Individual taxpayers who own appreciated vacant land should know the tax consequences before they sell or subdivide. Here’s critical federal tax guidance for these individuals. Important: For purposes of this article, we’ll assume that you own the lots either 1) directly as an individual, or 2) indirectly through a partnership, a multimember limited liability company (LLC) that’s […]
Articles
Work or Pleasure: The Tax Rules for Hybrid Travel
With business travel picking up again and summer fast approaching, many business owners may be mulling trips that combine work with vacation or other personal activities. A quick refresher on the IRS rules related to deducting business vs. personal travel costs can help you reduce your tax bill next year. General Requirements Business expenses must […]