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Is a Like-Kind Exchange a Good Option for Your Business?

Normally, when companies sell properties, they must pay taxes on any gain they receive. Like-kind exchanges, transactions in which companies trade properties, may be carried out without any immediate tax consequences.   They must satisfy IRS rules, however, which include:   The properties must have the same “nature or character,” as set forth in IRS

How Do New Estate Tax Rules Affect You?

You may have heard that there are new rules on estate taxes as a result of the new tax law enacted in early 2013.  Effective Jan. 1, 2013, the top tax rate on estates rose to 40% from 35%, but no tax will be imposed on the first $5.25 million of an estate (adjusted for

Don’t Be Taken in by Phony IRS Requests

The phone rings. The caller says they are from the Internal Revenue Service and they claim you owe taxes and must submit payment through a wire transfer or prepaid debit card. Or you receive an email supposedly from the IRS asking you to share your bank account, credit card or Social Security number.  What should

Documenting Your Charitable Donations

Many people make donations to charities whose work they support, but if you are planning to take a tax deduction for your gift, you must have the proper paperwork. Assembling the right documentation can also be tricky because the requirements vary based on whether the donation is cash and on the value of your gift.

Are You Subject to this New Tax?

You may find a little less in your tax refund this year if you are subject to the new 3.8% net investment income tax that went into effect at the beginning of 2013. It applies to married couples filing jointly with modified adjusted gross income (MAGI) over $250,000 and single people with MAGI above $200,000

Pay the IRS Online!

Paying taxes may never be fun, but it has just become a little easier since the launch of the new IRS Direct Pay system, which allows you to pay your individual federal income taxes or make estimated tax payments online. No fee or pre-registration is required, and the system provides instant confirmation that your payment

Conquer Your Capital Gains Concerns!

Do you take your cost basis into account when it’s time to sell an asset or investment? When you sell an asset or investment, your cost basis—or the amount you originally paid for it—is subtracted from the sales price to determine your capital gain on the sale. If your latest tax return included some surprises

Smart Uses for Your Tax Refund

How should you spend your tax refund? Figuring out the answer is a nice problem to have and one that’s worth consideration. One of the best ways you can use an unexpected windfall like a tax refund is to pay down high-interest debt, such as credit card balances, because it will immediately lower your interest

Internet Gamblers Must Report Foreign Financial Accounts

Internet gamblers who use foreign online poker accounts must report them as foreign financial accounts, a federal court says. Here, the gambler opened accounts in his name on poker websites that were maintained outside of the United States. He was allowed to deposit and withdraw money and carry outstanding balances.  Because the online gaming sites

Expanded Relief for Voluntary Reporting of Foreign Accounts

IRS offers a carrot and stick to those who fess up about foreign accounts: Expanded relief for non-willful violators. U.S. citizens who reside overseas can come in voluntarily and get all penalties waived no matter how much they owe in taxes. Those who live in the U.X. and filed income tax will face a 5%