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Cost Segregation Study
A Cost Segregation Study can be done as a way to accelerate the deduction of capital assets. Generally when you buy a building and put it into service, start renting it out, you depreciate the building portion of the purchase price over 39 years (non residential) or 27.5 (residential). Which results in a very small…
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FairTax Act of 2023
The FairTax Act of 2023 FairTax Act of 2023 (H.R.25) has been introduced to the United States Congress. Is it time for a tax revolution? The current US Tax Code grows more complex daily, politicians in Washington add 1 new tax code per day to fund their bills. No regular taxpayer could possibly ever know…
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Estate & Gift Taxes
The 2023 “Gift and Estate Tax Exemption” amount is $12,920,000 for a single person, or $25,840,000 for a married couple. This means that if you die in 2023 and the total fair market value of your assets at your time of death exceeds $12,920,000 every dollar more will be subject to an Estate tax of…
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What is the Annual gift tax exclusion and do I need to do it?
The benefit of gifting the annual Gift Tax Exclusion is to move money out of your estate without estate tax. The estate tax starts when your assets are $12million per person and you transfer them to others, before or after your death. A person who expects they will have a taxable estate at their death…
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Last minute tax planning for 2022 and dates to remember in 2023
The end of the year is almost here, it is important to make any last minute tax moves now that will affect your income for 2022. If your income is up, you may want to look into purchasing new business assets or new to you equipment. Pay out bonuses to worthy employees, or contribute to your…