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Archive for the Taxes Category

IRS 2017 Tax Calendar – Important Dates

2017 Tax Calendar

TheBalance.com offers a great resource with important tax deadlines for the 2017 calendar year: 2017 Tax Deadlines for 2016 Returns. Here you can find specific due dates for estimated tax payments, partnership returns, trust and estate income tax returns, and more. This is not a full, comprehensive list of tax dates, but does include important deadlines that apply to individuals and […]

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Obtaining Long-term Capital Gains Treatment for Development Property

Landlords

To maximize the after-tax gain on a real estate development transaction, the investor/developer is greatly incentivized to obtain long-term capital gains treatment where the highest federal capital gains rate of tax is 20% compared with the top ordinary income rate of up to 40%. The Internal Revenue Code (IRC) provides that long-term capital gain treatment applies to a gain from […]

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What Is the Historic Rehabilitation Credit and How Do I Take Advantage of It?

Tax Deferred 1031 Exchanges

Restoration and preservation help maintain the historic architecture character within our communities. Through the Department of Historic Resources in Virginia (http://www.dhr.virginia.gov/), the Historic Rehabilitation Credit allows for property owners to receive financial incentives for private investment for preservation of these sites. Used for residential and commercial buildings, the Historic Rehabilitation Credit can provide a Virginia State income tax credit of […]

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Charitable Giving: Tax Benefits

Charitable-Giving | Layman Nichols

Did you know that donating to your favorite charity not only helps support an organization giving help to those in need, but, by donating, you can also reap the benefits of tax deductions? Here are four tips and guidelines on how altruism can help you gain tax breaks: Benefiting from tax deductions through means of charitable donations is only possible when […]

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Preparing to Do Your Taxes

New Tax Return | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney It’s that time of year again when everyone begins prepping in earnest. As you begin preparing your yearly income tax return or gathering your tax documents to give to your preparer, take a look at the following: For starters, you’ll need the Social Security Number’s and dates of birth for you, your spouse and any dependents.   […]

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Maintaining Proper Tax Records: What Documents to Keep

Tax Featured | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney At the end of every tax year, most of us are left with copies of our tax forms and folders full of receipts. But, after April 15, what do you do with them? According to federal law, you should be maintaining records of your financial documents—tax returns, supporting documents—that span at least the past three years. […]

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The Alternative Minimum Tax: Will You Be Hit?

Alternative minimum tax | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney   Imposed by Congress nearly 50 years ago to limit overuse of tax breaks by the wealthy, the alternative minimum tax (AMT) now, due in part to inflation and economic growth, hits upper-middle income folks.  This stealth tax impacts eight times as many taxpayers as it did twenty years ago. According to the Tax Policy Center, […]

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Tax Preparation: How to Prepare to Do Your Taxes

Tax Return | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney To make tax preparation time as painless as possible, get organized:  collect your documents (such as W-2 forms, 1099s and information from the banks and investment firms you do business with) check the documents for accuracy pull out your previous year’s tax return for comparison so that you are less likely to overlook an item. After you […]

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Owning Real Estate in an IRA

IRA | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney In considering their IRA’s, individuals wanting more control, a mix of investments, and an inflation hedge are increasingly turning to investments in real estate products by owning real estate in an IRA. Allowed by Section 408 of the Internal Revenue Code, investing in non-traditional assets such as real estate has been rarely used while trillions of […]

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IRS 2014 Tax Calendar – Important Dates

We found a great resource from Forbes.com we wanted to share: The Internal Revenue Service tax calendar for 2014. The tax calendar gives specific due dates for filing tax forms, paying taxes, and key federal holidays that affect individuals and businesses. This is not a full, comprehensive list of all tax dates that apply to individuals and businesses but it […]

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