Do you drive a classic car in the course of conducting your business? If you do, here’s a fact you should know… Some important tax law changes now allow you to claim a fat deduction on your four-wheeled business asset! Of course, as always, the devil (and the IRS) is in the details and you have to know how to handle things correctly. We’ll show you how, and steer you in … [Read more...]
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How to get a fat tax deduction for building repairs
Do you own rental property or your business’s building? If you do, you need to understand the IRS’s new regulations that can have a big impact on your tax bill. You see, these regulations define what’s a tax-deductible “repair” to a building, and what’s an “improvement” that you must capitalize and depreciate. We’ll explain why repair deductions are best and how the new … [Read more...]
How the IRS uses the Tax Assessor against you
The Web is a fabulous invention, but the IRS has figured out how to use it against you. Here’s the story… For your rental properties, you need proof of your cost-allocation to land and depreciable building. If you don’t have proof of that allocation, the IRS has started using the Web to grab the tax assessor’s allocation and use that number to compute your depreciation … [Read more...]