Retirement Planning

Retirement Planning – Self-Directed Retirement Funds – LNK Tax Group

A self-directed individual retirement account (SDIRA) is an individual retirement account (IRA) in which the investor is in charge of making all the investment decisions. The self-directed IRA provides the investor with greater opportunity for asset diversification outside of traditional stocks, bonds, and mutual funds. Self-directed IRAs can invest in real estate, private market securities…
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Strategic Tax Planning

Strategic Tax Planning – 1031 Exchanges – LNK Tax Group

Fortunately for investors, there is a way to avoid paying both capital gains and depreciation recapture tax on the profitable sale of any investment property.  This is known as a 1031 exchange, which means that if you sell one investment property, but use the proceeds to  acquire another, you can defer paying taxes on the…
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Retirement Planning - Traditional 401(K)

Retirement Planning – Traditional 401(K) – LNK Tax Group

A 401(k) plan is a qualified employer-sponsored retirement plan that eligible employees may make salary deferral contributions on a post and/or pre-tax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings in a…
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Maximizing Deductions - Qualified Business Income (QBI)

Maximizing Deductions – Qualified Business Income (QBI) – LNK Tax Group

Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income from a qualified trade or business operated directly or through a pass-through entity. The deduction has two components. Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic…
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Maximizing Deductions - Depreciation

Maximizing Deductions – Depreciation – LNK Tax Group

Normal Depreciation. Confirm assets are properly capitalized and being depreciated as many times this is not being done properly or at all. For example, a recent client owned a commercial building that was not capitalized or being depreciated, and the accountant had only the rental operations on the books. Expense. The IRS allows for expensing…
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Where is my refund

Dude, Where is my refund?! – LNK Tax Group

Great Question! This is one we get on a weekly basis. There a handful of reason why you have not received your refund. To start, the best and fastest way to get your tax refund is to combine electronic filing with direct deposit. Paper filing your return can take up to 16 weeks to process…
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Maximizing Deductions - Home Office

Maximizing Deductions – Home Office – LNK Tax Group

If your office space is located in your house, you can deduct your bills for utilities, homeowners’ insurance, homeowner’s association fees, security, and general repairs & maintenance. Mortgage interest and property taxes are deductible expenses if you qualify for home office deductions. You can deduct the percentage of the square footage of the office divided…
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Maximizing Deductions - Travel Expense

Maximizing Deductions – Travel Expense – LNK Tax Group

Business travel is allowed for several reasons for business owners. Often business owners are reluctant to take travel deductions for business or are unaware with more simple strategies, they can deduct travel combined with vacation. Travel for new business. Traveling to identify new locations, potential M&A or to acquire new investment property is all deductible…
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tax filing deadline

Tax Day: The July 15th Deadline – LNK Tax Group

The filing deadline for 2019 taxes is right around the corner, so it is time to start thinking about taxes. If you haven’t prepared your 2019 taxes yet, now is the time to get started. The IRS extended the 2019 tax deadline to July 15 as a result of the COVID-19 pandemic and  now the…
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Strategic Tax Planning - Selling Stock to Buy a Home

Strategic Tax Planning – Selling Stock to Buy a Home – LNK Tax Group

Buying a home with stock still requires that you pay capital gains tax. Paying taxes on stock gains is unavoidable whether or not you plan to use your gains as a down payment on a house. The tax rate on long-term capital gains, the stocks you held onto for more than one year, is lower…
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