NKSFBTax Insights
Divorcing Business Owners Should Pay Attention to the Tax Consequences
November 13, 2023
If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it.
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Guaranteeing a Loan to Your Corporation? There May Be Tax Implications
November 6, 2023
Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re required to pay principal or interest under the guarantee agreement, you don’t want to be caught unaware.
Selling Your Home for a Big Profit? Here Are the Tax Rules
October 23, 2023
Many homeowners across the country have seen their home values increase in recent years. Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT).
The Tax Consequences of Employer-Provided Life Insurance
October 16, 2023
If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications.
Plan Now for Year-End Gifts With the Gift Tax Annual Exclusion
October 9, 2023
Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000.
The Advantages of Using an LLC for Your Small Business
October 2, 2023
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be a good choice for your business.
A Tax-Smart Way to Develop and Sell Appreciated Land
September 25, 2023
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill.