Articles Posted in Taxes

The fundamentals

Cardinal rules; building-blocks, do’s-and’don’ts:

You may know them under different names but they all refer to the same foundational structures that underline all our social and economic systems.

stock lossNobody wants to lose out on an investment, but did you know that stock loss – also known as capital loss – can actually be leveraged into savings on future investments through tax deductions? While it may sound strange, converting stock loss into savings is actually a widely used strategy for many seasoned investors.

Once you understand how tax laws apply to your capital losses, you will quickly see the benefits of reporting them. You will be able to form strategies that actually take advantage of stock losses ahead of time. Once an investment starts to head south, you’ll be able to make the right decisions to mitigate that loss.

Stock Loss Deductions

retirement investingIf you’re smart, you are planning for your financial future. Retirement investing is one of the surest methods for building a nest-egg.

Most likely, you’re familiar with the concept of retirement investing. Typically, you can direct funds from your personal income into tax-sheltered or tax-deferred accounts. This is known as a 401(k).

However, there are alternative investment options to a 401(k) available. You can also invest in a 403(b) or a 157(b). These alternative options allow you to invest in certain investment options. It’s important to remember, though, that not every employer offers these plans.

business litigation Tampa

A 2016 study by the Tax Policy Center comparing Trump’s then-stated plan and the current tax rates

One of the big platforms that boosted Trump to the Oval Office was his promise to let business operate unencumbered. Throughout his campaign, he promised a hands-off approach to business, including wide-scale financial deregulation as well as considerable corporate tax cuts.

In fact, Wall Street was riding high post-election on sheer optimism. Financial and industrial stocks soared, reaching record peaks, in anticipation of the big regulatory rollback that was sure to follow.

logo-squareYou may have heard that taxes are not discharged in bankruptcy. Tax debt, as “priority” debt, gets paid first before other creditors in bankruptcy. However, the Bankruptcy Code includes exceptions depending on the type and timing of the tax, and the bankruptcy chapter filed.Before knowing which taxes qualify for discharge, however, you must first understand which do not qualify under bankruptcy law. There are 7 types of taxes you cannot avoid paying:

  • Taxes on a past due return not filed within three years (plus extensions) before filing bankruptcy.
  • Taxes assessed within 240 days before filing bankruptcy.
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