Captial Gains – DougFreemanCPA.com

Planning for the future: 5 business succession options and their tax implications

Captial Gains, Closely Held Corporations, Employees, ESOP Employee Stock Ownership Plan, Estate Planning, Estate Tax, Federal Estate Tax, Federal Gift Tax, Federal Taxes, Gift and Estate Tax, Small Business, Small Business Owners, Succession Plans, Taxes and Tips, Trust / Douglas Freeman

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different […]

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The kiddie tax could affect your children until they’re young adults

Captial Gains, Federal Income Tax, Kiddie Tax / Douglas Freeman

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. For purposes of this federal income tax provision, a “child” can be up to 23 years old.

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A tax-smart way to develop and sell appreciated land

(NIIT) Net Investment Income Tax, Captial Gains, Federal Income Tax, Land Owners, Ordinary Income Tax, Real Estate, S Corporation / Douglas Freeman

Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. That means your entire profit —

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Tax responsibilities if your business is closing amid the pandemic

Business Closing, C Corporations, Captial Gains, Employees, Form 1099-NEC, Partnerships, Small Business, Sole Proprietors / Douglas Freeman

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income tax return and some other related forms for

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Mutual funds: Handle with care at year end

Captial Gains, Individual Income Tax, Internal Revenue Service, Investment, Mutual Funds, Stocks, Tax Planning, Tax Savings / Douglas Freeman

As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains. Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares.

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