Tag Archives: Tax Planning

Offshore Trusts Were Used To Commit Tax Fraud, Bankruptcy Court Finds

A federal bankruptcy court has found that a taxpayer used offshore trusts to hide some $1 billion from U.S. taxation. The court was not persuaded that the taxpayer had used the offshore trusts for tax deferral, as he claimed, rather … Continue reading

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Are you coordinating your income tax planning with your estate plan?

  Until recently, estate planning strategies typically focused on minimizing federal gift and estate taxes, such as by giving away assets during life to reduce the taxable estate. Today, however, the focus has moved toward income taxes, making the coordination … Continue reading

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The tax-smart way to replace a business vehicle

Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not … Continue reading

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Boost your 2016 deductions by buying a business vehicle this year

  If you’re looking to boost your deductions — and reduce your 2016 tax bill — you may want to consider purchasing a business vehicle before year end. Business-related purchases of new or used vehicles may be eligible for Section … Continue reading

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Tax Court Denies Conservation Deduction; Easement Not Protected In Perpetuity

With the increased popularity and scrutiny of Conservation Easements, we thought it would be of interest to outline a recent tax court decision.  In a case of first impression, the Tax Court has found that a conservation agreement violated the … Continue reading

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Filed 2013 Taxes? Check. Start Tax Planning for 2014? …. Let’s Get Ahead of the Game!

Taxes are a part of life; they impact almost every part of our lives. Earning monies, operating a business, making purchases, owning real property, and so many other life experiences we encounter affect our taxes.  Proper planning and organizing of … Continue reading

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Tax Treatments of Closing Costs and Other Items When Purchasing Investment Properties

When purchasing an investment property, most investors understand the closing statement (HUD-1) and the immediate financial impact each line item has to them upon purchase of the property.  What seems to be an area of confusion, is the tax treatment … Continue reading

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Tax Relief for Military Spouses

The Military Spouses Residency Relief Act has created an advantage for spouses of our military. Over simplified, but the new law states that the spouse of an active military member is treated as having the same State of Residency as the service … Continue reading

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Recognition of Same-sex Marriage for Federal Tax Purposes

Following up on the Supreme Court’s decision, the IRS announced that it will treat same-sex spouses legally married in a jurisdiction that permits same-sex marriage as married for federal tax purposes, even if they now live in a jurisdiction that … Continue reading

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The Best Tax Break for Homeowners to Exclude up to $500,000 in Home Sale Gains

The Taxpayer Relief Act of 1997 made important changes when you sell your primary residence. Previously you could roll unlimited gains into a new home, but could only take a one-time exclusion of $125,000. The 1997 law lets you exclude … Continue reading

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