FAQ’s

Frequently Asked Questions (FAQ’s) begin on page 4 of each monthly newsletter.

2016 Editions

May 2016 Newsletter

  1. What is the difference in selling my business to a competitor as opposed to a family member?
  2. I did not file my tax return, nor extension for 2015, what do I do? 
  3. Do I charge sales tax on items purchased with a coupon?

April 2016 Newsletter

  1. I would like to file an amended return. Can I go back 8 years?
  2. What happens if I filed an extension three years ago? 
  3. If I suffer someone has stolen from me, how long can I amend my return?

March 2016 Newsletter

  1. I need a loan. Can a loan be taken from an IRA?
  2. What happens if a loan is taken from an IRA?
  3. If I have a qualifying plan and take a loan and default, then what?

February 2016 Newsletter

  1. When should someone evacuate versus sheltering-in-place?
  2. Can you clarify your recommendations on the storage of medications in an emergency kit?
  3. Where can I have my immediate needs met?

January 2016 Newsletter

  1. It is clear that I will end up owing taxes for the 2015 tax year. What can I do in order to reconcile the situation with the IRS?
  2. What will the estate tax exemption be for 2016?
  3. When I sell my business, what assets can I expect to keep in the transaction?

2015 Editions

December 2015 Newsletter

  1. What should I do if I made a mistake on my tax return that I’ve already filed?
  2.  Why do some companies offer a tax refund in as little as one day, while others do not and is this a good thing?
  3.  Is it possible to reduce my income taxes if I own a business by shifting income elsewhere?

November 2015 Newsletter

  1. I am interested in giving my employees some kind of employee ownership. What do you recommend?
  2. Once again we face the peril of capital gains tax rates and the estate tax burdens rising.  What is a good game plan to follow?
  3. I am thinking about making purchases of large equipment, how much may I deduct immediately under Section 179 in the year 2015?

October 2015 Newsletter

  1. Is it possible to have Roth and traditional IRAs as part of a comprehensive plan?
  2. Are Roth and traditional IRAs taxed differently in an estate?
  3. I own a business that is moderately successful and would like to see it passed on to my wife and children.  How and when is the best time to start the process or begin planning the transfer?

September 2015 Newsletter

  1. My father died in 1999. My mother passed away last month. Will I have to pay estate taxes based on the value of the estate?
  2. How do I deduct expenses from an estate to arrive at the true value of the estate?
  3. Using a last will & testament, can an estate effectively move a business from decedent to heir?

August 2015 Newsletter

1. What forms do we file to report a loss on the sale of a rental property?
2. I’ve heard that I can sell my rental property and use the proceed to purchase another rental property of equal or greater value and the transaction is viewed just like an exchange in that the tax is deferred until the new property is sold. Is that true?
3. I’m renting a house to my son and daughter-in-law. Can I claim rental expenses?

July 2015 Newsletter

  1. I purchased stock from my employer under a § 423 employee stock purchase plan and received a Form 1099-B for selling it.
  2. How do I report this?I would like to set up a Subchapter S Corporation.
  3. How do I do this?Where is the best place to store estate plan documents?

June 2015 Newsletter

  1. If I lease office furniture with the option to buy, when do I depreciate the purchase price?
  2. Are business gifts deductible?
  3. I am exchanging property in a 1031 “like-kind-exchange”. Can I exchange my one property for more than one property?

May 2015 Newsletter

  1. What is a “full-time equivalent” (FTE) employee?
  2. If I am a large employer, can I eliminate the need for employee healthcare by reducing everyone to 30 hours per week?
  3. I am interested in giving my employees some kind of employee ownership.  What do you recommend?

April 2015 Newsletter

  1. I am interested in having my business valued for a number of reasons.  Is a valuation done for estate planning purposes effective for other purposes such as financing as well?
  2. I would like to set up a Subchapter S Corporation.  How do I do this?
  3. I am the owner of an S Corporation.  If in any given year I do not take any money out of the company, will I have to pay taxes on the income from the business?

