Many taxpayers own vacation homes that they've rented out and also used as their personal residences. Can one of these homes be traded for another vacation home in a tax-deferred Section 1031 exchange? According to the IRS, the answer is "yes" under the right circumstances. The IRS has even issued guidelines for how to do it. (IRS Revenue Procedure 2008-16)
In the News
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it's likely that your business could be audited by the IRS based on your filing. Here's what every business owner should know about the process.
Catching the IRS's eye
Retirement preparation shifts into a higher gear the closer an individual approaches his or her retirement age. Unfortunately, many individuals can make crucial mistakes in these last few years that might impact their readiness to retire.
How can you take customer service to the next level?
The big advantage of Section 529 college savings plans is that withdrawals used to cover qualified higher education expenses are free from federal income tax (and usually state income taxes too). That part is very easy to understand, but the full story on withdrawals is not so simple. What are qualified expenses? What happens if you take out money for expenses that aren't qualified?
It's easy to think of lenders as doing your company a favor. But business financing relationships are just that: relationships. Yes, a lender has the working capital you need to grow.
Three bricklayers are working on a job site. The first describes his job as "laying brick," while the second says he's "building a wall." But the third explains he's "constructing a children's cancer research facility."
Most business owners spend a lifetime building their business. And when it comes to succession, they face the difficult decision of whether to sell, dissolve or transfer the business to family members (or a nonfamily successor).
Many companies spend a lot of time and money creating mission statements to highlight their products and services and align employees around a common vision. But the fact is that many mission statements fail -- becoming nothing more than a wall ornament or a bunch of words tucked in a company handbook.