If you travel extensively on business, you probably know the drill: Either the airline or hotel, or both, may offer a lower rate if the stay includes a Saturday night. What’s the tax perspective?
A Treasury Inspector General of Tax Administration (TIGTA) report suggests the IRS can do a better job by expanding audits to cover multiple years.
Under a new pact between the United States and Switzerland, Swiss banks may volunteer vital information about U.S. citizens so the banks can avoid criminal prosecution by U.S. authorities.
In a recent article, we discussed exchanging real estate properties tax-free under Section 1031 of the tax code. However, in the real world, it’s unlikely that the owner of the property you desire will be willing to acquire a property you own, or vice versa. Strategy: Use a qualified intermediary to facilitate deals.
A little-noticed rule change for restaurants and similar establishments could have a big impact next year.
Q. My home sale profit will exceed $250,000. Can I avoid tax on the higher amount by selling in installments? N.P.S., Long Beach, Calif.
Generally, you can deduct mortgage interest paid on your principal residence and one other home. In a new case, a couple can deduct mortgage interest for their motor home.
Although ATRA finally resolved much of the uncertainty relating to federal gift and estate taxes, you’re not out of the woods quite yet. Strategy: Plan ahead to avoid the generation-skipping tax. This low-profile but potentially very expensive tax can hit wealth transfers that “skip” more than one generation.
The tax law changes in 2013 for small business owners aren’t as monumental as those for individual taxpayers. But there are still plenty of tax-saving opportunities for businesses at the end of the year.
Q. You say that you must adjust basis for a new business car on a trade-in. Is that also true for real estate exchanges?