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July 2024

GIFT VS. INHERITANCE: WHICH IS THE SMARTER TAX MOVE FOR YOUR HOME?

A common question, and one where many taxpayers often make mistakes, is whether it is better to receive a home as a gift or as an inheritance. Generally, from a tax perspective, it is more advantageous to inherit a home rather than receive it as a gift before the owner’s death. This article will delve into the tax aspects of gifting a home, including gift tax implications, basis considerations for the recipient, and potential capital gains tax implications. Here are the key reasons why inheriting a home is often the better option.  

Read on to learn more!

MASTERING YOUR BUSINESS FINANCES:

A DEEP DIVE INTO THE PROFIT & LOSS REPORT

As a business owner, the Profit & Loss (P&L) report is one of your most vital tools. This financial statement gives a window into your business, revealing how your money is generated and spent. The main goal of the P&L report is to understand how your business has earned a net profit or incurred a loss and how to adjust your strategy accordingly. Love it or hate it, the P&L report is your company’s scorecard – and if you can read it well, it can guide your company toward sustainable growth. 

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2024 Q3 TAX CALENDAR: KEY DEADLINES FOR BUSINESSES AND OTHER EMPLOYERS

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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WHAT'S NEW AT HT2!

Courtney has been a valued member of the Hamilton Tharp team since January 2016, starting as a Tax Intern and advancing to her current role as a Tax Manager. She lives in Oceanside with her two cats and her new husband, Isaak. Courtney and Isaak’s story began in high school in 2009 but truly blossomed when they reconnected in 2014. After several years together, they celebrated their union with a beautiful wedding ceremony at the Carlsbad Windmill on June 29, 2024. Congratulations to the Happy Couple!!!

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