What the IRS giveth, it often taketh away.
So, we know that if we are single and sell our primary residence, the first $ 250K of gains on that sale are deductible. Remember, those gains need to be properly determined.
What the IRS giveth, it often taketh away.
So, we know that if we are single and sell our primary residence, the first $ 250K of gains on that sale are deductible. Remember, those gains need to be properly determined.
Many of you know, I have served as the CFO for a few legal firms. One of my longest affiliations was with a family law practice. (Don’t you just love that euphemism… family law, aka divorce. One of the most contentious of all law practices.)
Soooo. You’ve heard it. You know it. Corporations all complain about that 35% tax rate- but few, if any, are paying taxes at that rate. Big companies pay virtually ZERO % and middle-market companies pay 15 to 18%. (By the way, a whole slew of single-owner corporations pay a mandated 35% tax rate!) And, our clients- the ones we convinced to form LLC’s and S entities to save on taxes want us to explain how come they are not paying taxes at the 15% to 18% rates. Continue reading Tax Rates- Pass Throughs and C’s
Continue reading Shared Group Homes- with a Twist and a Benefit
We all have heard (or read) how middle class wealth has been devastated over the past quarter century. Even now, as the economy seems to be perking up, it’s only the very wealthy that are seeing those gains. Mostly because the stock market is way up (interest rates are so low, it’s the only place for the wealthy and the retired to park their funds)- and housing has still not recovered (which is where the bulk of middle class wealth is found) to those pre-2009 levels.