Now more than ever, individuals are taking advantage of traditional, as well as innovative wealth building opportunities. As you build and grow your wealth, it’s important to understand the tax implications of various endeavors. That said, taxation should always be a major consideration when starting, buying, or selling a business or acquiring and disposing of assets.   Our firm will guide you through the tax benefits and consequences of various types of business, asset and investment transactions. We can help you determine whether your transactions are taxable, how to report those transactions on your tax return, what deductions and credits are available to you, as well as advise you on how to structure transactions to reduce your tax liability.   
We advise clients on transactions such as Startups/Small Business, Real Estate, Virtual Currencies, NFTs, Stock, and FOREX:  

Startups/Small Business 
Starting and operating a trade or business as a sole proprietor or business entity has been a traditional means of generating income and building lifetime or generational wealth. The income from a business is taxable under the tax code. As well, businesses are required to maintain tax compliance throughout the year.  

Real Estate   
Real estate is probably the most common means of building present, future, and generational wealth. There are several kinds and types of real estate investments and transactions. Whether personal residence, vacation property, rental income, REITs, commercial property, land, or storage, the income from or sale of these properties can be taxable.

Cryptocurrencies   
Virtual currency (aka cryptocurrency) is a digital representation of value that functions as a medium of exchange. There are more than 8,000 virtual currencies in existence. In many cases, it operates like “real” currency due to the fact that it is “convertible” – having an equivalent value in real currency, or is a substitute for real currency. However, virtual currencies are not recognized as legal tender in the U.S.  The IRS treats virtual currency as property and therefore treats virtual currency transactions in the same way as transactions with any other property.   

NFTs   
NFTs (non-fungible tokens) are cryptographic assets that exist on a blockchain. These assets, represented by tokens, give rights to anything from art to music to apparel to real estate. These asset tokens can be bought, sold, and traded.  In most cases, NFTs are purchased with virtual currency.  To the buyer and seller, these transactions can create a tax liability.   

Stock 
Stock market investing has been the mode of building tremendous wealth for many. A share of stock represents ownership of a company. The value of the share of stock changes based on many factors such as company performance, politics, world events, or economy. Stocks include individual stocks, ETFs, index funds, mutual funds, and the like.  Profits earned from stock transactions can be taxable.    

Foreign Exchange Market (Forex) 
The foreign exchange market consists of traders exchanging one country’s currency for a different countries currency. The value of these currencies can fluctuate from day to day and country to country, allowing traders to profit when the value of a currency held increases in value. Profits earned from Forex transactions can be taxable.