___________________________________________________________I hope this issue of the Tax Reduction Letter finds you and your family in good health. Warmest good wishes at this difficult time from all of us at the Bradford Tax Institute.___________________________________________________________ As a response to the terrible COVID-19 pandemic, the government has quickly passed … [Read more...]
Depreciation
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If You Don’t Want 100-Percent Depreciation, Elect Out or Else
Want to take advantage of every tax break the law allows? Generally, all you have to do is elect the beneficial treatment on your tax return. Easy. But hang on a second. There’s one exception to beware of. It’s the 100% bonus depreciation deduction. If you don’t want to deduct everything at once,you have to be proactive and elect out! In my new article, we show you … [Read more...]
Congress Reinstates Expired Tax Provisions—Some Back to 2018
This is the story of death and resurrection. No. I’m not talking about religion. I’m talking about some important changes congress made to the tax law. Let me explain… Congress, in its wisdom, left many tax breaks, called “extenders,” to expire on December 31, 2017. This means the extenders were killed for all of 2018. Ouch! Then the resurrection took place. … [Read more...]
2019 Last-Minute Year-End General Business Income Tax Deductions
Do you want to pay more business taxes than you have to? Of course not! That’s why you should check out the five business-deduction strategies we’re providing in this new issue of the Tax Reduction Letter. These perfectly legal strategies, that you can put to work in December, can help produce additional business tax deductions (and/or less taxable income) for … [Read more...]
2019 Last-Minute Section 199A Strategies That Reduce Taxes, Too
Is your taxable income above $160,700, or above $321,400 on a joint return? Well, first of all, congratulations! But before you break out the champagne, remember this important fact: If you don’t handle your Section 199A planning correctly, your 199A deduction amount could be Zero. Nada. Zilch. Why could this happen? Because your type of business, wages paid, and … [Read more...]