Category: Tax Planning
What Is a Section 1035 Exchange? A Smart Strategy for Insurance Policyholders
Just as real estate investors benefit from tax-deferred exchanges under Section 1031 of the Internal…
Understanding Section 1031 Exchange: A Powerful Tool for Real Estate Investors
For real estate investors, tax deferral can be a key strategy in maximizing profits and…
Understanding How FIRPTA Works
FIRPTA Represents – Foreign Investment in Real Property Tax Act FIRPTA is a U.S. tax…
The Educator Expense Deduction can help offset out-of-pocket classroom costs
IRS Issue Number: Tax Tip 2024-66 The Educator Expense Deduction lets eligible teachers and administrators…
Taxpayers should review the education tax credits before they file
IRS Issue Number: Tax Tip 2024-67 There are two education tax credits designed to help offset education…
Passive Foreign Investment Companies (PFIC): A Comprehensive Guide to Filing Form 8612 / PFIC Taxes.
Do you hold an investment in a foreign mutual fund? Watch out – it may…
Tax Now, Tax Deferred and Tax Never
When it comes to taxation, investment and retirement, one should know tax consequences such as…
HOW DO TAXES WORK IN A LIVING TRUST?
A Living Trust is typically a Revocable Trust, which means that the Grantor has the…
Tax Year 2024: Received CP22A from IRS? What is the next step?
The IRS CP22A notice is a communication from the Internal Revenue Service (IRS) that informs…
TAX YEAR 2024: FBAR (FinCEN Reporting Requirements)
Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such…