Tax Planning To Winter In Florida And Summer In Massachusetts

You can plan your tax-deductible business life to avoid cold winters and hot summers.Spend a moment examining the following four short paragraphs that contain the basic facts from the Andrews case.For six months of the year, from May through October, Edward Andrews lived in Lynnfield, Massachusetts, where he owned and operated Andrews Gunite Co., Inc., … Read more

Tax Cuts And Jobs Act: Changes Affecting Partnerships And LLCs And Their Owners

The Tax Cuts and Jobs Act (TCJA) includes several changes that affect partnerships and their partners, and LLCs that are treated as partnerships for tax purposes and their members. Most of the changes are good news. Here are some highlights: Technical Termination Rule Repealed (Good) Under prior law, a partnership or an LLC treated as … Read more

Does Non-Home Use Of Your Home Damage Your $250,000 Exclusion?

The days when you could convert your rental property or vacation home to a principal residence and then use the full $250,000/$500,000 home-sale exclusion to avoid taxes are gone.Here’s how the $250,000/$500,000 exclusion works today. You must divide your period of home ownership into two categories—qualified and non-qualified use:Qualified use means the time you or … Read more