When the Federal Housing Authority (FHA) made the Alternative Minimum Tax (AMT) apply to mortgage brokers, a lot of them got upset. Which should come as no surprise. You see, the IRS was disallowing business expenses on Schedule C and moving those expenses to the itemized deduction category. Of course, miscellaneous itemized deductions are not deductible for the AMT, so … [Read more...]
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How to save money by paying more taxes!
No. It’s not a typing mistake. It makes perfect sense to pay more taxes this year if we do head over the fiscal cliff at midnight on December 31. As you probably know, the fiscal cliff refers to major changes in the tax law that will take effect starting January 1 if our lawmakers don’t get their act together. And these changes involve huge tax increases. Which means it may … [Read more...]
Make your hobby a business, now!
The “hobby” classification on a tax return can spell death for deductions. What can you do about it? Quit your hobby Make your hobby a business If you don’t choose number 2, you could wind up paying taxes even when your hobby produces zero income. Want to avoid this dangerous tax trap? Read my brand new article titled Tax Tips: Horse Hobby Needs Tax Psychiatric … [Read more...]
Get your personal economic stimulus package
Did you know that “The Small Business Jobs Act of 2010” spends $12 BILLION on small businesses? Are you getting your fair share of this money meant to stimulate the economy? To learn how the one-owner business can cash in on The Small Business Jobs Act of 2010, read our brand new article titled New Law: Another Small-Business Economic Stimulus Package for You. Three ways our … [Read more...]