October 2016

Tax Strategies

If you’re an investor who is looking to sell property, IRC Sec 1031 has good news for you: you can defer any and all capital gains by reinvesting the proceeds of your sale into new property. As IRC Section 1031 (a)(1) states:

Posted October 26, 2016
Tax Planning

Many people use the term “tax planning,” but it is often misunderstood. It is the art of learning how to manage your affairs in ways that postpone or avoid taxes. Skilled tax planning means more money to save and invest, and it can make the tax season more of a financial boost instead of a financial burden.

Posted October 24, 2016
Employees

Did you know that under current law, any family or individual who pays a household employee more than $2,000 (2016) a year must withhold and pay Social Security and Medicare taxes, also known as FICA.

Posted October 18, 2016
Investment Strategies

So what happens when you inherit retirement plans? It all depends on the type of account. It also depends on whether the beneficiary is a spouse. Those variables will determine the rules that govern how the inheritance is taxed and what options are available.

Posted October 11, 2016

© 2018 Compass Point Accounting, PLLC. All rights reserved.