Looking for new ways to save money on your tax bill? Consider this… If you’re thinking of converting your primary residence into a rental property, you could be stuck with your old cost basis and have to pay a lot of tax. However, if you sell your home to your S corporation, you’ll have a new, stepped-up basis for depreciation when you rent to a third party through your … [Read more...]
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16 ways to boost business vehicle deductions
Are you claiming lower business vehicle deductions than you’re entitled to? The answer may be a definite “Yes!” In fact, lots of taxpayers are paying more than they should. Which is why, in my must-read article, I’ll provide you with sixteen perfectly legal ways to save money on your tax bill. If you are looking for proven ways to increase your business car, SUV, truck, and … [Read more...]
Section 105 deductions for owners of multiple businesses
Do you and/or your spouse own more than one business? If you do, you have to know how to apply the Section 105 medical reimbursement plan discrimination rules. First and foremost, you have to look at all the businesses you own as if they were one business. And that’s just for starters. It’s easy to find out more. All you have to do is read my new article titled Tax … [Read more...]
Take advantage of the IRS’s new cell phone benefit
Surprise! The IRS has some GOOD news for you. If you’ve set up your business as a C or S corporation, the IRS gives you a cell phone fringe benefit that’s not available to sole-proprietorships or single-member LLCs. Want to find out more? Easy. All you have to do is read my brand new article titled Tax Tips: Corporations Beat Proprietorships in Tax Deductions for Cell … [Read more...]
Does an S Corporation make sense for you?
When you’re choosing a tax-deduction entity for your business, there are many ways to go. You can set up your business as an S corporation, sole proprietorship, single-member LLC, or C corporation. But which one is right for you? Which meets your specific needs and goals? In my new article, the fourth in a series that began in November, 2011, we’ll take a close look at the S … [Read more...]