Operating your business as a partnership can offer real advantages. This is also true for LLCs (treated as partnerships for tax purposes). Why? Because operating your business as a partnership or LLC gives you the right to make “special tax allocations” of tax items among the partners. Read the full article for details What is a special tax allocation? Partners … [Read more...]
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83(b): Restricted Stock Awards and Your Taxes
Two facts about stock options you should be aware of… FACT #1: Stock options can lose most or all of their value if the underlying stock goes down in price. FACT #2: In contrast, restricted stock awards retain significant value as long as the underlying stock has appreciated. So what does the tax law have to do with these facts? Plenty. There are important federal and … [Read more...]
Know This About Employer-Issued Incentive Stock Options (ISOs)
Taking advantage of employer-issued incentive stock options (ISOs) can potentially put a lot of money in your pocket. But to come out a winner, you’ll have to make some important decisions. To make them wisely, you’ll need to understand the impact of both the regular federal income tax and the alternative minimum tax (AMT) on your ISOs. Want to find out more about this … [Read more...]
IRS Issues New Bitcoin Tax Guidance
Do you invest in bitcoin or other cryptocurrencies? Do you accept cryptocurrencies as payment in your business? Then my new article is for you! You see, in 2019 the IRS issued new guidance dealing with cryptocurrency tax issues that may have important consequences for you. The punch line: if you bought or sold cryptocurrencies this year, you better report the … [Read more...]
TCJA Changes Vacant Land Tax Strategies
Do you own a vacant lot or other unproductive land? If the answer is “yes,” it’s very likely you’ll need new strategies for tax years 2018 through 2025. You might even need to consider making different investments! Why? Because the Tax Cuts and Jobs Act (TCJA) has impacted every cost you incur to carry that vacant lot or unproductive land investment. Want to understand … [Read more...]