March 2015 Newsletter

  1. I am exchanging property in an 1031 “like-kind exchange.”  Can I exchange my one property for more than one property?
  2. I just opened a business and formed it as a Limited Liability Company under my state’s laws.  For federal tax purposes, how do I classify my LLC?
  3. My business is in arrears on its payments.  What is my best course of action?

February 2015 Newsletter

  1. Is an S Corporation required to pay quarterly estimated tax
  2. If an employee claims more than 10 deductions on their Form W-4, does the employer have to report this to the IRS? 
  3. How do you determine if a worker is an employee or an independent contractor?

January 2015 Newsletter

  1. What are the standard mileage rates for 2014 and 2015? 
  2. If I use standard mileage rate in place of actual expenses, do I also need to figure depreciation of the vehicle? 
  3. I own a business and use a vehicle for business travel.  On what form and line do I deduct the standard mileage rate?

 

2014 Editions

December 2014 Newsletter

  1. Should I incorporate
  2. I just opened a business and formed it as a limited liability company under my state laws.  For federal tax purposes, how do I classify my LLC? 
  3. How do I deduct expenses from an estate to arrive at the true value of the estate?

November 2014 Newsletter

  1. Where is the best place to store estate plan documents?
  2. My wife and I run a business together.  How must we file our taxes?
  3. How do you determine whether a worker is an employee or an independent contractor?

October 2014 Newsletter

  1. When I sell my business, what assets can I expect to keep in the transaction?
  2. I am interested in selling my business, but I do not have children and my key employees are looking to go elsewhere.  What should a business owner do in this situation?
  3. Even though it is mid-year, is there any tax or business advice for the business owner that would be worthwhile for the current tax year?

September 2014 Newsletter

  1. My father just passed away.  Will I have to pay estate taxes on the value of the estate
  2. How do I deduct expenses from an estate to arrive at the true value of the estate?
  3. Can a business be passed from one generation to the next by the use of a simple will?

August 2014 Newsletter

  1. Can the Section 179 expenses be carried forward into future years if all of the deduction cannot be used in the current year
  2. I an a business person with accounts receivable owed to my business.  If my clients do not pay their obligations, can I “write off” the amounts clients do not pay?
  3. My business is in arrears on its payments to creditors.  What is my best course of action?

July 2014 Newsletter

  1. What is the Additional Medicare Tax
  2. What is the rate of the Additional Medicare Tax?
  3. What wages are subject to the Additional Medicare Tax?

June 2014 Newsletter

  1. I am planning on buying a large piece of equipment, is there any way I could deduct the cost of this equipment rapidly? 
  2. I am interested in having my business valued for a number of reasons.  Is a valuation done for estate planning purposes effective for other purposes such as financing as well?
  3. I am selling my house.  Does the primary residence exclusion still apply?

May 2014 Newsletter

  1. As an employer, am I required to pay my employees sick time, vacation, and otherwise supply them with paid time off? 
  2. Where is the best place to store estate plan documents?
  3. I have recently had my business valued.  The value between what I believe the value should be and what is calculated are completely different.  Why is this?

April 2014 Newsletter

  1. Is it possible to have Roth and traditional IRAs as part of a comprehensive plan? 
  2. Are Roth and traditional IRAs taxed differently in an estate?
  3. For the purpose of retiring, are there some states that are better than others from a tax standpoint?

March 2014 Newsletter

  1. I purchased rental property and there were a lot of costs involved.  What costs am I allowed to deduct? 
  2. Due to the conditions that exist in the real estate market, the sale of my rental property netted a loss.  How do I report the loss on the sale of rental property?
  3. If I make repairs or improvements to my rental property, are those alterations subject to an immediate deduction or are they more likely to be depreciated over time?

