In order to deduct investment-related expenses as business expenses, you must figure out if you’re an investor or a trader — and be aware that it’s more advantageous (and difficult) to qualify for trader status.
Category Archives: Capital Gains
CARES Act made changes to excess business losses
August 24th, 2020 by Douglas Freeman
Posted in (CARES ACT), Business Income Tax, Capital Gains, Income Tax, Net Operating Loss (NOL), Small Business, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction
Tags: Amended Tax Return, Business Loss Limits, Captial Loss Deduction, Net Taxable Employment Income, Taxable Investment Income
The CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns.
Why do partners sometimes report more income on tax returns than they receive in cash?
July 27th, 2020 by Douglas Freeman
Posted in Capital Gains, Charitable, Contributions, Deductions, Income Tax, Partnerships, Securities, Tax, Tax Planning
Tags: Distributions, Income, Interest Expense, Liquidating Distrbutions, Noncash Distributions, Tax-Free
In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is this?
The tax aspects of selling mutual fund shares
February 11th, 2020 by Douglas Freeman
Posted in Capital Gains, Federal Income Tax, Income Tax, Investment Income Tax (NIIT), Mutual Funds, Tax Planning
The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. The tax rules involved in selling mutual fund shares can be complex.
Summer: A good time to review your investments
July 23rd, 2019 by Douglas Freeman
Posted in Capital Gains, Federal Income Tax, Federal Taxes, Income Tax, Individual Income Tax, Investment, Investment Income Tax (NIIT), Securities, Tax, Tax Planning, Tax Savings
The federal income tax rate on long-term capital gains recognized in 2019 is 15% for most taxpayers.
You may have to pay tax on Social Security benefits
July 11th, 2019 by Douglas Freeman
Posted in AGI (Adjustable Gross Income), Capital Gains, Contributions, Federal Income Tax, Income Tax, Individual Income Tax, Investment Income Tax (NIIT), Retirement, Social Security, Tax, Tax Planning, Tax Savings
Tags: Form W-4V, Provisional Income, Retirement Plan Distribution, Tax Exemption, Taxes on Social Security
If you’re getting close to retirement age, you may be wondering if your Social Security benefits are going to be taxed.
Which entity is most suitable for your new or existing business?
June 24th, 2019 by Douglas Freeman
Posted in Business Income Tax, C Corporation, Capital Gains, Income Tax, Limited Liability Company, LLC, Partnerships, Past-Through Entities, Qualified Business Income Deducton (QBI), S Corporation, Small Business, Sole Proprietors, Tax Cuts and Job Acts (TCJA)
Tags: Federal Income Tax, Profitability, Stock, Tax Liability, Tax Rates
It may seem that the current, flat 21% corporate income tax rate makes C corporation status for your business the best choice. Or is it?
Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit
January 30th, 2019 by Douglas Freeman
Posted in Capital Gains, Deductions, Investment, Investment Income Tax (NIIT), Itemized Deduction, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings
Tags: Debt, Investment Deductions, Net Investment Income, Tax-exempt Income
Can the investment interest expense deduction save you tax on your 2018 return? You generally must pass three hurdles to benefit.
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