What’s the best way for you to deduct your business vehicle? Should you use… The IRS mileage rate? or The actual expense method? If you’re using the mileage rate because you think it’s easier, or because you believe you won’t have to keep a mileage log, you could be in for a nasty surprise. To find out which deduction method actually puts more money in your pocket, try … [Read more...]
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Good news for commercial property owners!
If you own commercial property, you’ve got to love the “Protecting Americans From Tax Hikes (PATH) Act” that’s now the law. Why? Because, thanks to the PATH Act, qualified leasehold improvements to your commercial property can deliver three huge tax-deduction-acceleration breaks through 2019! Want to find how to put this extremely helpful new law to work for you? Read my … [Read more...]
Be careful gifting business property!
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...]
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...]