Who says there’s no Santa Claus? Santa (also known as the IRS) has got some great end-of-year gifts waiting for you if you know where to look. You see, thanks to the IRS you can take advantage of some terrific last-minute tax deductions for bonus depreciation and Section 179 expensing on business cars, trucks, vans, and motor homes. And these include those you already own … [Read more...]
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IRS and courts approve two-car tax deduction
In my recent article titled Find New Tax Deductions with Two-Car Tax Strategies, I outlined money-making strategies you could use to cut your tax bill. In my new article, I’ll explain some recent and important IRS and tax court decisions and explain why they’re good news for you! If you want to put more cash in your pocket, I urge you to read my new article titled Tax … [Read more...]
Should you use the new IRS mileage rate?
The IRS recently increased the mileage rate to 55.5 cents per mile. Sounds like good news… but is it really? The fact is, the IRS mileage rate can often produce misleading results. Or lead you to think that you don’t really need to keep a mileage log. (You do!) If you want to learn how to make sure that you’re choosing the best after-tax cash result for your business … [Read more...]
Claim tax deductions on one or two cars?
If you’ve got two cars in your household, and are claiming business tax deductions for just one, you may be losing money. You see, if your circumstances are right, you might get a hefty increase in deductions by using the two-car strategy. How does it work? You’ll get all the details when you read my new article titled Tax Tips: Find New Tax Deductions with Two-Car Tax … [Read more...]
Get a bonus depreciation on your trade in
Let’s start with a definition: Your trade-in of a business vehicle or airplane on a like-kind business vehicle or plane is called a “Section 1031 exchange.” The good news is that you don’t pay taxes on a 1031 exchange (unless you receive cash or a reduction in debt). But that’s not all. By using some proven tax strategies, you can make the 1031 exchange even better! Want to … [Read more...]