WELCOME TO THE MILIKOWSKY TAX LAW BLOG

Providing actionable insights and valuable information to help you navigate the complexity of tax law for your business.

Busines using a computer to complete Individual income tax return form online for tax payment. Government, state taxes. Data analysis, paperwork, financial research, report. Calculation tax return.

Are You Affected by President Obama’s 2015 Tax Proposals?

President Obama recently released his 2015 budget proposal and included revisions to the tax laws that, in some instances, changes laws that have been on the books for sixty years. Keep in mind these changes are currently only proposals; however,…
Tax Return form 1040 with USA America flag and dollar banknote, U.S. Individual Income.

Nine Tax Tips for Preparing Your Income Tax Return

When it comes to running your business, there are various rules to follow to ensure you accurately report your business income and take proper deductions, determine whether you can pay workers as employees or independent contractors, and whether…
Smiling woman analysing bills filling tax documents while at sitting on sofa at home

Is This The End Of 1031 Like-Kind Exchanges Of Real Estate?

Obama's 2015 budget proposes a $1M cap on section 1031 like-kind exchanges of real estate. Currently, when a capital asset is sold or exchanged, a capital gain or loss is generally recognized. Internal Revenue Code Section 1031 provides an…
Real estate agents shake hands after the signing of the contract agreement is complete.

Are Your Losses From Real Estate Limited?

Information the real estate investor should know before filing a 2013 income tax return. Owning investment property can provide many benefits and tax incentives. However, several pitfalls exist for the unwary real estate investor expecting…
Foreclosure sign in front on modern house

Tax Consequences for Foreclosure & Short Sale

The answer will vary depending on the facts specific to the individual, loans, and real property, but in generally, a discharge of debt from a foreclosure is excluded from taxation under Internal Revenue Code §108(a)(1)(E), if the real estate…