Art Donations Charitable giving is a key part of estate planning for many people. If you have a collection of valuable art, you may consider donating one or more pieces to receive tax deductions. Generally, it’s advantageous to donate appreciated property to avoid capital gains taxes. Because the top federal capital gains [...]
Art, antiques and collectibles are mentioned in portions of the Internal Revenue Code, usually with more stringent rules surrounding them. Note that by donating the same piece of art instead of selling it, you would remove the 28% capital gains tax and you would receive an income tax deduction for the appraised value of the art.
Art, antiques and collectibles are mentioned in portions of the Internal Revenue Code, usually with more stringent rules surrounding them. Note that by donating the same piece of art instead of selling it, you would remove the 28% capital gains tax and you would receive an income tax deduction for the appraised value of the art.
The IRS uses Form 1099 as a tool to help verify that taxpayers are reporting their income. Businesses file Form 1099 with the IRS to report payments to vendors or recipients, then the IRS attempts to verify that these payments are actually reported as income on the tax return of that individual or company. For the reporting year 2014, businesses need to prepare 1099s in time to be given to vendors by February 2, 2015, and IRS copies must be filed by March 2, 2015. The IRS due date is extended to March 31, 2015, for electronically filed returns.
The issue of whether workers should be classified as employees or independent contractors for federal employment tax purposes has been a source of controversy for decades. The saga continues. This article summarizes a recent U.S. Tax Court decision on the classification of a manager in the home care industry.
Should you buy art as an investment? It is a good question, and one that merits some careful consideration. Although I love art, my job as the accountant is to advise my clients regarding the tax ramifications and keep them compliant with the tax rules. But sometimes clients need a sounding board so my general advice breaks down into these key points:
The oldest of the baby boomers—born between 1946 and 1964—currently are winding down their careers, including thousands of business owners. Unlike previous generations, however, baby boom entrepreneurs are expected to face fierce competition when courting potential buyers. With approximately 25% of the total US population made up by baby boomers (as of 2011), many as [...]
