If you dispute an Internal Revenue Service decision regarding collection of tax money, you have the right to appeal. To get to this point, you would have received an IRS notification of audit and you would have already gone through such an audit. If you disagree with the IRS determination or certain other aspects of … Read more
Article by David East If an investor wants to defer state and federal capital gains taxes, then they will often take advantage of The Internal Revenue Code 1031 (IRC 1031) property exchange, which allows them to exchange one property for another without paying those taxes. Of course, the properties must qualify as “like-kind” and the … Read more
Owners of establishments and other rental properties usually sell their assets to be able to buy a new one or upgrade to a better building. They want to reinvest it to increase their income. This is one good way of helping your business to recover if you have been in loss for quite some time. … Read more
Also called a Starker Exchange Trust, a 1031 exchange is generally used by someone who wants to sell an investment property that they own, yet do not want to pay any taxes. A 1031 will allow the seller of the investment property to defer the taxes as long as they purchase another property which costs … Read more
Taxes… Say that word and many people will start to groan when they hear it …and with good reason. To begin with, paying annual taxes is usually a financial burden for most people. Each time you review your paycheck, you might feel cheated or abused, considering the federal income tax withholding amounts (let’s not even … Read more