by Steven J Weil, PhD, EA, LCAM | Jul 30, 2023 | Blog, Personal Tax
Delay the Tax With An Installment Sale When selling property like land, rentals or business property an installment sale may delay the tax and even lower the tax bracket on some of the sales proceeds. An installment sale is when the seller provides part, or all, of...
by Steven J Weil, PhD, EA, LCAM | Jul 26, 2023 | Blog, Business Tax
When things go bad on a startup investment in a C Corporation. Section 1244 of the Internal Revenue code allows you to treat certain losses as ordinary on up to $50,000 ($100,000 married filing jointly) in a year instead of a capital loss, which is limited to $3,000...
by Steven J Weil, PhD, EA, LCAM | Jul 1, 2023 | Blog, Personal Tax
Yes, you can end up in jail for hiding income from the IRS. U.S. citizens and residents are required to report all income received from all sources both inside and outside the U.S. Apart from income specifically excluded for tax under the IRS code, all income is...
