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TAX PLANNING

IRS Tax Debt ➔ Tax Strategies ➔ IRS Problem Solvers


Tax planning involves looking at the finances and holdings of an individual, business, trust, or estate from a tax perspective. To maximize tax savings, all elements of a financial plan should work together in the most tax-efficient manner possible, reducing tax liability, maximizing contributions to retirement plans, and ensuring that you and your family can enjoy the fruits of your labor. Boyles & Boyles will work with you, your financial advisor and/or your tax professional to capitalize on available tax planning strategies.

1031 Exchange Explained

A 1031 Exchange is a trade of like-kind properties in the United States, in which the property being sold is not subject to capital gains tax so long as the proceeds are reinvested into a similar investment property. In a 1031 trade, both properties must be held for business or investment purposes and be situated in the United States. They should be comparable in nature while the size and shape of the property is unimportant. Only profit driven real estate investments qualify for this favorable treatment. Personal residences don't fit the bill, but many Individuals, Corporations, Organizations, LLCs and Trusts can benefit under Section 1031.