Now is the time to convert! Not your religion. Your vehicle. You see, thanks to the Tax Cuts and Jobs Act, when you convert your personal vehicle to a business vehicle, you could save a lot of money. In fact, upon conversion, you can instantly qualify for a 100-percent deduction on the fair market value of your personal vehicle. Want to find out more about how to use … [Read more...]
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How cost segregation can turn your rental into a cash cow
Thanks to the Tax Cuts and Jobs Act, conducting a cost-segregation study on your rental property can put a lot of money in your pocket. What exactly is cost segregation? How can a cost-segregation study on your real property save you big money? It’s really not that hard, but you have to know the IRS’s rules and follow them carefully. To find out how to put this … [Read more...]
How to deal with the qualified improvement property snafu
As part of the Tax Cuts and Jobs Act, Congress created the qualified improvement property category. It was intended to let you fully expense qualified property with bonus depreciation. Unfortunately, Congress made a drafting error in the law which means you can’t use bonus depreciation for qualified improvement property. But don’t let that get you down. We’ll explain how … [Read more...]
Tax reform expands your Section 179 deduction privilege
If you’re a regular reader of the Tax Reduction Letter, you know that the Tax Cut and Jobs Act can cause you some real pain. But in this article, we have good news — and here it is … Thanks to tax reform, you now have a more favorable and permanent Section 179 deduction for qualified assets placed in service starting in 2018. In fact, the new, improved Section 179 … [Read more...]
4 Ways to Deduct Legal Fees After Tax Reform
As you may have painfully discovered, legal fees can add up fast. In the past, Uncle Sam softened the blow a bit by allowing you to deduct those fees. But be aware. Thanks to lawmakers, tax reform has made it more difficult than ever to write off your legal bills. However, all is not lost… If you research the tax code the way we’ve done, you’ll learn that there are four … [Read more...]