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.
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.
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.
Q. My wife, who never worked, reached full retirement age for Social Security last month. I will reach it in November, but won’t retire for a few years. Should I wait to apply for benefits?
The IRS is warning taxpayers about an emerging scam. Under the scheme, promoters claim they can obtain a tax refund or nonexistent stimulus payment based on the American Opportunity Tax Credit (AOTC), even if the victim went to school decades ago.