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Pay Attention to the Tax Rules if You Turn a Hobby Into a Business
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business.
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Taxes When You Sell an Appreciated Vacation Home
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home.
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Watch Out for “Income in Respect of a Decedent” Issues When Receiving an Inheritance
Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true. While most inherited property is tax-free to the recipient.
The Pros and Cons of Turning Your Home Into a Rental
If you’re buying a new home, you may have thought about keeping your current home and renting it out.
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The Tax Advantages of Including Debt in a C Corporation Capital Structure
You should know that the federal tax code treats corporate debt more favorably than corporate equity. So for shareholders of closely held C corporations, it can be a tax-smart move to include in the corporation’s capital structure
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Growing Your Business With a New Partner: Here Are Some Tax Considerations
There are several financial and legal implications when adding a new partner to a partnership.
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When Partners Pay Expenses Related to the Business
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm.
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When Businesses May Want to Take a Contrary Approach With Income and Deductions
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year.
Don’t Have a Tax-Favored Retirement Plan? Set One Up Now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions.
Keep Reading this post - Don’t Have a Tax-Favored Retirement Plan? Set One Up Now