If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. With this transaction, you exchange the property rather than sell it. A like-kind exchange is any exchange of real property held for investment or for productive use in your trade or business for like-kind investment, trade or business real property. Like-kind exchanges can be an attractive tax-deferred way to dispose of real property if you anticipate a large tax bill and meet the federal and state requirements. Continue Reading Defer a current tax bill with a like-kind exchange
Consider borrowing from your corporation but structure the deal carefully
/in Tax/by KKB CPAsClosely held corporation owners: If you need money for personal expenses like a new car or home improvements, consider borrowing from the business. But follow these tips to avoid adverse tax consequences. Continue Reading Consider borrowing from your corporation but structure the deal carefully
Why audited financials matter
/in Tax/by KKB CPAsAn external audit requires an investment of time and money. But the payoff can be significant when it comes to the long-term success of your business. Continue Reading Why audited financials matter
Figuring corporate estimated tax
/in Tax/by KKB CPAsAn important deadline for quarterly federal estimated tax payments is coming up on June 17. Here are the methods for computing payments for corporations. Continue Reading Figuring corporate estimated tax