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Death
& Taxes
We have Information to Help You with Either
Got a Question?
IRS wants you to retire Financially Free! We will answer your questions and give you options about how to become Financially Free when you retire
Tax answers/options when you sell your Home. We will answer your questions about the tax free home sales and give you options on tax free exchanges
So, You got a letter from IRS? We can help. Letters from IRS are scary. We will answer your questions at no charge.
S-Corp, LLC, C-Corp, Partnership - Your Choice? Selecting the correct Business Entity is confusing. We will give you the tax options of each Business Entity.
How not to pay taxes when you sell income property. We will explain how to do a tax free exchange & not pay taxes when you sell your income property.
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Business agenda (Miami Herald)TODAY BROWARD Biz to Biz Networking: Meet and exchange business cards with local professionals; 5:30-7:30 p.m., Bonefish Grill, 6282 N. Federal Hwy., Promenade Shopping Center, Fort Lauderdale; $10. 954-838-9644 or biztobiznetworking.com.
Latvian Parliament fails ombudsman elections (Baltic Times)The Latvian parliament held three rounds of voting on Jan. 11, but nevertheless failed to elect the ombudsman. The last round was only for one candidate, the University of Latvia professor Ringolds Balodis, nominated by the ruling People’s Party, but he received 44 votes for and 47 votes against at the 100-member parliament.
Agenda (Miami Herald)TODAY BROWARD Florida Department of Revenue: Unemployment compensation tax seminar in Spanish; 10 a.m., Hollywood Beach Culture and Community Center, 1301 S. Ocean Dr., Hollywood; free. Alberto Collazo at 954-967-1821.
Openwave, Harbinger in proxy battle (Sharewatch)Harbinger's interests "are in direct opposition" with the company's long-term plan to build value for all of its stockholders, Openwave said in a statement, adding that the investment firm's nominees are not qualified to serve on its board.
AMI responds to FSA review (Mortgage Introducer)AMI is pleased to see that large networks and intermediary firms who participated in the study had robust processes in place. Smaller networks and intermediary firms do have work to do though to improve their advice and record keeping processes.
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1031 Tax Exchange Forms
There are several forms that are required to be filled while carrying out transactions under Section 1031. Some of the important forms include IRS Form 8824 for like-kind exchanges and IRS Form 4797 for the sale of business property. There are several agreements that need to be taken care of in terms of paperwork and documentation such as the purchase agreement and sale agreement, earnest money agreement, and offer and acceptance agreements. There are several formats of tax exchanges such as the two-party swap, Alderson exchange, safe harbor, multiple sales/acquisitions, reverse exchange, and improvement exchange. The documentation differs according to these formats. There are several legal firms as well as real estate firms that help the individuals as well as companies to fill the forms required for availing themselves of the benefits of Section 1031. If one is not aware of the various rules and regulations under this section, then it is better to consult an expert in the matter, as the IRS is quite strict about the documentation part under tax exchange laws. There are several online consultants that are available to help you in filling out these forms. Ever since Section 1031 came into existence around five decades ago, the U.S. Department of the Treasury has been trying to simplify the procedures and reduce the documentation as much as possible. The efforts specially gained momentum in 1990s. However, certain forms are still mandatory. This requirement also helps ensure that you are not taken advantage of. Most of the real estate consultants and attorneys provide these forms to their clients and help them in filling out these forms as well. Any incorrect information given in these forms could jeopardize not only the transaction itself, but could also have serious legal consequences.
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