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Ken Berry, JD

CPA Practice Advisor Tax Correspondent

Ken Berry, Esq., is a nationally-known writer and editor specializing in tax and financial planning matters. During a career of more than 35 years, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company in the financial services industry. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals, emphasizing a sense of wit and clarity.

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Accounting

Working Out a 1031 Exchange of Real Estate

You can still avoid current capital gains tax when you exchange one real estate property for another, or as a result of an exchange involving multiple parties, as long as certain requirements are met.

Income Tax

Locking in the Tax Exclusion for QSBS

The tax break for QSBS has been kicking around for a bunch of years and has gone through several iterations.

Benefits

A Muni Swap In Time Can “Save Nine" - Tax Tips

Unless you’ve been marooned on a desert island like Robinson Caruso, you’re probably well aware of the main tax benefits of municipal bonds—often called often called “munis” for short. But let’s briefly recap them anyway.

Financial Planning

Five Tax-Wise Ways to Invest in Gold

Generally, shares of gold-based assets like gold mining stocks and mutual funds are taxed at a maximum tax rate of 20% (15% for certain moderate-income investors), just like with most other capital assets.

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Income Tax

Deferred Payroll Taxes Are Coming Due Soon

Businesses have until December 31, 2022, to meet their obligations for federal payroll taxes deferred from as far back as 2020. If a business fails to comply, it may be hit with a hefty tax penalty.

Income Tax

The Tax Blotter - Sept. 22, 2022

The Tax Blotter is a round-up of recent taxation news.

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Income Tax

Details of the New Tax Rules for Electric Vehicles

The new law retains the maximum credit of $7,500 for 2023 through 2032. However, the IRA changes other rules of the road, as follows:

Small Business

Income Tax Deductions for Start-Ups

A start-up business can claim a current deduction for qualified start-up costs if it meets two requirements, as stated by the IRS.

Small Business

The Work Opportunity Tax Credit for 2022 (WOTC)

The latest extension—approved as part of the Consolidated Appropriations Act (CAA)—continues the WOTC for a five-year period.

Income Tax

Tax Issues with Student Loan Forgiveness

Generally, the income is taxable in the year that the forgiveness or cancellation occurs. The creditor will

Income Tax

Arranging a Tax-Favored Installment Sale

With this tried-and-true tax planning technique, you can defer the tax over several years, usually reducing the overall tax bite.

Income Tax

Five Tax Breaks for Higher Education

It cost a pretty penny to send your kids to school, but at least the tax law affords some measure of tax relief. Here’s a roundup of five key tax breaks for higher education.