How often do you say, “Thank goodness for the IRS?” Not very often I’m sure. But you will say that when you see how the IRS saves your bacon when you claim the recently enacted 100% bonus depreciation on your business car! I’ll explain it all when you read my new article titled, Tax Tips: New Law Inadvertently Kills Business Car Depreciation; IRS Rescues Deductions with a … [Read more...]
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Tax tips for divorce: Proven ways to save money
A divorce can be a traumatic event. What can make things even worse is the fat tax bill you may have to pay Uncle Sam. That’s right. Your business, children, property, and other assets can trigger a huge tax bill that can make a bad situation even worse. Which is why I urge you to read my latest article titled Tax Tips: Tax Tips for Divorce (Part 1). Three ways our … [Read more...]
What’s Best? IRS Mileage Rates or Actual Expenses?
The new tax law has a lot to say about deducting the cost or vehicles. In some cases, you can deduct the full cost in the year you place the vehicle in service! In other cases, the luxury auto limits might stretch your depreciation deductions over 30 or more years! The bottom line? You really need to check out our brand new article titled Tax Tip: With the New Tax Law, … [Read more...]
Don’t kill your vehicle’s Section 179 deduction
The good news… The IRS allows you to amend your Section 179 deduction. The bad news… If you choose to use the IRS mileage rates, the tax law grants you no Section 179 deduction and no ability to amend your tax return to claim it. But hang on. All is not lost. You can still recover many of those lost deductions by switching to the actual expense method explained in our … [Read more...]
Nine 2010 last-minute tax-saving tips for vehicles
2010 is winding down, but it’s not too late to save money when it comes to the tax treatment of your car, truck, or SUV. The trick is to act promptly before 2011 rolls around. To help you out, we’ve compiled some hot, last-minute tips on what you can do with your vehicles to cut your 2010 taxes. You’ll find these valuable ideas in our new article titled Tax Tips: Nine 2010 … [Read more...]