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Like-kind Exchange (1031)
You can exchange certain real property for another property that’s the same type, or “like-kind,” without recognizing a taxable gain for the transaction. To qualify for a like-kind exchange, the real property you give up must be used for business or held for investment, and the property you receive must be of a similar nature and character. Properties can still be like-kind if they differ in quality, like an apartment building that hasn’t been updated and an apartment building that was recently remodeled. If you receive any money or other property that’s not like-kind in the exchange, you’ll recognize a gain only for the non like-kind assets.
Combine business and personal travel
You may be able to combine business and personal travel and still deduct certain trip expenses. To qualify, a domestic trip must be primarily for business purposes. You should assess all the time and activities on your trip and whether the majority were related to business. You can’t deduct expenses for any trips that were primarily personal. If you travel outside the U.S., you’ll also have to allocate your expenses between business and personal costs in proportion to the number of days you spent on non-business activities.
Business use of home
A taxpayer may deduct the business use of their residence. In order to qualify, the use must be incurred because of the taxpayer’s business and the residence must be used exclusively and regularly as the taxpayer’s place of business.
S Corp owner reasonable compensation analysis
A taxpayer that made an S Corporation election in a prior year still reaps tax savings benefits in subsequent years. It is prudent to conduct a routine review of the S Corporation qualifications and reasonable compensation of the shareholder employee.
Augusta Rule—tax free rental income
The Augusta rule allows a taxpayer to receive tax free rental income received on qualifying property, if the property was rented for less than 15 days.
Bonus depreciation
A taxpayer can elect to expense all or part of the cost of certain qualifying property by deducting it in the year it is placed in service.
401(k) (EE) Employee contribution
Contributing to employer-sponsored plans like a 401(k) is a triple benefit, including 1) reducing taxable income by the amount of contributions, which reduces income taxes by your marginal rate, 2) the savings grow tax-free until withdrawn and 3) many plans offer employer matching contributions, which is like earning free money just by saving. Employee contributions are reported on W-2, Box 12, code D. Employee pre-tax contributions lower taxable income, and the tax savings are calculated using the applicable federal and state tax rates, unless changed.
401(k) Employer (ER) matching contribution
Employers can make matching and nonmatching contributions to a sponsored 401(k) plan on behalf of their employee, even if the worker has already maxed out their contributions. Employer matching contributions are like free money, and aren’t subject to Social Security, Medicare, or income taxes. Make sure your client is contributing enough to get the most out of their employer’s matching program. This amount isn’t reported on the W-2 but can usually be found on paystubs.
Hire your kids
Parents who employ their child in a closely held business can lower their business income, reduce their income taxes, and allow their children to earn their own income. Revenue rulings and case law have established that the business can deduct wage payments made to the child as long as they are a bona fide employee, their compensation is reasonable, and they actually render services to the business.
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Get paid what you're worth
Dominique Molina
President of the American
Institute of Certified Tax Planners
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Get paid what you’re worth — Dominique Molina
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Moving your practice to year-round recurring revenue
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4 big mistakes you can make when selling advisory services
Avoid pitfalls when leading with advisory with these tips.
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The path to advisory
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Leading with advisory services
The Intuit Tax Council members share their comprehensive tax advisory recommendations, strategies, and more.
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