With the tax filing season just around the corner, I repeatedly hear the question, “can I deduct my home office?” The answer varies as the IRS has a more restrictive definition of the home office than those heard in ordinary conversation.
When business owners have divergent goals, Section 1031 contains several provisions for like-kind exchanges and installment sales that can be used to satisfy all parties involved. Proactive tax planning can minimize and delay taxes due while allowing members to pursue their desired outcome.
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