Economic Nexus
In 2018, the Supreme Court overruled the previous ruling that states can only require sellers to collect tax when they have a physical presence in the state. Now, states can… Read More »Economic Nexus
Tax
Defer Taxes with a Drop and Swap on Your 1031 Property
When all the partners don’t agree on what to do with the proceeds from the sale of real property, executing a “drop and swap” allows real estate investors to “drop”… Read More »Defer Taxes with a Drop and Swap on Your 1031 Property
Active or Passive? That is the question…
Income falls into three buckets Active Income (wages, business where the taxpayer is materially participating, etc.) Passive Income There are two kinds of passive activities. 1. Trade or business activities… Read More »Active or Passive? That is the question…
Accrual vs. Cash Basis
The two primary accounting methods are accrual and cash basis The main difference between the two methods is the timing of when expenses and revenues are recognized. There are advantages… Read More »Accrual vs. Cash Basis
Filing 1099s in 2023 – Updates and New IRS Filing Portal
What is a 1099? Businesses and Individuals Required to file Forms 1099 Due Date for Forms 1099 Information required to file a 1099 Electronic Filing Update – New IRS Portal… Read More »Filing 1099s in 2023 – Updates and New IRS Filing Portal
TIME TO BRING IN THE HARVEST!
If you sold capital assets in 2022 and generated taxable capital gains, it’s a great time to consider harvesting your capital losses to reduce or eliminate the capital gains tax. Below are a few strategies to consider.
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