Skip to Content

Tax Insights

Making Withdrawals From Your Closely Held Corporation That Aren’t Taxed as Dividends

April 4, 2022

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible by the corporation.

Keep Reading

Married Couples Filing Separate Tax Returns: Why Would They Do It?

March 28, 2022

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation.

Keep Reading

Are You Ready for the 2021 Gift Tax Return Deadline?

March 21, 2022

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway.

Keep Reading

Defer Tax With a Like-Kind Exchange

February 28, 2022

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind exchange strategy may be attractive.

Keep Reading

1 3 4