Combine Home Sale with the 1031 Exchange

Combine Home Sale with the 1031 Exchange

Sep 16, 2019 | Income Tax

You don’t often get the opportunity to even consider making a tax-saving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity. The tax-saving strategy is to combine the tax-avoidance advantage of...
Can the IRS Require Odometer Readings with the Mileage Rate?

Can the IRS Require Odometer Readings with the Mileage Rate?

Sep 11, 2019 | Income Tax

Do you claim your business miles at the IRS optional rate? If so, imagine you are now being audited by the IRS for your business mileage. The IRS has requested odometer readings for your vehicle. You might wonder if the IRS can do this. The answer is yes. The tax code...
QBI Issue When Your S Corp Is a Partner in a Partnership

QBI Issue When Your S Corp Is a Partner in a Partnership

Sep 9, 2019 | Income Tax

It’s common to consider making your S corporation (versus yourself) a partner in your partnership: it saves you self-employment taxes. Does this affect your Section 199A deduction? It does. Guaranteed payments are not qualified business income (QBI) for the Section...
Avoid This S Corporation Health Insurance Deduction Mistake

Avoid This S Corporation Health Insurance Deduction Mistake

Sep 4, 2019 | Income Tax

If you own more than 2 percent of an S corporation, you have to do three things to claim a deduction for your health insurance: You must get the cost of the insurance on the S corporation’s books. Your S corporation must include the health insurance premiums on your...
Divorce and Taxes

Divorce and Taxes

Aug 28, 2019 | Income Tax

Filing status. Your filing status is based on your marital status as of December 31. If you are divorced under a final decree by the last day of the year, you are considered unmarried for the whole year and you cannot choose Married Filing Jointly as your filing...