An effective tax strategy is a year-long process. It requires planning, evaluation and review. While eliminating taxes is nearly impossible, tax deferral strategies allow you to delay payment and lower your overall tax obligation. If you have a high net worth, are in a high-income bracket or intend to sell highly appreciated assets, you could owe a hefty tax bill unless you take steps to offset or lower your taxes.
Tax Strategy
Benefits of Using the Accelerated Depreciation Method in Real Estate
Real estate is a potentially lucrative investment. If you’re like many investors, you might not be fully aware of the options available for increasing financial gains over the term of property ownership. Owning real estate can shelter some of your money from income taxes unless you lease it out. However, your investment also becomes a tax deduction.
Tax Planning Strategies for Personal, Estate and Business Income in 2023
2023 is already well underway, but it isn’t too late to start planning ways to minimize your tax obligations for the year. It pays to scrutinize your income streams to determine where you can make adjustments that ultimately reduce your Internal Revenue Service bill next April. We suggest personal, estate and business income strategies so that you can cover your bases, no matter your situation.
Important Tax Deadlines To Keep in Mind
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.
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.