Every year, the Internal Revenue Service chooses a date at the end of January to mark the beginning of tax filing season. In 2023, that date was Monday, January 23rd. The traditional filing deadline is April 15th, but weekends and holidays alter the date. You have until April 18, 2023, to e-file or mail your taxes. However, those two dates are not the only significant dates you need to know about.
Tax Strategy
IRC 453 Installment Sales: Can the DST still work if the Seller is doing a Seller Carry-Back note directly with the Ultimate Buyer? Part 2 of 2
Yes, the seller may incorporate both a Deferred Sales Trust and a direct seller carry-back with the ultimate buyer. Both techniques are governed by the same IRS Code (IRC 453) and both allow the Seller to defer taxes until periodic installment payments are actually received.
IRC 453 Installment Sales: Understanding the Tax Implications – Part 1 of 2
An installment sale is a type of sale in which the buyer pays the seller in installments over time, rather than in a lump sum payment. In the United States, these sales are governed by Internal Revenue Code (IRC) Section 453, which outlines the tax implications of installment sales for both buyers and sellers.
Tax Deferrals for Short-Term vs. Long-Term Tax Deferrals: Why It Matters
The federal government considers anything you own or use as a capital asset, including your financial investments. In other words, it has a monetary value. If you sell these assets, the difference between the price you paid for it — adjusted to reflect valuation changes since purchase — and the sale price is a capital gain or loss.
Tax Tips for the New Year
As the new year rolls in, it’s time to start thinking about your taxes. You may think the time has passed to alter how much you owe on your tax bill. However, there are a few steps you can take after the first of the year that may make a significant difference in what you owe the government.