Tax consultations for
peace of mind.
Are you selling your home? Starting a business? Buying or selling a rental property? All of these transactions may trigger significant tax implications. On the other hand, they can also provide huge tax benefits!
For example:
– When selling your home, you may qualify to exclude gains of up to $250,000 from your income (up to $500,000 if married filing jointly (MFJ)).
– If you’re starting a business with a home office, you may qualify to write off a portion of your rent (if you’re a renter) or mortgage property taxes, and depreciation (if you own your home).
– When selling a rental property, you may choose to perform a Section 1031 exchange which may allow you to defer some or all of your gains on the sale.
Aside from the above examples, there are tax implications relating to just about any and every transaction that we make as individuals, business owners, and even employees. These can include:
– Retirement Plan Contributions and Distributions 401(k), 403(b), 457(b), SIMPLE IRA, Traditional IRA, Roth IRA, SEP (Simplified Employee Pension Plan)
– Exercise of Stock Options (Incentive Stock Options (ISOs) and Non-Qualified Stock Options (NQSOs)) and the sales of stock received through the exercise of such options
– Do you employ a nanny or babysitter? If so, you may have to file Schedule H and pay employer taxes when you file your tax returns.
Life is full of adventures – but it is also full of opportunities to maximize your tax efficiency and keep more of the money you’ve earned! So call us today at (212) 933-9962 to make the most of your financial situation.