Section 1031 Exchange Planning and Consulting
Would you like to exchange appreciated business or investment property without paying taxes? Albin and Associates Accounting consults with clients who own appreciated property held for business use or investment. In such situations, “like-kind exchange” defers gain, provided that the property exchanged is the same type of property and will similarly be held in productive business use or investment. This nonrecognition of capital gain is available only to productive business use and investment property. Personal-use property (a home, for example) is not eligible. This exchange allows the owner(s) of appreciated business property to trade up and increase net worth without paying tax on the appreciation.
Individual taxpayers often need professional tax return preparation and sometimes, representation before the Internal Revenue Service regarding a previously filed tax return. Albin and Associates is here to help.
Residing abroad? If you’re a U.S. taxpayer residing overseas, you are still required to file and pay U.S. taxes on all of your worldwide income. If you are searching for a professional to review personal financial decisions with you to help identify alternatives and weigh the tax consequence of each choice, contact us at Albin and Associates.
Business taxpayers can require bookkeeping services and/or compiled financial statement preparation, or assistance in preparing quarterly employers payroll tax reports. Albin and Associates can help with these and the computation of the payroll tax liability. Is your business faced with a difficult decision that will have a material impact on its profitability? We can help sort through the quagmire and bring focus to the important aspects of the decision. Our professional analysis of the problem will make the decision an easier one after the important components are identified and examined. Consult with us; you won’t have to make these decisions alone.