It seems like lawmakers always have small-business owners in their gun sights. Well, finally there’s some good news that I’ll explain fully in my new article… This past December lawmakers passed a law they called the “Tax Increase Prevention Act of 2014.” Among its other provisions, the law retroactively reinstated Section 179 and bonus depreciation laws that previously … [Read more...]
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How to stop car-sale or trade-in taxes before they hurt
Ready to sell or trade in your business vehicle? Stop! Jam on the brakes! The first thing you should do is read my new article. Why? Because when you sell your business car or truck, you may be adding thousands of dollars to your tax bill. Or creating thousands of dollars of tax deductions. It all depends on how you play the game. That’s right. With a little tax … [Read more...]
How to turn commute expenses into tax deductions
Are you treating your commute as a deductible expense? The bad news. It’s very possible that you’re violating the law. You see, the IRS generally doesn’t let you deduct your expenses for your commute to work. (These miles are “personal miles” and are not deductible.) The good news! As a business owner, it’s easy for you to convert your daily trip into thousands of dollars … [Read more...]
Don’t let your S corporation cost you valuable business deductions
Do you own an S corporation? Did you buy a 2014 business vehicle in your personal name? If you’re answering “yes,” keep reading because a lot of money is at stake. You see, if you don’t handle things correctly, you could lose huge 2014 business deductions. I’m talking about Section 179 expensing, which allows you to take up to $500,000 worth of deductions, plus bonus … [Read more...]
How to IRS-proof your business-vehicle deductions
When it comes to inspecting your business-vehicle deductions, Uncle Sam is a stickler. He’s a nitpicking perfectionist who won’t settle for “guesstimates.” He wants to see proof of all your business driving activities. Actually, can really blame him? You see, every time you drive between business locations, you create tax deductions that can add up to tens of thousands of … [Read more...]