February 2014 Newsletter

  1. I have yet to contribute to my IRA.  When is the last day I can contribute funds to my IRA for the 2013 year?
  2. I will end up owing taxes for the 2012 tax year.  What can I do in order to reconcile the situation with the IRS?
  3. What will the estate exemption be for 2014?

January 2014 Newsletter

  1. I own a business that is moderately successful and would like to see it passed on to my wife and children.  How and when is the best time to start the process or begin planning the transfer?
  2. Why is it important to perform estate planning even if you do not intend to pass your business onto the next generation or exit the business?
  3. Since I have had my last valuation done, the value of my business has dropped considerably.  Why might this be?

 

2013 Editions

December 2013 Newsletter

  1. Where is the best place to store estate plan documents?
  2. My wife and I run a business together, how must we file our taxes?
  3. How do determine whether a worker is an employee or independent contractor?

November 2013 Newsletter

  1. I am the owner of an S Corporation.  If in any given year, I do not take any money out of the business, will I have to pay tax on income from the business?
  2. I just opened a business and formed it as a limited liability company under my state’s laws.  For federal tax purposes, how do I classify my LLC?
  3. How do I deduct expenses from an estate to arrive at the true value of the estate?

October 2012 Newsletter

  1. I heard from a promoter that Family Limited Partnerships are the ideal way to set up a family business in most cases.  Is this true?
  2. I currently have employees that do not carry health insurance.  What should they do?
  3. What does the government shutdown mean for me?

September 2013 Newsletter

  1. I am exchanging property in a 1031 “like-kind-exchange.”  Can I exchange my one property for more than one property?  
  2. I’d like to set up an Individual Retirement Account (IRA). What are the contribution limits for 2013?
  3. I would like to value my business so I can sell it.  Is there a multiple I could use as a rule of thumb which would be accurate?

August 2013 Newsletter

  1. Now that the Supreme Court has upheld the Patient Protection and Affordable Care Act, how will this affect my business in the years to come?  
  2. I’d like to set up a Subchapter S Corporation.  How do I do this?
  3. Where is the best place to store estate plan documents?

July 2013 Newsletter

  1. I just opened a business and formed it as a Limited Liability Company under my state’s laws.  For federal tax purposes, how do I classify my LLC?  
  2. I’d like to set up a Subchapter S Corporation.  How do I do this?
  3. I am the owner of an S Corporation.  If in any given year I do not take any money out of the company, will I have to pay taxes on the income from the business?

June 2013 Newsletter

  1. The S Corporation comes with the burden of complying with the 2% Shareholder Rules, does a C Corporation have the same issue?  
  2. Does a single member LLC benefit from the same level of protection from liability as a multiple member LLC?
  3. How many states now have the Series LLC?

May 2013 Newsletter

  1. Can Section 179 expenses be carried over into future years if all of the deduction cannot be used in the current year?  
  2. What should I do if I make a mistake on my tax return that I have already filed?
  3. My business is in arrears on its payments.  What is my best course of action?

April 2013 Newsletter

  1. In 2014, the new healthcare mandate will begin.  How will this affect my business?  
  2. What is a “full-time equivalent” (FTE) employee?
  3. If I am a large employer, can I eliminate the need for employee healthcare by reducing everyone to 30 hours per week?

March 2013 Newsletter

  1. My father just passed away.  Will I have to pay estate taxes on the value of the estate?  
  2. How do I deduct the expenses of an estate to arrive at the true value of the estate?
  3. Can a business be passed from one generation to the next by the use of a simple will?

February 2013 Newsletter

  1. Is it possible to have Roth and traditional IRAs as part of a comprehensive plan?  
  2. Are Roth and traditional IRAs taxed differently in an estate?
  3. For the purpose of retiring, are there some states that are better than others from a tax standpoint?

January 2013 Newsletter

  1. What form is the manufacturing deduction calculated on?  
  2. Can the section 179 expenses be carried forward into future years if all of the deduction cannot be used in the current year?
  3. How broadly does the Domestic Productions Activity Deduction apply?

