The Hidden Benefits of Filing a Gift Tax Return
The givers of gifts (donors), not the recipients (donees), file gift tax returns. If you give money or property, you may be legally required to file a gift tax return with the IRS—even if you owe no gift tax. In fact, most people who file gift tax returns do not pay any gift tax because […]
OBBBA Revives Your Ability to Kill Capital Gains with QOFs
Since 2018, taxpayers have enjoyed significant tax benefits by investing capital gains in Qualified Opportunity Funds (QOFs). QOFs channel money into Qualified Opportunity Zones (QOZs)—government-designated low-income census tracts. Investors have embraced the program, pouring in more than $160 billion. The program was set to expire in 2026. However, the One Big Beautiful Bill Act (OBBBA) […]
Beat the OBBBA/TCJA Rules That Punish Dog Breeding Hobbies
Are you involved in a dog breeding business or considering starting one? If so, you are in the IRS’s crosshairs. The IRS has long considered dog breeding to be an activity typically classified as a hobby, rather than a business, for tax purposes. When it comes to taxes, hobbies are usually tax disasters. Unlike a […]
2024 Last-Minute Year-End General Business Income Tax Deductions
The purpose of this letter is to reveal how you can get the IRS to own you money. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are six powerful […]
Got IRS Penalties? Know the Rules, Pay Nothing
If the IRS has recently billed you with the claim that you owe a penalty for late filing, late payment, or missed employment tax deposits, I urge you to pause before making any payment. You may not have to pay that penalty at all. The IRS often imposes steep penalties for filing tax returns late, […]