If you sold your business vehicle, would you wind up with a taxable gain? If the answer is “yes,” you could decrease or possibly eliminate your tax bill using a Section 1031 tax-deferred exchange. How can you turn this section of the tax code to your advantage? You’ll find out when you read my new article titled Tax Tips: 1031 Tax Program for Vehicles. Three ways our … [Read more...]
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How to avoid costly Section 179 “recapture”
Did you take the Section 179 deduction on the tangible property you bought for your business? Good move … but be careful! You see, the deduction comes with strings attached and if you don’t comply with the tax law, Uncle Sam can show up and “recapture” a lot of money. We’ll show you how to avoid problems and stay on the right side of the law when you read my new article … [Read more...]
Fabulous end-of-year vehicle tax deductions!
December 31 is approaching fast. Which means you have to act now if you want to dramatically lower your tax bill. That’s right… If you act by year’s end, you can claim some hefty deductions on business and personals cars, SUVs, trucks, and vans. We won’t steer you wrong. You’ll get all the important details when you read my new article titled Tax Tips: 2015 Last-Minute … [Read more...]
How to convert business property to personal use?
Do you own rental property that you want to convert to personal use? Or how about proprietorship-owned property like cars, desks, and computers? Then be very careful! You see, when you make the conversion, you’re in danger of triggering the depreciation-recapture tax. And it can cost you plenty. Want to learn how to avoid this tax and keep more money for … [Read more...]
How to deduct the cost of your new business vehicle
What are our lawmakers in Congress up to these days? Not much. For example, they haven’t decided yet whether or not they’ll retroactively enact bonus depreciation and the higher Section 179 expensing limits for 2015 purchases. But lawmaker’s inactivity shouldn’t keep you from buying a new vehicle for your business right now. It really might not pay to wait for Congress to … [Read more...]