Author: taxsecretsblog

Article Highlights: Stepped-Up Basis Inherited Basis Inheritance Basis Example Step Down Basis Long-Term Capital Gains Tax Rates Jointly Owned Property Gifting Prior to Death You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an

Many taxpayers use the Where's My Refund tool and wonder what "Return being processed" means for them and their refund. The answer: not much yet! The prompt means that the IRS has received your return, but due to Covid-19 delays, the IRS is experiencing a

March 2022 Individual Due Dates March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later

When we are talking about building a sustainable business, we are talking about one that is built to last. Often, entrepreneurs get caught up in the headlines about businesses with hyper-growth rates. We start thinking of how we can replicate these results. But what is

Article Highlights: Benefits of College Savings Plans Contributions Plan Modifications by Recent Tax Acts Prudence in Using the Funds Gift Tax Twist The Qualified State Tuition Plan, often referred to as the Sec 529 Plan, is a tax-beneficial incentive for parents, grandparents, and others to

Therapy and counseling are invaluable services, and counselors make such a difference in clients’ lives that it’s hard to remember that they’re also operating a business. But if you’re a therapist it’s no surprise to you. With tax time right around the corner, now’s the

When we are talking about building a sustainable business, we are talking about one that is built to last.  Often, entrepreneurs get caught up in the headlines about businesses with hyper-growth rates. We start thinking of how we can replicate these results.  But what is

One of the most important things to understand about selling a business is that this is not a decision that should be made lightly. This is true both in terms of who you sell to and with regard to what will happen to your finances

Article Highlights: Itemized Deductions Above-the-Line Deductions Below-the Line Deductions Business Deductions Asset-Sale Deductions Refundable Credits Nonrefundable Credits Carryover Credits Business Tax Credits Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently

One of the most important things to understand about selling a business is that this is not a decision that should be made lightly. This is true both in terms of who you sell to and with regard to what will happen to your finances