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In This Issue...
Is a Like-Kind Exchange a Good Option for Your Business?
Seeking a Job? You May Be Able to Deduct the Expenses
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suzanne
Suzanne LoBiondo, CPA
516-791-1303

 
 
Chris
Chris Cheeseman, CPA
516-791-1303

Dear Clients and Friends,

 

 

It's hard believe another summer is already behind us.  We did have some beautiful weather here in the Northeast and we hope you had a chance to enjoy it.

 

As a reminder for those who pay quarterly estimates, the third installment is due September 15.  If you need a copy of your voucher, or your income situation has significantly changed, please contact us.  

 

Also, 2013 individual tax returns on extension are due October 15, so please provide us your information to meet this final deadline.

  

Very truly yours,

Suzanne LoBiondo and Christopher Cheeseman

 

Is a Like-Kind Exchange a Good Option for Your Business?

Normally, when companies sell properties, they must pay taxes on any gain they receive. Like-kind exchanges, transactions in which companies trade properties, may be carried out without any immediate tax consequences.

 

They must satisfy IRS rules, however, which include:

 

    • The properties must have the same "nature or character," as set forth in IRS guidance.
    • The exchanges can be business or investment properties put to a productive use.
    • The exchanges can't involve inventory, most securities and some other assets.
    • Taxes must be paid on any cash or non-similar property that is part of the deal.

 

Keep in mind that like-kind exchanges are tax-deferred transactions, not tax free. When a company eventually sells the property it received in an exchange, it must pay tax on any gain from its original investment. In the meantime, though, the business/company can use the funds it would have paid in taxes and it has acquired a new property that may better suit its needs without necessarily making a cash outlay.

 Seeking a Job? You May Be Able to Deduct the Expenses

Did you know that if you are trying to find work in your current occupation, the costs of your search, including expenses for preparing and sending resumes, employment agency fees and

related travel expenses, should be deductible?

 

The deductions aren't available in all cases. For example, you're not eligible to use them if you are seeking employment in a new field or if this will be your first job. If it's been a long time since you left your last job, your costs also may not qualify. Don't try to navigate the rules on your own. If you want to learn more about these deductions, or ask any questions about your tax situation, contact us today.

About C&L Tax and Accounting Services LLP
 
clC&L Tax and Accounting Services LLP is a boutique CPA firm that specializes in meeting the tax and accounting needs of individuals and small businesses. Our experienced tax and accounting professionals offer clients insightful and strategic tax planning and compliance services that maximize savings year after year.

C&L Tax and Accounting Services LLP's offers a wide range of tax and accounting planning, compliance and consulting services for both individuals and small businesses. We invite you to peruse our capabilities and contact us for a consultation.