NKSFBTax Insights
Pay Attention to the Tax Rules if You Turn a Hobby Into a Business
July 22, 2024
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
July 15, 2024
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.
Watch Out for “Income in Respect of a Decedent” Issues When Receiving an Inheritance
July 8, 2024
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
July 1, 2024
If you’re buying a new home, you may have thought about keeping your current home and renting it out.
The Tax Advantages of Including Debt in a C Corporation Capital Structure
June 24, 2024
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
Growing Your Business With a New Partner: Here Are Some Tax Considerations
June 10, 2024
There are several financial and legal implications when adding a new partner to a partnership.
When Partners Pay Expenses Related to the Business
June 3, 2024
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.