Mortgage Loan Modifications

Mortgage Loan Modifications

Are you getting threatened with a potential mortgage foreclosure? Having your attorney negotiate a loan modification can help change some the terms of your mortgage. For example, a lowered interest rate may make your monthly payment more affordable to help avoid foreclosure. Sometimes, past due payments can be rolled into the package to keep you current....More

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Selling your business? Defer — and possibly reduce — tax with an installment sale You’ve spent years building your company and now are ready to move on to something else, whether launching a new business, taking advantage of another career opportunity or retiring. Whatever your plans, you want to get the return from your business that you’ve earned from all of the time and money you’ve put into it. That means not only getting a good price, but also minimizing the tax hit on the proceeds. One option that can help you defer tax and perhaps even reduce it is an installment sale. Tax benefits With an installment sale, you don’t receive a lump sum payment when the deal closes. Instead, you receive installment payments over a period of time, spreading the gain over a number of years. This generally defers tax, because you pay most of the tax liability as you receive the payments. Usually tax deferral is beneficial, but it could be especially beneficial if it would allow you to stay
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Business Expenses unde Tax Reform

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Now’s the time to review your business expenses As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces or eliminates many deductions. In some cases, it may be necessary or desirable to change your expense and reimbursement policies. What’s deductible, anyway? There’s no master list of deductible business expenses in the Internal Revenue Code (IRC). Although some deductions are expressly authorized or excluded, most are governed by the general rule of IRC Sec. 162, which permits businesses to deduct their “ordinary and necessary” expenses. An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your business. (It need not be indispensable.) Even if an
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2018 Year-End Tax Planning

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