Posts Tagged‘taxes’

What Should One Do If They Miss The Deadline To Request A Filing Extension?

When you are filing taxes for a business, requesting and receiving an employer identification number (EIN) is the easy part.  Once you have your sole proprietor Tax ID number, or whichever kind of EIN you have, you will realize just how many rules you have to follow.  Business taxes are different from personal taxes in many ways, including when it comes to filing for an extension.  Here is what you should do if you need an extension for filing your business taxes, and what to do if you miss the deadline: Filing for an Extension for Business Taxes For personal…

4 Important Things to Know if You’re Considering a 1031 Exchange

Anyone trying to sell an investment property and buy a new one for a similar price should consider the benefits of a 1031 exchange. The primary advantage is that you won’t have to pay capital gains tax on the sale of your current property, which as you know can add up to a pretty big sum of money when you’re dealing with large commercial properties. The exchange also provides other write-offs and gives you even more incentive to find a worthy replacement property. Although the benefits of a 1031 exchange are obvious to anyone who knows about the process, some…

Use tax Break for Philanthropy

Who does not love paying lower taxes? While cheating on paying taxes is a federal crime, there are ways one can legally lower the amount of taxes paid to the government. 170 Exchange transactions, commonly known as Bargain Sales, are usually used to receive immediate tax savings from the disposition of under-utilized commercial assets. The Welfont Group, a boutique commercial brokerage firm that focuses on acquiring depressed commercial real estate properties, is a seasoned professional when it comes to smoothly executing the 170 Exchange, as approved by the Internal Revenue Code (IRC). How the Welfont Group Finances the Mercy Foundation’s…

Why Your Business Should Always Be Tax Aware      

There are some things in life that just have to be paid, rent, loan payments, energy suppliers and most importantly, your taxes. Everyone who owns a business must file an annual tax return detailing the incomings and outgoings of your business in order to determine how much tax you will pay. As someone who understands effective business management like George Bardwil would tell you, having a business with watertight bookkeeping is absolutely vital to staying in line with the I.R.S. an enemy that no business wishes to have. Here is why your business should have its finances in perfect order.…