This questions comes up from clients now and then. Here’s a scenario I dealt with a few years ago. SCENARIO: Client has their eye on a piece of property they want to buy. They take out a line of credit against their house in order to purchase the property. Then the deal falls through. The […]
NOTE: I write this post in 2014, so be aware of its age. The content is still useful. —– In an ideal world, small business owners would review financials statements and budgets on an ongoing basis. In the real world, the day-to-day struggle of running a business, paying bills and keeping customers happy causes the […]
NOTE: I wrote this post in 2013, but its content is still accurate today. —– The following question came up recently: An investor has a $10,000 capital loss carryforward from prior years. They have $5,000 of capital gains from stock sold this year. How does the loss carryforward work this year? Background Tax law places […]
Doing something just to get a tax deduction is usually a bad, bad idea.