is Focusing on Virtual Currencies or Cryptocurrencies, Such as Bitcoin, Ethereum, and Dogecoin

Posted in commerce tax,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on December 30, 2021

In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938, explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency.   Since the IRS classifies cryptocurrencies like stocks and other investments, not cash or currency.  Therefore,… (Keep reading)

Opportunity for Year End Tax and Asset Planning

Posted in asset protection,commerce tax,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on December 30, 2021

First thing, of course, is be prepared.  I tell everyone who will listen to do their financial and or tax planning on a monthly if not weekly basis.  This will allow you to know where you stand financially and what taxes you owe at that moment so you can plan for the future. Look at low interest… (Keep reading)