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How Do You Calculate Tax Liability?
The U.S. tax code can be a challenge when calculating your tax liability. It is time-consuming and tedious. For example, if you fall into the 22% tax bracket, that doesn’t mean that your entire income will be taxed at 22%. This is because the tax system is progressive.
What Is Estate Tax?
According to the Internal Revenue Service, the Estate Tax is “a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death.” The property includes cash, securities, real estate, trusts, business interests, and “other assets.”
How Does Depreciation Help with Taxes?
As an investor, you probably already understand that taxes are a part of life. And, if you are an investor with a knowledgeable tax-planning expert on your side, you’ve probably figured out how to reduce or defer some of those taxes. One such way to do this is through depreciation.
Are C Corp Dividends Subject to Net Investment Income Tax (NIIT)?
Your dividend income from a C corporation is subject to the net income investment tax, or NIIT. C corp stock produces dividend income to its shareholders, which is treated as property held for investment purposes.
Is Depreciation Recapture Subject to Net Income Investment Tax?
Selling a rental property for a gain often means the investment was a success. However, as is usually the case, the IRS will take notice and want a piece of the action. In addition to taxes on capital gains, investors may owe depreciation recapture and net income investment taxes.
Is Rental Property Subject to Net Investment Income Tax (NIIT)?
Net rental income is subject to net investment income tax, or NIIT, but only on a portion of your modified adjusted gross income above certain thresholds. Additionally, gain from the sale of rental property may also be subject to NIIT unless the rental activity is part of an active trade or business.
What Is Tax Gain Harvesting?
If you are familiar with tax loss harvesting, tax gain harvesting is just the opposite. It looks at tax efficiencies available for gains rather than losses. We’ll walk through an introduction with some examples to give you a good idea of what tax gain harvesting is and when to use it.
What Is Net Income Investment Tax?
Net Income Investment Tax also referred to as NIIT, doesn’t apply to everyone. Certain conditions must be met. In this article, we’ll go through the details of what NIIT is and when you can expect to incur it.
Is There a Penalty For Filing a Tax Extension?
Sometimes situations occur when you might not be able to pay your taxes by the deadline. While there isn’t a penalty just for filing an extension, there are fines you might face for not paying on time.
What Is Tax Loss Harvesting and How Does it Work?
Tax loss harvesting is a type of portfolio rebalancing for tax efficiency purposes. Most people don’t perform tax loss harvesting manually. Instead, their broker does it automatically. While the process is automated, there are still some areas to look out for, such as the wash sale. Let’s go over how it all works.
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