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...]
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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...]
Buying a motor home with Section 179 in mind
Thinking of buying a motor home? Be careful! You see, your ability to take advantage of a section 179 deduction is somewhat in limbo. It’s possible that lawmakers will reinstate last year’s limits on section 179 expensing. Or maybe they won’t. And that’s the point. The status of the law is unclear at this time. Which is why, in my new article, I’ll examine the gamble you’ll … [Read more...]