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- Several Ways to Defer the Tax on Gains
- When a sale of a business or investment property results in a gain, the seller is typically taxed on that gain during the year of the sale, even when the gain was generated over many years. However, the tax code provides opportunities to spread this gain over several years, to postpone it by deferring the gain into another property, or to simply defer it for a specified period of time. These arrangements can be accomplished by selling the property in an installment sale, by exchanging the property for another, or by investing in a qualified opportunity fund. As with all tax strategies, these options have unique requirements. The following is an overview of what tax law says about these strategies.
- Unforced Errors - The 8 Most Common IRS Tax Penalties and How to Avoid Them in 2019
- You know the old line about the inevitability of death and taxes? It’s still true. What isn’t inevitable, however, is the need to pay penalties to the IRS. It happens, but it doesn’t have to, and the main reason that it does is because taxpayers don’t educate themselves about the rules. When you get hit with an IRS penalty, it adds on to a number that you already wish you didn’t have to pay.
- How Does QuickBooks Online Handle Mobile Expenses?
- If you purchase several items and services away from the office, QuickBooks Online can help you record them while you’re out and about.
- IRS Giving a Break to Some Taxpayers Who Under-prepaid Their 2018 Taxes
- Taxpayers are required to pre-pay their taxes for any tax year through payroll withholding, estimated tax payments or a combination of the two. Employees and retirees generally accomplish this through withholding, and self-employed individuals and those with investment income by paying quarterly estimated payments.
- Reasons Why Your Small Business Needs an Employee Identification Number
- Entrepreneurs often shrug off the idea of obtaining an employee identification number, or EIN, believing that their business doesn’t need one. That may not be the best plan.
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