Whoever said “It’s better to give than to receive” never read the tax code. You see, if you make a gift of business property the wrong way, you could wind up losing valuable tax benefits. How can you make gifts of business property to your children or others and avoid problems with the IRS? Easy. Read my new article titled Tax Tips: Beware When Gifting Business … [Read more...]
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Will Tax Law Destroy Your Business Vehicle Donation to Charity?
You want to do a nice thing and donate your business vehicle to charity. You also want to get a hefty tax deduction for making the donation. Well, be careful! The laws that govern such transactions are tough and you’d better do some calculations before you hand over the keys. We’ll tell you how to avoid trouble before it starts when you read my new article titled Tax … [Read more...]
How to increase your home office deduction
If you have a home office, be careful! IRS Form 8829 gives you the impression that you should only use the gross-square-footage method for computing your home office deduction. Not true! We’ll show you a way to compute your deduction that’s always superior to the gross-square-footage method. Want to find out how you can legally wind up with more money in your … [Read more...]
Tips for Best Tax Result on Vehicle Disposition
Thinking of selling or trading in your business vehicle? Then pay attention because you may be able to save yourself a bundle. You see, when you sell or trade in your vehicle, one of two things is produced … a taxable gain or a deductible loss. And how you handle your gain or loss has real tax implications. Want to learn how you can get the best tax deduction available … [Read more...]
Increase your office depreciation rate by 42%
They say the key to success in real estate is “location, location, location.” But location is also important when it comes to your office. If your office is in your single-family home, you have to depreciate that office using the 39-year depreciation method. But if you locate your home office (or other office) in a duplex or apartment building you own, you might qualify … [Read more...]