If you’re claiming a home-office deduction, you know what pain is. You have to calculate, allocate, and prove all your home-office expenses to Uncle Sam’s satisfaction. But starting on January 1, 2013 the IRS began offering you an optional way to simplify the process and avoid jumping through all those hoops. Want to know if the new method for claiming a home-office … [Read more...]
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How to get a tax benefit if you total your car (Ouch!)
The IRS has a nice euphemism for a car wreck… They call it an “involuntary conversion.” Of course, no one wants to lose their business vehicle in any kind of crash, wreck, or conversion. But if you ever do (and we hope you don’t!), you should at least get all the tax benefits coming to you. You’ll find out how to get them when you read my new article titled Tax Tips: Ouch! … [Read more...]
Why Section 1045 of the tax code can be your friend
Good news from your buddies at the IRS… If you handle things the right way, they’ll let you buy a small business, sell it a huge profit, and defer the taxes as if you had completed a tax-deferred exchange! That’s right. Thanks to Section 1045 of the tax code, you can enjoy the exact same tax-deferral benefits that you can get with a Section 1031 exchange. Want to find out … [Read more...]
How to get a deduction for parking at the office
As anyone with a car knows, garage parking can cost a bundle. That’s why you should take full advantage of a nice tax break that the IRS makes available. Want to get the story on how to deduct your office parking and your employees’ parking, too? Check out my new article titled Tax Tips: Tax Deduction for Parking at the Office. Three ways our fact-filled article can help … [Read more...]
Six Q&As about renting your home to your corporation, tax free!
We’ve written articles before that explained how you can rent your personal residence to your S corporation (or C corporation). Rent it out for 14 days or less and you could get some really nice tax benefits. For starters: Your S corporation will get a tax deduction that flows through to you on the K-1, and… You receive tax-free income from the rental Does this sound … [Read more...]