Sell an Investment and Pay No Taxes with a 1031 Exchange

/ 2014

Sell an Investment and Pay No Taxes with a 1031 Exchange

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October 31, 2014 , , ,

Internal Revenue Code Section 1031 is one of my favorite code sections.  That is saying something coming from a tax geek like myself.  What is a 1031 exchange? Generally speaking, a 1031 exchange is a swap of one business or investment asset for another.  If you follow the 1031 rules, you’ll either have no tax or limited tax due at the time of the exchange which allows your investment to grow tax deferred.  The rules can get complicated so the following are some things you should know if you are considering an exchange.

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How to Maximize the Value of Your Business

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August 19, 2014 , ,

Many small business owners wait too long to prepare their business for sale and consequently leave money on the table when selling.  Some owners never plan to sell and others simply get caught off guard by an unexpected illness or unfortunate event.  It is best to start preparing your business for sale as soon as possible.  Here are several tips to help you increase the value of your business over the next year or two.

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IRS Audit Red Flags

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August 12, 2014 , , , ,

Many clients are concerned about “red flags” that can trigger an IRS audit.  Since the IRS audits less than one percent of all individual tax returns annually, the odds are pretty low that your return will be chosen for review.  I believe that you should take every legitimate deduction that is available to you, so I am not suggesting that you pay more in taxes than you should just to avoid the small risk of a potential audit.  That being said, the presence of the following factors in your return increases the chances that the IRS will come calling.

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Is the Roth Right for you?

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August 5, 2014 , ,

Many financial advisors and accountants suggest contributing as much money as possible to your workplace 401k or traditional IRA.  The money put into these retirement vehicles reduces taxable income and saves taxes today.  For many people, funding a Roth IRA may be a better strategy.

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Why Investment Real Estate is a Great Investment

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May 16, 2014 , , ,

I believe that investment real estate, when purchased wisely and taken care of properly, has the potential to make almost anyone wealthy over the long term. Investment real estate is powerful because of the way it is taxed, the way it can be financed, and how easy it is to improve.Continue Reading: Why Investment Real Estate is a Great Investment

Tax Breaks for the Middle Class

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May 16, 2014 , , , , ,

Tax breaks for the wealthy grab a lot of headlines, but there are plenty of tax breaks available for middle and low income families if you know where to look. Here are a few of my favorite tax credits:Continue Reading: Tax Breaks for the Middle Class

Entity Selection

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January 16, 2014 , , , , ,

I am often asked by entrepreneurs if they should set up a separate entity for their small business. For many people, operating as a sole proprietor is sufficient. If you are doing a little work on the side and you are not in a risky industry, there is often no reason to set up a separate entity.Continue Reading: Entity Selection