Are you a collector of gold, antiques, or stamps? If you are, it’s important to know the relevant tax laws. You see, if you understand the IRS’s rules and regulations, you may be able to deduct a lot of your expenses and slash your tax bill! Want to learn how proven, completely legal techniques can save you big money? Then start collecting the money-saving ideas you’ll … [Read more...]
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Are you a property “investor” or “dealer”? It matters!
You buy a building. You fix it up. You sell it for a tidy profit. Congratulations… but that’s not the end of the story. You see, the IRS will want to know if your building is a dealer property or an investment property. This distinction is not always easy to make… either for you or your tax preparer. What’s more it’s an important distinction that can have huge … [Read more...]
When a house won’t sell, consider a lease-option
Trying to sell a house that’s sitting on the market without attracting a decent offer? Don’t give up. Think creatively and use a lease-with-an-option-to-buy strategy to get the cash flow flowing! When you find the right tenant, this arrangement can make sense for everyone concerned. But beware. There are tax traps that you’ll need to avoid if you want to come out a winner. … [Read more...]
How to use corporate advances to avoid double taxation
Do you own a C corporation? If you do, you have a nasty double-taxation problem. EXAMPLE: Let’s say your corporation has $10,000 of profits after paying your salary and other expenses. If you want to use that money for personal purposes, you have to: Pay the corporate tax on the income And pay a dividend tax on the transfer from the corporation to your personal bank … [Read more...]
What you need to know about depreciation now!
When it comes to depreciation and Section 179 deductions, what Uncle Sam giveth, Uncle Sam taketh away. You see, the tax law grants you some nice depreciation deductions, but then recaptures or otherwise taxes them. This means you need to do some careful tax planning in order to save money. How should you start? By reading my brand new article titled Tax Tips: Depreciation … [Read more...]