Thinking of selling or trading in your business vehicle? Then pay attention because you may be able to save yourself a bundle. You see, when you sell or trade in your vehicle, one of two things is produced … a taxable gain or a deductible loss. And how you handle your gain or loss has real tax implications. Want to learn how you can get the best tax deduction available … [Read more...]
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Audit-proof your vehicle and entertainment deductions
A letter arrives in your mail box. It’s from the IRS. It seems they want to go over your vehicle and entertainment deductions. What’s that? You can’t back up all your deductions with a detailed log and an organized file of receipts? Well then, welcome to a world of pain. If you want to avoid getting crushed by an IRS audit, now is the time to act! What’s the first step … [Read more...]
Sell your SUV using a 1031 exchange
Thinking of selling your SUV and buying a car with the proceeds? Then you should consider using a 1031 exchange. You see, this tax-payer friendly section of the tax code allows you to avoid paying current-year taxes on the sale of your old SUV when followed by the purchase of a replacement vehicle. Want to find out how to put a section 1031 exchange to work for … [Read more...]
How to deduct your business motor home
Do you use a motor home for business? Are you thinking of getting a motor home for business use? Then you should know that some recent developments are working in your favor. If you want to learn the best way to deduct business use of your motor home and stay in Uncle Sam’s good graces, take my advice. Before you pack your bags and hit the road, read my new article … [Read more...]
Rent equipment to your corporation!
It’s a fact … Renting equipment to your corporation is a tricky business. To keep the IRS happy, you have to know the ins and outs of Section 179 expensing. Handle things the right way and you could save a bundle. Make a mistake and you could be inviting an audit. But don’t worry. We’ll explain the intricacies of the law in easy-to-understand language when you read my … [Read more...]