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1. turbotax.intuit.com › tax-tips › tax-planning-andTax Changes You Need to Know for 2017 - TurboTax Tax Tips ...

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   May 7, 2024 · Tax increases. 2017 continues with the following tax increases started in 2013: An additional tax bracket has been added for individuals with taxable income greater than $400,000 and joint filers with taxable income over $450,000. Tax on long-term capital gains is increased from 15 to 20 percent for individuals with taxable income greater than ...

2. www.loopholelewy.com › loopholelewy › 01-tax-basicsPartially Taxable Exchange - Section 351(b) - Loopholelewy.com

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   4 days ago · Section 351 (b)-Partially Taxable Exchange. Under Section 351 (b), if you own at least 80% of the stock immediately after the exchange and you receive boot in addition to stock, you must recognize gain (if any) up to amount of boot received. Boot is money plus the fair market value of other property you receive in addition to the stock you ...

3. www.withum.com › resources › florida-state-tax-updatesFlorida State Tax Updates - Withum

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   5 days ago · The Florida Department of Revenue (FDOR) recently issued guidance that the Florida corporate income/franchise tax rate has been reduced to 3.535% from 4.458% starting January 1, 2021, but before January 1, 2022. On or after January 1, 2022, the tax rate will return to 5.5%.

4. www.loopholelewy.com › loopholelewy › articlesTax Articles

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   May 3, 2024 · 10 Oddball Tax Deductions. Hiding Assets in an Offshore Account. Save on Your Taxes and for Retirement with the Saver’s Credit. Taxes and Early Retirement Distributions. The Failure to File and Failure to Pay Penalties. 6 IRS Tips for Year-End Gifts to Charity. Tax Rules for a Husband and Wife Co-owned Sole Proprietorship (Qualified Joint ...

5. www.loopholelewy.com › loopholelewy › 01-tax-basics26 U.S. Code § 447 - Method of Accounting for Corporations ...

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   May 13, 2024 · Except as otherwise provided by law, the taxable income from farming of—. (1) a corporation engaged in the trade or business of farming, or. (2) a partnership engaged in the trade or business of farming, if a corporation is a partner in such partnership, shall be computed on an accrual method of accounting. This section shall not apply to the ...

6. www.loopholelewy.com › loopholelewy › 08-retirementRetirement Plan Startup Costs Tax Credit for Small Employers

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   May 5, 2024 · 2023 Retirement Plan Startup Costs Tax Credit for Small Employers. Eligible employers may be able to claim a tax credit of up to $5,000, for three years, for the ordinary and necessary costs of starting a SEP, SIMPLE IRA or qualified plan (like a 401 (k) plan.) A tax credit reduces the amount of taxes you may owe on a dollar-for-dollar basis.

7. loopholelewy.com › loopholelewy › 01-tax-basics-forLLC Electing S corporation Status - Loopholelewy.com

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   May 8, 2024 · The deemed transfer to the corporation is tax-free, provided Sec. 351 (a) applies and the LLC's liabilities do not exceed the basis of its assets (Sec. 357 (c)). An entity that makes an entity election to be taxed as a corporation can elect S status if the entity and its shareholders meet the S corporation eligibility requirements (Regs. Sec. 1 ...