Six Key Tax Breaks for Homeowners
The days of classic “tax shelters”— such as cattle breeding or oil drilling deals — are long gone. But at least one major tax shelter is still standing: Your home. If you own your principal residence, you can cash in on a bevy of tax breaks, saving thousands of tax dollars or even more. Here are six ways your home can provide tax shelter.
Overview of the American Rescue Plan Act
The President signed the American Rescue Plan Act (ARPA), also known as the COVID-19 Stimulus Package, into law on Thursday, March 11th. The new law will provide roughly $1.9 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the pandemic.
When Should You Take Social Security Benefits?
If you’re nearing retirement, you’ve likely paid into the Social Security system for the duration of your career. It’s only fitting that you cash in on the benefits you’ve long been contributing to, but when should you start receiving benefits — at the first available date, at the latest date, or somewhere in between?
Announcing Mandy Thiebaud as Newest Firm Shareholder
Dallas, TX – We are proud to announce Mandy Thiebaud as the firm’s newest shareholder and the change of the firm name to Patten Thiebaud LLC.
Business Owners: An Exit Strategy Should be Part of Your Tax Plan
Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you also must look out for your own financial future.
Does Prepaying Property Taxes Make Sense Anymore?
Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018?
A Refresher on Major Tax Law Changes for Small-Business Owners
A Refresher on Major Tax Law Changes for Small-Business Owners Return to Blog The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether […]
6 Last-Minute Tax Moves for Your Business
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider:
Real estate investor vs. professional: Why it matters
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward.
Are income taxes taking a bite out of your trusts?
If your estate plan includes one or more trusts, review them in light of income taxes. For trusts, the income threshold is very low for triggering the: Top income tax rate of 39.6%,
Top long-term capital gains rate of 20%, and Net investment income tax (NIIT) of 3.8%.