 

2012 Editions

December 2012 Newsletter

  1. I have a business which I would like to establish a value for.  Is there a commonly used formula or multiple which I can use in order to value my business?  
  2. If I have the desire to bring my children into the business, is there any course of action that is recommended?
  3. What is the latest news with the estate and gift tax exemption?

November 2012 Newsletter

  1. Where is the best place to store estate plan documents?  
  2. I own a business that is moderately successful and would like to see it passed on to my wife and children.  How and when is the best time to start the process or begin planning the transfer?
  3. Why is it important to perform estate planning even if you do not intend to pass your business on to the next generation or exit the business?

October 2012 Newsletter

  1. Can Section 179 expenses be carried forward into future years if all the deductions can’t be used in the current year?  
  2. I am a businessperson with accounts receivable owed to my business.  If my clients do not pay their obligations, can I “write off” the amounts clients do not pay?
  3. My business is in arrears on its payments.  What is my best course of action?

September 2012 Newsletter

  1. When I sell my business, what assets can I expect to keep in the transaction?  
  2. I am interested in selling my business, but I do not have children and my key employees are looking to going elsewhere.  What should a business owner do in this situation?
  3. Even though it is mid-year, is there any tax or business advice for the business owner that would be worthwhile for the current tax year?

August 2012 Newsletter

  1. If I have tax issues, can I discharge the tax debt in bankruptcy?  
  2. If I have an unpaid tax liability, what can I do?
  3. I own a business containing real estate, but would like to retire.  What are my options regarding exiting my business?

July 2012 Newsletter

  1. Now that the Supreme Court has upheld The Patient Protection and Affordable Care Act, how will this affect my business in the years to come?  
  2. How can this income spike be avoided?
  3. As far as selling a business or appreciated assets, is 2012 a better year to close as opposed to 2013?

June 2012 Newsletter

  1. I am interested in giving my employees some kind of employee ownership. What do you recommend?  
  2. Once again we face the perils of capital gains tax rates and estate tax rates rising.  What is a good game plan to follow?
  3. I am thinking about making purchases of large equipment.  How much may I deduct immediately under Section 179 in the year 2012?

May 2012 Newsletter

  1. I am a sole proprietor.  Must I have a tax identification number?  
  2. What is included in an estate for estate tax purposes?
  3. Is my business worth more or less this year due to the dampened economy?

April 2012 Newsletter

  1. What is the capital gains tax rate for stocks I sell in 2012?  
  2. My business has operated at a loss for the past 3 years according to the tax returns.  How can I get a mortgage?
  3. I operate a small business.  At what point should I turn to professionals to do my accounting / taxes?

March 2012 Newsletter

  1. I have a small business.  What is the best way for me to pass this business on to my family when the time comes?  
  2. I want to invest money in an IRA for 2011; has the opportunity passed?
  3. As far as business tax planning for 2012 is concerned, is there anything in particular I should be aware of?

February 2012 Newsletter

  1. I owe a substantial amount to the IRS in taxes. Is there a specific way that you recommend that I pay down the balance?  
  2. If I owe taxes is it best to file a tax return or not to file?
  3. If I miss a deduction on my tax return what should I do?

January 2012 Newsletter

  1. As an employer, am I required to pay my employees for sick time, vacation, and otherwise provide supply them with paid time off?  
  2. How many days per week can an employer require an employee to work?
  3. Are employers ever required to pay double time?

 

2011 Editions

December 2011 Newsletter

  1. I have yet to contribute to my IRA.  What is the last date I can contribute funds to my IRA for the 2011 year?  
  2. I will end up owing taxes for the 2011 tax year.  What can I do to in order to reconcile the situation with the IRS?
  3. What will be the estate exemption for 2012?

November 2011 Newsletter

  1. What is a Series Limited Liability Company (Series LLC)?  
  2. Can I convert my regular LLC into a Series LLC?
  3. What is the IRS’s position on the Series LLC?

