Do you own rental properties? If you do, I hope they’re producing a nice cash flow for you. But sadly, that doesn’t always happen. Sometimes your rentals produce losses which the IRS classifies as “passive losses” for tax purposes. This is not necessarily terrible because you can deduct those losses against passive income you’ve earned. The rental property losses that … [Read more...]
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Beat the recapture tax on your home office!
Do you claim a home-office deduction? Are you thinking of selling your home and buying another? If you are, you’re in luck. You see, if you know what you’re doing, you won’t have to pay the unpleasant recapture tax. And you can increase the tax basis in your replacement home. Which means you win two ways. Want to find out more? Read my new article titled Tax … [Read more...]
When to avoid a 1031 exchange
As you may know, a Section 1031 exchange can serve as a highly effective tax strategy. How? By helping you defer paying taxes. Always a good thing. What you may not know is that there are two times when a 1031 exchange can work against you. Want to learn how to steer clear of two traps the IRS has set for you? Read my new article titled Tax Tips: The TWO Times to … [Read more...]
Avoid Lost Deductions When Corporate Vehicle Is in Your Personal Name
Do you operate your business as an S or C corporation? Then be careful! You see, if you use your personal vehicle for corporate business, you could risk losing valuable tax deductions. If you want to stay on the right side of the law and keep money in your pocket, Read my new article Tax Tips: Avoid Lost Deductions When Corp. Vehicle Is in Your Personal Name! Here’s … [Read more...]
Get your personal home-office deduction for your S corporation
When it comes to the home-office deduction, sole proprietors have it easy. All they have to do is deduct home-office expenses on Schedule C. But what about folks who operate their businesses as S corporations? Can they also take advantage of the home-office deduction? The answer is a resounding “yes!” but you have to know how to play the game. We’ll explain how to come … [Read more...]