Looking for an end-of-year tax break that can put big money in your pocket? Buy antiques you can use in your business. Why is this a smart move? Because you can depreciate or even Section 179 expense them. And you can benefit by creating tax-favored, long-term capital gains. That’s right. You can buy a desk, clock, rug, cabinet, bookcase, paperweight, conference table, … [Read more...]
Depreciation
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Four “safe harbor” steps to take now!
Don’t wait! Now is the time to put your 2018 safe harbor de minimis expensing election in place. Why is it so important to act promptly? Because making the safe harbor election in 2017 for 2018 can save you a lot of money and make your life much easier. You see, the safe harbor election eliminates the burden of: Tracking small dollar-cost assets Depreciating and/or … [Read more...]
Fix those depreciation errors now!
It’s a sad fact … Many taxpayers don’t realize that depreciation is a very valuable and often misused (or mistakenly computed) tax deduction. If you failed to use depreciation rules the right way, you could be losing thousands of dollars that should be in your pocket. What can you do to fix depreciation errors you might have made in the past? Plenty. If you want to … [Read more...]
The smart way to turn your home into a rental
Thinking about making some extra cash by turning your home into a rental property? Well, I know just the right buyer for your property … your S corporation! That’s right. When your S corporation operates as the landlord, you’ll come out with more money in your pocket. What’s more, it’s easy to do as you’ll learn when you read my new article titled Tax Tips: Shedding … [Read more...]
Heavy vehicle+home office=big tax savings!
Here’s good news for the small business owner… By combining the home-office deduction with the purchase of a “heavy vehicle,” you can knock a lot of money off your tax bill. Whether you’ve structured your business as a corporation or a sole proprietorship, this powerful vehicle/home-office combo can save you a bundle as you’ll learn when you read the full article. Here’s … [Read more...]