Los Angeles, CA 90024
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!
– 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-mentioned 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 the following:
– 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, then 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 (323) 531-3500 to make the most of your financial situation.
You may also schedule a FREE PHONE CONSULTATION using the form below to receive a call from a tax expert at your convenience.