Undoubtedly, you’ve worked hard for a long time to amass your current wealth. It would be a shame if creditors or litigious individuals attack your family fortune. Strategy: Set up an Alaska trust to protect your assets.
Small Business Tax
Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?
Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.
Tax-savvy investors know to watch out for the “wash sale” rule. But now there’s an extra wrinkle. New cost basis reporting rules apply to mutual fund shares acquired after 2011.
You’re going to hear a lot about “harvesting” capital gains and losses later this year. It’s all tied into the scheduled demise of the Bush tax cuts. Strategy: Line up the capital gains and losses you expect to recognize. Depending on your situation, you may want to harvest losses soon to offset gains or vice versa.
A new Tax Court case appears to create a blueprint for passing assets to heirs through a family limited partnership (FLP). The case upholds a formula clause for valuing the FLP interests passed to other family members. The IRS has sometimes successfully challenged such clauses in the courts, but this time the Tax Court sided with the taxpayers.
The home sale gain exclusion is one of the biggest federal income tax breaks around. However, the gain exclusion may not be big enough to shelter all of your gain from tax if you sell a highly appreciated home. Strategy: Follow a two-step approach.