Look for IRS guidance on the 20% pass-through deduction to be issued soon. The rules will most likely come out in proposed form. Don’t expect brevity. The new tax law allows self-employeds and individual owners of pass-through entities, such as partnerships and S corporations, to deduct 20% of qualified business income. The statute is complex, […]
Capital Gains, Income Tax Planning, Income Tax Preparation, New Tax Laws, Northside Tax Service, TallyTaxManA reminder about the home-sale gain exclusion for those in nursing homes. Taxpayers who have owned and used a home as their principal residence for at least two of the five years leading up to the sale can exclude up to $250,000 ($500,000 if married) of the gain when they sell. However, the rules are […]
Capital Gains, Homebuyer Tax Credit, Income Tax Planning, New Tax Laws, Northside Tax Service, TallyTaxManTax rates on long-term capital gains and qualified dividends do not change. Currently, your capital gains and dividends rate depends on your tax bracket. But with the bracket changes, Congress decided to set income thresholds instead.The 0% rate will continue to apply for taxpayers with taxable income under $38,600 on single-filed returns and $77,200 on […]
Capital Gains, Dividends, exemptions, Minimum tax, Obamacare update, repeal, returns, tax law changesPayments for the sale of franchise contracts are tax-favored, as shown here. They can qualify for capital gains treatment. A business sold all of its assets to a third party, including waste management contracts with three municipalities under which it had the exclusive right to collect and dispose of trash in the cities. The seller […]
Capital Gains, franchise sale, IRS, Northside Tax Service, Revenue Service, Tallahassee Tax Service, Tally Tax Man, tally taxman, TallyTaxMan, Tax Court