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Category: Tax

  • How Can a 1031 Exchange Help Build My Net Worth?

    1031 net worth

    A 1031 tax exchange can help build your net worth. Under Section 1031 of the U.S. Internal Revenue Code, the capital gains tax can be deferred when you sell an investment property in exchange for a similar property, also known as like-kind properties. As long as there is a like-kind purchase, the capital gains tax […]

  • Can I Do a 1031 Tax Exchange Between States?

    Ohio 1031 Exchange Services Lawyers at the Wolterman Law Office Can Help You With a State-to-State 1031 Exchange.

    A 1031 tax exchange is a way to exchange real property without incurring capital gains tax. This enables you to exchange real estate for other property of an equal or greater value, known as a “like-kind property.” Section 1031 is a federal tax code, so you can exchange properties between states. A state-to-state 1031 exchange […]

  • Tax Reform Legislation 2017: Changes in Tax Reforms

    tax reform

    After nearly three decades, the government has passed a bill that affects the taxes that are paid by taxpayers. However, these legislations apply for the year 2018. Considerable changes have been made to individual income tax, gift and estate tax, and corporate tax. To keep you up-to-date with the recent changes made by the government […]

  • The Difference Between Tax Avoidance and Tax Evasion

    avoidance evasion

    Taxes are a measure instilled by the government to redistribute wealth in a manner that ensures their own coffers do not get exhausted. When they acquire taxation, which may be through direct or indirect techniques, they ideally use these funds for provisions such as public goods (roads and street lights etc.) Tax can be an […]

  • 5 Times You Should Think About Hiring A Tax Advisor

    tax advisor

    Taxes can be extremely complicated for even the most educated person. Not everyone is familiar with the mechanism of taxation and why they are taxed differently for different things. Keeping track of all the different tax rates and utility bills can be an overwhelming task for people working and living a fast lifestyle. Given their […]