To get my complete, FREE articlewith all the details… Let’s say you own a building. Next, let’s say that you rent your building to your business. This arrangement, not unreasonably, is called a “self-rental.” But be aware… If you haven’t done any tax planning, your self-rental may actually turn into a self-rental trap! What exactly is the self-rental … [Read more...]
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IRAs Are Powerful Moneymakers for Kids
To get my complete, FREE articlewith all the details… The last things kids worry about today is how much money they’ll need in retirement. Which is a pity. And that’s why it makes good sense for you to sit them down and have “the talk” with them. No. Not about the birds and the bees. You have to explain to your children (who have W-2 income), how modest, regular … [Read more...]
Answers to Questions about Selling Your Home to Your S Corporation
To get my complete, FREE articlewith all the details… This powerful S corporation strategy makes sense when: You want to convert your home to a rental property and realize the tax benefits of the exclusions, orYou need more time to sell your home to realize the $250,000 exclusion ($500,000 if filing a joint return) This article answers two questions: We’re … [Read more...]
Cash In on the Home Internet Deduction
To get my complete, FREE articlewith all the details… Do you do some work at home? Then I bet you use your home internet connection. I also bet that you may not know the IRS rules concerning the deductibility of your monthly internet expenses. That’s why I wrote this article in the new issue of The Tax Reduction Letter. I want you to learn how to deduct all the … [Read more...]
When is a Partner in a Partnership Considered a 1099 Worker?
To get my complete, FREE articlewith all the details… Can you answer these two important questionsabout your partnership agreement?… Does your agreement spell out exactly when a partner can deduct unreimbursed partner activity (UPE)?Is your agreement crystal clear about when your partnership can treat some partner activity as if the partner were a 1099 worker? Why … [Read more...]