The Tax Professionals Blog
Careful Making Out Those Tax Extensions
The 4868 Automatic Extension form includes Part II where the amount of the year’s tax liability is determined.
Read MoreTaking Advantage of the Zero Tax on Long-Term C...
Taxpayers whose top marginal tax bracket is less than 25% enjoy a long-term capital gain tax rate of zero. As a result, the tax on any long-term capital gains within...
Read MoreRecaptured and Unrecaptured Real Estate Rental ...
A frequent question we receive is the tax treatment of recaptured depreciation from the sale of real estate rental property. Gain from selling Sec 1250 property (real estate) is subject to...
Read MoreTracing Rules That Apply For Deductibility Of I...
One of the more complicated, misunderstood and often-violated tax issues is the interest tracing rules. Even though you can encounter some complicated situations, the tracing rules are generally summed up...
Read MoreThe Tax Consequences of Return of Capital
Where a taxpayer receives payments for losses, damages, adjustment of purchase price, etc., for a capital asset (Sec 1221), those payments are not taxable to the extent the basis of...
Read MoreUsing The Research Credit To Pay Payroll Taxes
A little known tax benefit for new qualified small businesses is the ability to apply a portion of its research credit, but no more than $250,000, to pay the employer’s...
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