October 2011 Newsletter

  1. In 2013, what happens to the Estate & Gift Tax?  
  2. How do you determine whether a worker is an employee or an independent contractor?
  3. I am an S Corporation owner, and I recently sold business assets that have been held for over a year.  How do I report the sale of these assets?

September 2011 Newsletter

  1. When the Budget Act of 2011 passed, were any tax provisions included within it?  
  2. I am a business owner and I pay some personal expenses from my business accounts from time to time.  Must I included this amount in my income?
  3. What is the maximum that can be contributed to an IRA?

August 2011 Newsletter

  1. I’m planning on buying a large piece of equipment.  Is there any way I can deduct the cost of this equipment rapidly?
  2. I am interested in valuing my business for a number of reasons.  Is a valuation done for estate planning purposes effective for other purposes such as financing as well?
  3. I am selling my house.  Does the primary residence exclusion still apply?

July 2011 Newsletter

  1. I have a business which I would like to establish a value for.  Is there a commonly used or well accepted formula or multiple I can use in order to value my business?  
  2. My sons are interested in being in business with me and are convenient successors.  Should I assimilate them into the business with me as my successors?
  3. If I desire to bring my children into the business as potential successors, is there any recommended course of action to assure their successful assimilation?

June 2011 Newsletter

  1. I own my own business and I am considering retiring.  What should a business owner due in order to retire?  
  2. I am a business owner, how much can I put in retirement accounts?
  3. I must amend an older tax return.  How much time do I have to amend a previous year’s tax return?

May 2011 Newsletter

  1. For the purpose of retiring, are there some states that are better than others from a tax standpoint?  
  2. Is it possible to have Roth and traditional IRA’s as part of a comprehensive plan?
  3. Are Roth and traditional IRA’s taxed differently in an estate?

April 2011 Newsletter

  1. I own a business that is moderately successful and would like to see it passed on to my wife and children.  How and when is the best time to start the process or begin planning the transfer?  
  2. Why is it important to perform estate planning even if you do not intend to pass your business onto the next generation or exit the business?
  3. I rent my home out 2 weeks per year to a couple from Ireland each year.  Do I have to report this income from the rental of our house?

March 2011 Newsletter

  1. What should I do if I made a mistake on my tax return that I have already filed?  
  2. Why do some companies offer a tax refund in as little as one day while others do not, and is this a good thing?
  3. Is it possible to reduce income taxes if I own a business by shifting income elsewhere?

February 2011 Newsletter

  1. How long do I have to rollover a retirement distribution?  
  2. What is the difference between a living will and a healthcare power of attorney?
  3. Where is the best place to store estate plan documents?

January 2011 Newsletter

  1. On December 16, 2010, a new tax bill was passed by the House and Senate.  What does this mean for dividends and capital gains?  
  2. As you have discussed in the past, the estate tax law was set to expire as well.  Has Congress finally acted?
  3. The deduction known as Section 179 has been a central part of tax law in the past decade.  Does the new tax law affect Section 179?

 

2010 Editions

December 2010 Newsletter

  1. Do you have and last minute tax advice? 
  2. What will be the limits of an IRA in 2011?
  3. New Years is coming.  What is happening with estate planning?

November 2010 Newsletter

  1. I just opened a business and formed it as a limited liability company under my state’s laws.  For federal tax purposes, how do I classify my LLC? 
  2. I am a sole proprietor.  Must I have a tax identification number?
  3. My father just passed away.  Will I have to pay estate taxes on the value of the estate?

October 2010 Newsletter

  1. Under the Small Business Jobs Act of 2010, is there any effect on Built In Gains (BIG) Taxes for S corporations that were once C corporations?
  2. I am selling my business this year under an installment agreement. Can I elect to recognize the taxes this year as to avoid the higher tax rates?
  3. Under the Small Business Jobs Act of 2010, what are the adjustments to Section 179 expensing?

