by Hare CPAs Tax Team | Jan 3, 2024 | Uncategorized
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. With this transaction, you exchange the property rather than sell it. Although...
by Hare CPAs Tax Team | Dec 19, 2023 | Tax
Monetary awards and settlements are often provided for an array of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and...
by Hare CPAs Tax Team | Dec 15, 2023 | Blog, Business, Tax
Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (CTA). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial...
by Hare CPAs Tax Team | Dec 14, 2023 | Uncategorized
You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and...
by Hare CPAs Tax Team | Dec 8, 2023 | Blog, Business, Tax, Uncategorized
One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees driving the cars. (And of course, they enjoy...
