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...]
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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...]
2019 Last-Minute Vehicle Purchases to Save on Taxes
I’m an accountant, not a car salesman, but I want to make this high-pressure sales pitch right now… “My friends, if you need a replacement business car, SUV, van, or pickup truck, now is the time to buy!” Why? Because if you act promptly, you can take advantage of some extremely valuable deductions. But don’t forget … you have to own the vehicle and place it in service … [Read more...]
Converting Your Residence into a Rental Property: Tax Issues
As you probably know, residential real estate prices are way up in many parts of the country. Rental rates are also very high. That’s why you should consider buying a new residence and converting your current residence into a rental property. Why make this move? Because you can very possibly sell your rental property down the road for a much higher price! But … [Read more...]
Impact of Death, Retirement, and Disability on the 179 Deduction
Let’s hear it for Section 179 of the IRS tax code! It lets your business deduct the full price of qualifying equipment purchased or financed during the tax year! EXAMPLE: Let’s say your proprietorship bought a pickup truck with a gross vehicle weight-rating greater than 6,000 pounds and a bed six feet or longer. Assuming you use the pickup 100-percent for business, you can … [Read more...]