Hi, Website Visitor. Here are your Articles for May 14, 2008.
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Rea & Associates, Inc. Announcements
New Safe-Harbor Rules for Your Vacation Home
Like-kind exchanges of property have long been a desired outcome for property sold at substantial gains when held for trade or business or investment purposes. In the past, there was a facts and circumstances test to determine what property qualified for the tax deferral if the property had some usage as a vacation home. If property was determined to be more "personal use" in nature, then the deferral of gains was not allowed.
"Green" is the buzz word for 2008. There isn't a day that goes by that we don't hear about going green. If you and your family make efforts to protect the environment at home (or even if you're not), why not extend that into your business?
Purchasing new equipment for 2008? Be sure to look at the new depreciation rules before finalizing your purchase. If you are considering repairing your existing equipment rather than purchasing new equipment, you will want to factor in the new depreciation laws into your decision. With the increased depreciation allowed in 2008, it may also be a good time to upgrade some of your equipment.
With the cost of travel increasing, you may be considering doing a little business while on vacation, or doing a little vacationing while on business. Is there a difference? The IRS says yes.
We take great care in the preparation of our articles and announcements. We also have a process of reviewing articles when major changes take place. The business, legal and tax climate is constantly changing especially when reviewed on an industry basis.
It may be very important to consult with us or your Investment Advisor before implementing ideas contained in articles and announcements. Many ideas have complexities and nuances that cannot be adequately detailed in the articles or announcements. We are not responsible for errors, misinterpretations or omissions related to these articles or announcements. Nor are we responsible for the applicability to your personal, business or tax situation.
Pursuant to Circular 230 promulgated by the Internal Revenue Service, if this email, or any attachment hereto, contains advice concerning any federal tax issue or submission, please be advised that it is not intended or written to be used, and that it cannot be used, for the purpose of avoiding federal tax penalties unless otherwise expressly indicated.
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