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Category Archives: Business

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16
Mar, 2023
Valerie McLaughlin Business

SECURE 2.0 Act Creates New Tax Strategies for RMDs

As you are likely aware, if you have an IRA or other tax-deferred retirement account, you must start taking required minimum distributions (RMDs) once you reach a certain age. 

The SECURE 2.0 Act raises the age at which RMDs must … Read More

8
Mar, 2023
Valerie McLaughlin Business

Plan Your Passive Activity Losses for Tax-Deduction Relevance

In 1986, lawmakers drove a stake through the heart of your rental property tax deductions. 

That stake, called the passive-loss rules, causes myriad complications that now, 37 years later, are still commonly misunderstood. 

The Trap 

In 1986, lawmakers made you … Read More

1
Mar, 2023
Valerie McLaughlin Business

An Update on 2023 Health Insurance for S Corporation Owners

We are writing to update you on the latest developments in 2023 health insurance for S corporation owners. As a more-than-2-percent S corporation owner, you are entitled to some good news when it comes to your health insurance.

To ensure … Read More

24
Feb, 2023
Valerie McLaughlin Business

The Tax Consequences of a Short Sale of Your Residence

The real estate boom appears to be over for now.

Morgan Stanley predicts that house prices could fall by 10 percent by the end of 2024, perhaps twice as much in a worst-case scenario. Homeowners who purchased their homes at … Read More

15
Feb, 2023
Valerie McLaughlin Business

$80 billion to the IRS – What it Means for You

You may have noticed that the IRS is in a bad way.

It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone. Congress noticed and took action by … Read More

6
Feb, 2023
Valerie McLaughlin Business

Use In-Kind RMDs to Avoid Selling Your Retirement Account Assets

Are you 72 or older? If so, you must take a required minimum distribution (RMD) from your traditional IRA, SEP-IRA, or SIMPLE IRA by the end of the year.

If you turn 72 this year, you can wait until April … Read More

31
Jan, 2023
Writing a donation check for gofundme, is crowdfunding taxable for the recipient?
Valerie McLaughlin Business

Crowdfunding – Is It Taxable?

Crowdfunding is a national and international phenomenon. Over $17 billion is raised yearly in North America through world-famous websites such as GoFundMe and Kickstarter. But is crowdfunding taxable?

All this crowdfunding activity leads to an obvious question: Is the … Read More

30
Jan, 2023
Do You Owe Self-Employment Tax on Airbnb Rental Income?
Valerie McLaughlin Business

Do You Owe Self-Employment Tax on Airbnb Rental Income?

Do you owe self-employment tax on Airbnb rental income?

That’s a good question.

In Chief Counsel Advice (CCA) 202151005, the IRS opined on this issue.

But before we get to what the IRS said, understand that the CCA’s conclusions … Read More

18
Jan, 2023
Two business partners considering grouping multiple businesses
Valerie McLaughlin Business

Grouping 101: Tax Strategy for Owners of Multiple Businesses

When you own more than one business, you need to consider the grouping rules that apply for passive-loss purposes.

Should one of your businesses lose money, you may not deduct the losses from that business during the current tax year … Read More

9
Jan, 2023
Senior man looking up his Health Savings Account
Valerie McLaughlin Business

Health Savings Accounts: The Ultimate Retirement Account

It isn’t easy to make predictions, especially about the future. But there is one prediction we’re confident in making: you will have substantial out-of-pocket expenses for health care after you retire. Personal finance experts estimate that an average retired couple … Read More

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  • SECURE 2.0 Act Creates New Tax Strategies for RMDs
  • Plan Your Passive Activity Losses for Tax-Deduction Relevance
  • An Update on 2023 Health Insurance for S Corporation Owners

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