Renting to a relative? Watch out for tax traps

Renting to a relative? Watch out for tax traps

If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules Renting out a home or apartment that you own may result in a tax loss for you, even if the rental income is more than your...
How to minimize the S corporation LIFO recapture tax

How to minimize the S corporation LIFO recapture tax

If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will be triggered by converting...