1031 Exchange for Commercial Real Estate

A 1031 exchange is defined under section 1031 of the Internal Revenue Code. This code states that if an asset, usually some kind of real estate like land or building, is sold and the proceeds of the sale are reinvested in a similar kind of asset, then no gain or loss is recognized, permitting the deferment of capital gains taxes. A 1031 exchange is also called Like Kind exchange.

The IRCS1031 Tax-Free Exchange - Calculating the Basis of Replacement Property

This article provides a very brief introduction to two different methods and approaches for the computation of the basis of replacement property receive in an Internal Revenue Code Section 1031 (IRCS1031) exchange.

Deducting the Home Office: For Itemizers and Non-Itemizers

The IRS provides numerous examples on a variety of topics, usually focused on what the taxpayer cannot do. This article covers some of the planning opportunities, focusing on what you can do to legitimately deduct your home office expenses and to maximize your home office expense deductions.

What has IRS Packaged Up for You for 2006?

What are some of the new tax provisions that can help you or create problems for you for the 2006 tax year? Learn what you are now required to provide to make deductible charitable contributions.

Get Your Taxes In Order As The Year Comes To A Close

If you complain about paying taxes, and who doesn’t, then you need to take steps to limit the pain next April. Yep, you should always make adjustments to your finances at the end of each year.

Tax Deduction Options You May Have Missed

As a business person or everyday taxpayer you may think that you have taken every conceivable tax deduction available to you. However, if you paid closer attention to recent amendments to the tax code you may have uncovered some additional special deductions for the most recent tax year.

Home Business Taxes

Not sure how to prepare your home business taxes? Are you wondering what kind of deductions you qualify for? Do you have a home based business and not sure how to handle your taxes?

1031 Tax Deferred Exchanges

1031 Tax Deferred Exchanges - The Best Kept Secret in Real Estate Investing!

How to Get Social Security for Both Spouses When There Is Only One Business

A husband and wife who own a business can choose to classify the business as a partnership for federal tax purposes by filing partnership tax returns, OR they can choose to classify the business as a sole proprietorship by filing a Schedule C (Form 1040) listing one spouse as the sole proprietor

Finding and Filing State Tax Forms Online

It's time once again to prepare and file your State income tax and you need the necessary forms. Did you know that finding and filling out your State tax forms is a cinch, when you do it online.

Year End Tax Saving Tips

Are you in sales? Did you start a new business? Don't miss this opportunity to save on your income tax return.

IRS Has a New Tax Refund, See if You Qualify (2006)

The Telephone Excise Tax Refund (TETR) is a one-time payment available on your 2006 federal income tax return.

How To Turn Ordinary Personal Expenses Into Legitimate Business Expenses - And Make An Extra $500!

Most people think they are paying too much in taxes, yet, very few people do anything about it. Then why do most people freeze in their tracks when offered information on how to reduce their taxes? The three main reasons are:

The New Bush Energy Tax Credit Can Save You Money on Taxes

To your credit, you've practiced energy conservation and just purchased energy efficient windows and insulation for your house. You can transform this into an energy tax credit on your income tax. This is a true tax credit not just a deduction, in other words you can take a reduction (credit) on your taxable income.

IRS Auditing Big Corporations Less?

An IRS audit is one of those rain day events you hope never comes. For many taxpayers that get audited, a common question is why doesn't the IRS go after bigger corporation that have all the money?