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“Tax Shock” Awaits Many on 2013 Tax Returns

While most taxpayers are aware of the many tax changes that are effective for the 2013 tax year, many taxpayers may not be.  They may be surprised to learn that the tax landscape has shifted precipitously for those who find themselves on the wrong side of a

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Year-end planning: When C corporations should defer or accelerate income

As year end approaches, C corporations, like individuals, should decide when and how to shift income and deductions between 2013 and 2014.  As a general rule, C corporations will benefit from the deferral of income and the acceleration of deductions in the same ways as individuals.

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A Corporation’s Capital Gain and loss Rules

This post discusses the tax treatment of your corporation’s capital gains and losses.  The treatment of capital gains and losses for corporations is different from the treatment of such items for individual taxpayers in several important ways.  In particular, as discussed more fully below, there is no favorable

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Year-End Tax Planning: Be Smart, Start Now

I did all the work for you, so all you have to do is read.  Year-end tax planning could be especially productive this year because timely action could nail down a host of tax breaks that won’t be around next year unless Congress acts to extend them,

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The 3.8% “Rental Income” Income Tax – More Than Meets the Eye

There’s a lot to know when it comes to the new 3.8% net investment income tax (3.8% NIIT). This new tax is imposed on income from several sources and its impact is far reaching. So, analyzing its impact can get complicated fast.

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Tax Benefits from Hiring Your Children

Although unemployment figures are slowly improving, it can still be extremely difficult, if not impossible, in the current job market for some college students and recent graduates to find seasonal or permanent jobs. As this article explains, in addition to the family business perhaps being a child’s

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Owner of 28 rental properties was NOT a “professional” for tax loss purposes

The Tax Court has held that a taxpayer, who owned over 28 rental apartments and who also was engaged as a full-time research associate for a corporation, wasn’t a real estate professional for purposes of the passive activity loss (PAL) rules. As a result, he couldn’t currently

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Overview of the tax provisions in the 2012 American Taxpayer Relief Act

The recently enacted 2012 American Taxpayer Relief Act is a sweeping tax package that includes, among many other items, permanent extension of the Bush-era tax cuts for most taxpayers, revised tax rates on ordinary and capital gain income for high-income individuals, modification of the estate tax, permanent

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Congress Approves Fiscal Cliff Deal

The House passed a deal to avert an income tax rate increase on middle-class families on Tuesday night, following a New Year’s Eve vote by the Senate, sending the bill to President Obama for his signature.  Details of the new law…

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How can lease options help me in this slow economy?

Property owners who’ve had trouble locking down sales are offering potential buyers a gradual approach to purchasing their property — lease options. Although a lease option may not be the ideal structure for a sales transaction, it offers some attractive benefits, especially in today’s down market. This

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