Question: I have funds in a Roth IRA, a traditional IRA and my employer’s 401(k) plan. Is there a way to avoid selling retirement account assets at a loss as I near the age where I must commence retirement plan distributions? Answer: Generally speaking, taxpayers must...
Question: I loaned a sizeable sum to my daughter to enable her to purchase a residence. While I expect to be repaid, there is no specific time for repayment and no interest will be paid on the loan. What are the tax consequences of this arrangement?
Question: I am a salaried employee and I also receive self-employment income from a side business unrelated to my salaried employment. Am I entitled to a qualified business income tax deduction for my earnings?
Question: I own an interest in a limited liability company with others through which we operate a professional service business. Our company holds a significant amount of assets largely consisting of equipment, accounts receivable and cash. How can we protect the company assets from creditors in a tax-effective manner?
Question: I own a policy of insurance on my life that I am selling to a third party at a profit. What tax consequences and other concerns do I have?
Question: I personally realized a large capital gain from the sale of my stock. Can I avoid or defer the gain by reinvesting some or all of the sale proceeds in a qualified opportunity zone investment?
Question: I am buying an insurance policy on my life that contains a long-term care insurance rider. Can I transfer the policy to an irrevocable insurance trust and still benefit from the long-term care feature?
Question: I received a distribution from a limited liability company in which I am an owner representing proceeds from the refinancing of a commercial loan on company property. Can I deduct my share of the interest on this debt?
Question: I am planning to remarry and want my 401(k) plan benefits paid to my children upon my death, not to my future spouse. Do I need a prenuptial agreement to accomplish this?
Question: Is there any way to deduct business entertainment expenses after the most recent tax legislation?
Answer: The Tax Cuts and Jobs Act of 2017 fully eliminated deductions for entertainment expenses incurred by taxpayers, effective for tax years beginning after December 31, 2017.