Articles of Interest
Beware the Five-year Rule for Roth IRA Withdrawals
May 11, 2023
What makes Roth IRAs so appealing, primarily, is the ability to withdraw money from them tax-free. But to enjoy this benefit, there are a few rules taxpayers must follow, including the widely misunderstood “five-year rule.” This article explains the ins and outs of this rule.
Pump up tax savings with the fuel credit
March 29, 2023
Companies that wish to reduce their tax bills or increase their refunds shouldn’t overlook the fuel tax credit. Many businesses qualify for it and it’s relatively easy to calculate. This article explores the potential savings and how to go about claiming this often-overlooked tax break.
First-year bonus depreciation and Sec. 179 expensing: Watch out for the pitfalls
February 27, 2023
Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a business’s cash flow, but whether to claim them isn’t always an easy decision. In some cases, there are advantages to the regular depreciation rules. This article reviews why it’s critical to look at the big picture and develop a strategy that aligns with a company’s overall tax planning objectives.
Section 1031 Exchange: Do you qualify for this tax break on real estate sales?
February 4, 2023
A Section 1031 exchange (also known as a like-kind exchange) allows commercial or investment real estate owners to avoid capital gains tax when selling the property by swapping qualifying properties. This article notes that recent legislation has cracked down on Sec. 1031 exchanges, but currently it’s still possible to use this technique for qualified real estate transactions. A sidebar explains multiple-party transactions.