If your C or S corporation owns or leases an airplane, or if you own a plane yourself and use it for business, my new article makes must reading. Why? Because the IRS’s final regulations have just been issued and they can have a most beneficial impact on the airplane tax deductions. You’ll find more than a half-dozen strategies you can use to slash your taxes and keep … [Read more...]
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Get a bonus depreciation on your trade in
Let’s start with a definition: Your trade-in of a business vehicle or airplane on a like-kind business vehicle or plane is called a “Section 1031 exchange.” The good news is that you don’t pay taxes on a 1031 exchange (unless you receive cash or a reduction in debt). But that’s not all. By using some proven tax strategies, you can make the 1031 exchange even better! Want to … [Read more...]