Mar 01 IRS 2018 Tax Myths
With the 2018 filing season in full swing, the Internal Revenue Service offered taxpayers some basic tax and refund tips to clear up some common misbeliefs. Don't fall prey to these top 5 myths as you prepare your taxes....
Jan 15 2017 Tax Legislation: What Individual Taxpayers Need to Know
At KRS, we’ve been tracking tax reform legislation closely. The new Tax Cuts and Jobs Act amends the Internal Revenue Code (IRC) to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. It is the most sweeping update to the U.S....
Mar 03 Trade-in or sell your vehicle?
Selling a vehicle out right or trading it in towards a new vehicle usually involves analyzing the economics of the transaction. However, tax factors can start to complicate things if that vehicle was used in your business. This post covers some of the tax implications...
Jan 23 2017 NJ Tax Changes Business Owners Need to Know
In my last post I reported on key federal tax changes that small business owners need to know about. This post covers three significant tax changes in New Jersey: the sales tax decrease, Urban Enterprise Zone expirations, and estate tax changes....
Jan 06 2017 Federal Tax Changes Business Owners Need to Know
Tax season is upon us, and with it comes a variety of changes that business owners need to know about. This post shares an overview of some of the most important changes. ...
Oct 24 Tax Planning Strategies – Minimizing 2016 Individual Income Taxes
It is never too early to get a jump start on tax planning. Why not start now and minimize end of the year holiday stress? These four tax strategies could help reduce 2016 taxes....
Aug 15 Treasury Proposes New Tax Regulations to Limit Discounts in Intra-Family Wealth Transfers
Recently, the Treasury issued proposed regulations which, if adopted, would severely limit taxpayers’ ability to receive tax benefits for wealth transfers to family limited partnerships. This post discusses why you should act now if you have a federally taxable estate and are considering wealth transfers....
Nov 22 Investor vs. Dealer
Real Estate Owners must answer the question: Am I a Dealer or an Investor? The answer may have a significant impact on the amount of tax incurred. This post explains what you need to know to save on taxes by understanding how each are treated...
Nov 22 Passive Loss Limitations in Rental Real Estate
[social_share style="square" align="horizontal" heading_align="inline" text="" heading="" facebook="1" twitter="1" google_plus="1" linkedin="1" pinterest="1" link="" /] If you think purchasing a rental property will make a great tax shelter, you may need to dig a little deeper into “passive loss limitations” and how they may affect your real estate...