September 2010 Newsletter

  1. I am selling property through an installment sale agreement. Under the terms, the payments will be made well past January 1, 2011 when capital gains rates go up. Is there anyway I can prevent paying higher capital gains taxes?
  2. Being that the capital gains and dividend tax rates “sunset” on December 31, 2010, are Congress and the President doing anything to preserve the rates as they are currently in effect?
  3. The estate tax exemption goes from unlimited this year to only $1,000,000 next year. What should the average business owner do in order to best deal with the estate tax issue?

August 2010 Newsletter

  1. Recently I have heard that Congress and the Obama Administration have enacted a law (known as the HIRE Act) encouraging employers to hire employers to hire unemployed workers. How does this new law work?
  2. In addition to the HIRE Act, the Business Retention Credit has been enacted as well. Can you tell me about it?
  3. I have hired employees under the intention of utilizing the HIRE Act.  If the employee takes unpaid sick leave, or vacation pay during the 52 consecutive weeks, does such employer-employee relationship still fall within the intent and usage of the HIRE Act?

July 2010 Newsletter

  1. I just opened a business and formed it as a Limited Liability Company under my state’s laws. For federal tax purposes, how do I classify my LLC?
  2. I am selling rental property which I have owned for many years. However, I have not taken a depreciation deduction for the property during the time I have owned it. What will my taxes be on this exchange?
  3. I would like to set up a Subchapter S Corporation.  How do I do this?

June 2010 Newsletter

  1. I am planning on financing my child’s education for college. Are there any good strategies to follow when saving for college expenses?
  2. My portfolio has diminished in value in the month of May. If I decide to take a loss, is there any limit as to how much I can deduct against my taxable income?
  3. Recently, one of my clients applied for credit.  Upon receiving his credit report, it was noted that the client had filed for Chapter 11 bankruptcy protection.  Given the client has previously filed bankruptcy, is it now safe to extend this client credit?

May 2010 Newsletter

  1. I have just now realized that I have made a mistake on my tax return for 2009. What can or should I do to correct the discrepancy?
  2. So far, we haven’t heard much on the estate tax or its return. Is there any news on the state of the estate tax?
  3. I have paid personal expenses from my company accounts.  Do I have to include this amount in my income?

April 2010 Newsletter

  1. What is the difference between a living will, and a health care power of attorney?
  2. Where is the best place to store estate plan documents?
  3. If you lease an item that is generally subject to depreciation, how do you know whether the item is to be expensed as a rental expense or depreciated as an asset?

March 2010 Newsletter

  1. When is the last day one can contribute to their retirement account for purposes of a tax deduction?
  2. I have heard that owners of traditional IRA’s can convert their traditional IRA’s to Roth IRA’s this year, regardless of income. Is this true?
  3. I want to file my return electronically. Do electronically filed returns get refunds faster?

February 2010 Newsletter

  1. I’m interested in contributing money to my Individual Retirement Account for 2009. Can I still contribute money for the 2009 tax year, and if so, when do I have to do this?
  2. I want to establish a phantom stock plan for the benefit of my employees. What does this involve, and how can I start it?
  3. I recently had my business valued.  The value between what I believe what the value should be and what is calculated are completely different.  Why is this?

January 2010 Newsletter

  1. I just opened a business and formed it as a limited liability company (LLC) under my state’s laws. For federal tax purposes, how do I classify my LLC?
  2. Where is the best place to store estate plan documents?
  3. Is an S corporation required to make quarterly tax payments?

 

2009 Editions

December 2009 Newsletter

  1. I am looking to have my company valued. What is the best method available for valuing a company?
  2. Since I had my last valuation done, the value of my company has dropped considerably. Why might this be?
  3. Does a diminished business value mean it’s time to exit a business?

