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...]
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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...]
Don’t let passive losses destroy your tax-favored capital gains
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...]
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...]