Wendy Wade, J.D., LL.M, Author at

About Wendy Wade, J.D., LL.M

Wendy Wade received her Bachelor of Arts in Finance with an emphasis in Real Estate from The University of Northern Iowa. She subsequently attended John Marshall Law School in Chicago, Illinois where she received her Juris Doctorate. At John Marshall, Wendy continued her studies to receive an LL.M in Taxation with a certificate in Corporate Taxation. Her prior work experience includes legal tax defense, Internal Revenue Service in the Small Business division, State of Illinois income tax department.

January 8, 2020

Exclusion of Capital Gain Taxes on Your Primary Residence

The sale of a primary residence can often result in a gain, resulting in a taxable event of a 20% capital gain rate, and if you are a higher income earner an additional 3.8% for net investment income taxes. The gain is the positive difference between the purchase price of the primary residence and … [Read more...] about Exclusion of Capital Gain Taxes on Your Primary Residence

June 14, 2019

Asset Protection: NOW…not later

Asset Protection: NOW…not later An important business strategy is protecting business assets by creating an asset protection plan. Assets that need to be protected include: personal residence, business and investment real estate, bank accounts, retirement accounts, marketable securities, … [Read more...] about Asset Protection: NOW…not later

December 19, 2018

End of Year Tax 2018 Tax Tips

End of Year Tax 2018 Tax Tips Before December 31, 2018… Taxpayers and Business Owners can take some steps today to maximize their tax benefits and minimize their taxable income: Year End Bonus: Earnings are taxable in the year received; therefore, if taxable income in the 2018 year will be … [Read more...] about End of Year Tax 2018 Tax Tips

October 7, 2018

Deduct Non-Marijuana Entity Business Expenses

Deduct Non-Marijuana Entity Business Expenses Although §280E prohibits cannabis growers and retailers from claiming deductions “for any amount paid or incurred during the taxable year in carrying on any trade or business….”, there are two common approaches to minimizing the impact of this harsh … [Read more...] about Deduct Non-Marijuana Entity Business Expenses

September 28, 2018

Asset Protection

Asset Protection Asset protection works as a safeguard of your corporate assets by keeping them out of reach from potential judgment creditors and enforcement actions. Neglecting to properly protect your assets can lead to a liquidation of your assets and equipment; resulting, in a forced sale of … [Read more...] about Asset Protection

July 2, 2018

The IRS proposes a new face-lift for Individual Tax Form 1040

The IRS proposes a new face-lift for Individual Tax Form 1040 The IRS Form 1040 has been given a face-lift and will be condensed to a postcard-sized form. The goal is to standardize and simplify the 1040 so all 150 million taxpayers will be using the same form; and eliminate Forms 1040, 1040A, and … [Read more...] about The IRS proposes a new face-lift for Individual Tax Form 1040