They say that corporate taxation is a lot like a lobster trap… “Easy to get in. Hard to get out.” If you are snared in a C corporation lobster trap and want out so you can switch to a sole-proprietorship, my new article is for you. You see, the conversion process to a proprietorship can be expensive and may or may not make sense for you. But don’t worry. I’ll give you all … [Read more...]
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Why Section 1045 of the tax code can be your friend
Good news from your buddies at the IRS… If you handle things the right way, they’ll let you buy a small business, sell it a huge profit, and defer the taxes as if you had completed a tax-deferred exchange! That’s right. Thanks to Section 1045 of the tax code, you can enjoy the exact same tax-deferral benefits that you can get with a Section 1031 exchange. Want to find out … [Read more...]
How to turn antiques into business deductions
It’s a simple fact. Antique desks, clocks, cabinets, bookcases, rugs, conference tables, paperweights, and more, can add character and beauty to your office. But that’s just for starters because: Antiques can make great investments. They often appreciate in value. You can deduct antiques as a business expense if you know how to take advantage of the tax law. You’ll … [Read more...]
The right way to handle a Section 1031 rental exchange
Do you own rental properties? Do you want to grow your rental-property business? Then you need to know the ins and outs of the Section 1031 exchange. Mr. Adams did. That’s why he was able to overcome an IRS objection that his Section 1031 exchange failed because his replacement rental-property fit his son’s family’s needs. We’ll explain the Adams case and show you how to … [Read more...]
How to get a deduction for your classic car
Do you drive a classic car in the course of conducting your business? If you do, here’s a fact you should know… Some important tax law changes now allow you to claim a fat deduction on your four-wheeled business asset! Of course, as always, the devil (and the IRS) is in the details and you have to know how to handle things correctly. We’ll show you how, and steer you in … [Read more...]