I am an accountant, entrepreneur, enrolled agent, friendly tax preparer, mother, novice golfer, and a blogger. Doing taxes and blogging are two of my favorite things, so why not combine them? I am here to talk about my experiences in the tax world, both with the IRS and state departments of revenue. I hope to answer any questions anyone has about taxes or their specific tax situations and provide insight on how to save the most money in this kind of an economy.
May 03, 2012
Like-Kind Exchange
If you had a LIKE-KIND exchange of Property, it must be reported to IRS even though...Section 1031(a) provides that no gain or loss is recognized on the exchange of property held for productive use in a trade or business or for investment if the property is exchanged solely for property of like kind that is to be held either for productive use in a trade or business or for investment.
American Opportunity Credit
Strategize your tuition payments to take advantage of The American Opportunity Tax Credit, which offsets higher education expenses, is set to expire after 2012. It may be beneficial to pay 2013 tuition in 2012 to take full advantage of this tax credit, up to $2,500, before it expires.
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