Free Tax Busting Articles
A selection of free tax advice articles written by experts
TAX RULES FOR HOME SELLERS - JULY 2008
In 1997 new tax rules for home sellers were introduced contained in section 121 of the tax code. The new tax changes were If you are not married, when you sell your home the first $250,000 of your profits are tax free... more
SETTING UP AN S CORPORATION - JULY 2008
We will take a close look at the drawbacks and S corporations, also known as S corps. S corps offer limited liability and simple tax treatment. They’re pass-through entities which means the profits of the business pass through... more
STARTING A LLC - JULY 2008
LLC stands for Limited Liability Company and the owners are called members. The LLC is a relatively new type of business structure. It was only in 1996 that most states had recognized them. LLCs have become extremely popular... more
SETTING UP A LIMITED LIABILITY COMPANY - JUNE 2008
Both sole proprietors and partnerships can convert to a limited liability company. Until recently some states did not allow one-member LLCs. That is no longer the case. One-member LLCs are allowed in every state... more
WHAT IS A C CORPORATION - JUNE 2008
A C Corporation is the only business structure that is never a pass-through entity. The difference between C corporations and all the others is that c corporations are completely separate C Corp tax entities.
This means you don’t ... more
S CORPORATION TAX EXPLAINED - JUNE 2008
Many businesses start life as an s-corp and when profitable become c corps to benefit from income splitting and fringe benefits. Alternatively they form an LLC which is simpler to form and operate but offers the same personal liability protection... more
HOME SELLERS PARTIAL EXCLUSION - JUNE 2008
One of the major dilemmas that both married and unmarried home owners face is what happens to the $250/500k capital gains tax exclusion if you sell your home after owning it or living in it for less than two years... more
USING THE TAX-FREE EXCLUSION FOR RENTAL & BUSINESS PROPERTIES - JUNE 2008
One of the most powerful ways to minimise your tax bill is by ensuring that your properties qualify for the tax-free exclusion. Used correctly, this exclusion can mean that you pay very little tax on gains of up to $500,000... more