Since the beginning of 2004, taxpayers have had a new tax savings tool called Health Savings Accounts, or HSAs. And these accounts are worth looking at seriously. In a nutshell, HSAs work like this: You buy a special type of health insurance called a High Deductible Health Plan. (This special … [Read more...] about How Health Savings Accounts (HSAs) Save You Taxes
Taxes
Incorporate Your Business: LLC vs. S Corporation
If you’re a new business owner, you may wonder whether or not you should incorporate your business. Well-meaning friends and business colleagues may even have encouraged you to look into the question of “forming an LLC vs. S corp.” It often is a good idea to operate your business as what’s called … [Read more...] about Incorporate Your Business: LLC vs. S Corporation
Treating Real Estate Profits as Capital Gains
When an individual investor sells a real estate investment for profit, he or she is often concerned about whether the profit is capital gain or ordinary income. And for good reason… Basic Rules of Real Estate Profit Taxation A capital gain is often taxed at 15% (though sometimes higher if a … [Read more...] about Treating Real Estate Profits as Capital Gains
How Subchapter S Corporations Are Taxed
People often think that S corporations are complicated. That’s not really true in most cases, however. S corporations are actually less complicated, in many ways, than partnerships or limited liability companies treated as partnerships. The General Rule on S Corporation Taxation The general rule … [Read more...] about How Subchapter S Corporations Are Taxed
Estate Tax Basics
If you’ve just lost a parent, spouse or other family member, you’re learning that not only is the loss an emotional trauma, but the loss creates a bunch of tax headaches as well. We want to start by first offering our condolences to you and your family. Let us try to help you and your family, … [Read more...] about Estate Tax Basics