by Megan Kosciolek, MST | May 22, 2024 | Blog, Tax
Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated land that you want to subdivide into lots, develop them and sell them off for a big profit. Either way, you’ll incur a...
by Megan Kosciolek, MST | May 15, 2024 | Blog, Tax, Uncategorized
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions....
by Megan Kosciolek, MST | May 8, 2024 | Blog, Business, Tax, Uncategorized
There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a...
by Megan Kosciolek, MST | Apr 24, 2024 | Uncategorized
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. The Biden...
by Megan Kosciolek, MST | Apr 7, 2024 | Uncategorized
If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional...
