Cost basis is a tax concept which is used for determining the true amount which has either been gained or lost from the sale of a given commodity. When you sell property, basis is used to compute the correct amount of tax which is owed from the sale. Though cost basis is a relatively simple concept,
The Tax Benefits of the Legal Profession
Few occupations receive as much attention as the legal profession. Lawyers hold a high position on the occupational totem pole and are regularly portrayed as characters in a variety of media – films, television shows, books and others. Historically, the legal profession has possessed a considerable
The Basics of Starting Your Own Business
Starting a new business is an exciting, life-altering endeavor. Historically, it has been America’s entrepreneurial spirit which has pushed us along from the days of the general store up to the bustling multistate corporation. Whether self-taught or equipped with an MBA, all aspiring entrepreneurs
The Tax Issues of the Medical Field
When entering their chosen field, medical professionals mull over a number of important concerns. They think about their compensation; they ponder the frightening hours they may have to work; they think about the impact they will make on the lives of their patients. Rarely, if ever, do they wonder
The Tax Benefits of Real Estate Ownership
Most people -- even those among the so-called millennial generation -- would like to own property at some point in their lives. Since it relates to both our drive for prosperity as well as our abundance of space, there is something about real estate ownership which gives off a thoroughly American
Washington State Plays Leading Role in the Recruitment of EB-5 Investors
EB-5 Investors EB-5 investors are foreign investors who have chosen to take part in the EB-5 visa program. The EB-5 visa was initially created as part of the Immigration Act of 1990. The EB-5 visa program created an incentive for foreign nationals to invest money in the United States: after
The 3 Most Common Scams Aimed at Tax Professionals
Taxpayers are not the only ones who fall victim to scams by criminals during tax season. Professionals who prepare taxes can also be made victims of scams which target them for money. For this reason tax professionals need to be educated about the most common scams aimed toward them. Below is a list
How to Determine Which Filing Status is More Beneficial
Unfortunately, most people cannot choose their tax status when it comes to filing taxes. Your status is determined by your current set of life circumstances and your income. If you are unmarried without children, you must file as single. If you are a single parent, you can claim yourself as head of