Lemonade from LemonsWith the recent losses in the equity market as well as other investments such as crypto, now may be a good time to realize tax losses. Below is a brief Q&A on tax loss harvesting. Please work with your financial advisor to look holistically at your portfolio. Please don’t let the “tax tail” wagContinue reading “Lemonade from Lemons”
Author Archives: Christian Stoecklein
2022 Tax Rate Comparison
Here is a comparison of the 2022 tax rates including ordinary rates, capital gains and the Net Investment Income Tax
Common tax scams and tips to help taxpayers avoid them
The following was published by the IRS and worth sharing. Common tax scams and tips to help taxpayers avoid them In recent years, tax schemes and scams have been on the rise. Con artists work year-round which means taxpayers must remain vigilant to avoid being victimized. Here are some tips to help people recognize andContinue reading “Common tax scams and tips to help taxpayers avoid them”
Child Tax Credit Q&A
How much is the Child Tax Credit? The Credit per child is as follows: $3,600 for children ages 5 and under at the end of 2021; and $3,000 for children ages 6 through 17 at the end of 2021. Am I eligible for the Child Tax Credit? The income limitation has two different phase outContinue reading “Child Tax Credit Q&A”
How does the Proposed Tax Reform Impact Real Estate?
With the new administration advancing their agenda, we have new insight into potential tax reforms. Earlier this summer, the Biden administration issued the Green Book outlining their tax proposals. Following this there has been considerable discussion in Congress as part of the negotiations on the infrastructure bill. Currently, it appears we will not see revenueContinue reading “How does the Proposed Tax Reform Impact Real Estate?”
Tax Treatment of Your Cash Out Refinancing
With home prices rising significantly the last year, many homeowners are refinancing and increasing their mortgage. The interest expense deduction from these cash out refinancings can be complex. Interest expense is traced to the usage of the proceeds and is not tied to how the debt was collateralized. Below is a discussion of some commonContinue reading “Tax Treatment of Your Cash Out Refinancing”
Enhanced Meals Deductions
100% Deductions for 2021 and 2022 Typically expenses for meals are limited to a 50% deduction. However as part of Covid recovery, the IRS is allowing a 100% deduction for certain meals and beverages expenses during the the calendar years 2021 and 2022. Which restaurants qualify? Only restaurants that provide food and beverages for immediateContinue reading “Enhanced Meals Deductions”