November 2009 Newsletter

  1. I purchased rental property and there were a lot of costs involved. What costs am I allowed to deduct?
  2. Due to the conditions that exist in the real estate market, the sale of my rental property netted a loss. How do I report the sale of a loss on rental property?
  3. If I make repairs or improvements to my rental property, are those alterations subject to an immediate deduction or are they more likely to be depreciated over time?

October 2009 Newsletter

  1. I am the owner of an S Corporation.  If in any given year I do not take any money out of the company, will I still have to pay taxes on the income from the business?
  2. What is the latest news on the estate tax?
  3. Because the country is in an economic downturn, does that affect the value of my business and are there any advantages to this?

September 2009 Newsletter

  1. If I own a business, what should I have to preserve my business for future generations?
  2. Because the estate tax amounts change so radically in the near future, how should we plan for the contingencies ahead?
  3. I am applying for a mortgage.  However, since I am a small business, my tax documents indicate insufficient income to support the debt.  Is there anyway I can legitimately show an income that can support the debt?

August 2009 Newsletter

  1. In the past you have talked about buy-sell agreements.  Is there a ‘best way” to value a business for purposes of a buy-sell agreement?
  2. I am selling rental properties which I have owned for many years.  However, I have not taken a depreciation charge for the property during the time I have owned it.  What will my taxes be on this exchange?
  3. How does the situation proceed when a named person in a buy-sell agreement cannot produce the cash necessary to purchase the named interest in a company?

July 2009 Newsletter

  1. I am finishing my personal tax returns.  Can I split my tax refunds and send it to different institutions?
  2. We hear a lot in the news regarding the health care legislation and taxation of benefits, and requirements to purchase health insurance for our employees or ourselves.  Has anything been finalized yet?
  3. Can you give me some general advice regarding what individual taxpayers can do in order to lessen their federal tax burden?

June 2009 Newsletter

  1. I’m a businessperson with accounts receivable owed to my business.  If my clients do not pay their obligations, can I “write off” the amounts clients do not pay?
  2. My business is in arrears on its payments.  What is my best course of action?
  3. Is there any good news to be said of the economy?

May 2009 Newsletter

  1. Does a down economy affect business succession planning?
  2. How long do I have to rollover a retirement distribution?
  3. I have an employee claiming 11 exemptions.  Must I report this to the IRS?

April 2009 Newsletter

  1. My wife and I run a business together, how must we file our taxes?
  2. How would you determine whether a worker is an employee or an independent contractor?
  3. Recently, because of the recession and the real estate market, I decided to sell a rental property at a loss.  What form must I file to show a loss on the sale of a rental property?

March 2009 Newsletter

  1. What is new concerning tax laws in 2009?
  2. The company I hold stock in recently announced a stock split.  How do I pay taxes on such an occurrence?
  3. I’m interested in purchasing rental property this year.  What closing costs are deductible?

February 2009 Newsletter

  1. I am considering a major capital investment this year.  The liberal amounts allowed under and Section 179 and Bonus Depreciation have expired as of December 31, 2008.  What are or will be the new Bonus Depreciation and Section 179 expensing amounts for 2009?
  2. I’m in business and have been for 10 years.  Recently I’ve noticed that payments to my company have slowed and I’m experiencing defaults.  Currently, I’m on the accrual method of accounting and recording revenue that I’m not receiving and paying taxes accordingly.  Is there some other method of accounting that I could use that would not show revenue that is not received?

January 2009 Newsletter

  1. I have begun estate planning this year.  How much is the estate tax exemption this year?
  2. If the annual gift tax exemption is $13,000 per person and $26,000 per couple in 2009, how can I begin transferring a business interest when the assets of the business must work as a whole to continue business?

 

2008 Editions

December 2008 Newsletter

  1. I am operating a business.  As of last year the company had a loss and no income at all.  Do I have to file a tax return this year? 
  2. I missed setting up estate planning last year.  Can I still take advantage of 2008’s gift tax exemption of $12,000 this year?