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Category: tax planning

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)

End of Year Donations and Write Offs

Posted in charitable donations,donations,Firm News,tax planning,tax write offs,taxes,write-offs on December 27, 2016

Here at year end many people are preparing to make charitable donations. As long as the checks are in the mail by December 31st, 2016, you will be able to write off the donation on your 2016 tax return. If you are making your donation using a bank-issued credit card, you can claim the write-off… (Keep reading)

IRS Scams – Part 2!

Posted in Firm News,identity theft,IRS,phishing,scams,tax planning,taxes on August 16, 2016

Each year, the Internal Revenue Service releases a list of the worst tax scams. These scams peak at tax season, but they happen all year round. Here’s a roundup of some of the fraudsters’ favorites. Identity theft, phone scams and “phishing” are listed as the top three forms of scams. Identity theft, of course, is… (Keep reading)

Trust Fund Criminal Penalties

Posted in Firm News,IRS,tax planning,trust funds on August 21, 2013

When it comes to employee tax withholdings, business owners can be sentenced to jail if they aren’t careful. In July, Richard Whatley of Salt Lake City was sentenced to a maximum 51 months on federal prison for willful failure to account for payroll taxes. On top of that, he must pay $540,000.00 in restitution. This… (Keep reading)