If you personally created certain IP, the gain on sale can be ordinary income, not capital gain. The fix is not “hope.” The fix is planning, structure, and allocation.
Portability can be the simplest way to preserve a married couple’s combined exclusion, but one Form 706 mistake can erase the DSUE amount. The most common failure is using simplified reporting when the estate plan requires real asset values.
100 percent bonus depreciation is back and Section 179 limits are larger, but Section 179 has income limits and carryover mechanics. Here is the decision screen.
If your HSA beneficiary is not your spouse, the account can become taxable income in the year of death. This briefing explains the rules and the documentation driven mitigation options.
Most “hire your child” strategies rely on payroll. A cleaner alternative can be a one time project payment that shifts income to a lower bracket without payroll taxes, if structured and documented correctly.
A spouse employee 105 HRA can be supportable without W-2 wages in some cases, but zero wages plus large benefits can look unusual. Adding wages improves optics but triggers payroll compliance and penalty exposure.
You can donate real value and still lose the entire deduction. The trap is not the charity. It is the paperwork: generic receipts and an incomplete Form 8283 can zero out the write off.
Many married couples think estate tax does not matter under today’s high exemptions. The real risk is procedural: miss the portability election and you can lose millions of exemption that you cannot recreate later.
The three-year audit clock is not always a clock. In certain fraud situations, the IRS can argue the year stays open indefinitely, even if the taxpayer relied on a preparer.
If the contract, license, and 1099 all point to you personally, a management fee or ACH routing does not turn the income into S corporation revenue. The IRS typically follows one question: who earned the income.
Many spouses form an LLC to hold a rental for liability protection, then discover the tax filing layer: Form 1065 and K 1 reporting may be required. There are limited spouse specific exceptions, and state property law can change the outcome.
Beginning in 2026, the employer provided childcare credit expands significantly. For closely held businesses, this may shift childcare from a benefit to a strategic tax planning opportunity.
Section 318 attribution rules can treat you as owning stock held by family members or related entities, changing transaction outcomes, control tests, and reporting obligations.
Mailing a tax return on time does not always guarantee a timely filing. USPS postmark delays can cause returns deposited on deadline to be treated as late by the IRS.
Family and related party transactions can quietly disallow losses and delay deductions under IRC Section 267, even when deals are done at fair market value.
A 1031 exchange allows real estate investors to sell appreciated rental property, defer federal taxes, and reinvest the full proceeds into larger or better-performing assets.
Mileage reimbursements do not end the tax story. The IRS mileage rate includes built-in depreciation that can create a taxable gain or a deductible loss when a business vehicle is sold or traded.
Most work clothing is not tax deductible, even if it is purchased only for work. The IRS allows deductions only when clothing is not suitable for everyday wear and meets strict requirements.
Home office depreciation can reduce taxes today, but it can also affect taxable gain later. Understanding how depreciation and recapture work together is key to long-term planning.
Skipping home office depreciation does not automatically avoid recapture. IRS rules may still reduce your basis and increase taxable gain even if depreciation was never claimed.
