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...]
Depreciation
Sorted by Date
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...]
Selling your business with a noncompete agreement
When you sell your business, the buyer may insist on a noncompete agreement. And you can’t really blame them. They don’t want to buy your business and then discover that you’ve opened a competing business down the street the next day. But be careful! The noncompete agreement you sign has very real tax consequences for the buyer’s tax bill … and yours. If you want to … [Read more...]
How to sell your business using a “contingent” price
When you sell your business, price isn’t the only thing to consider. You also have to take into account the tax implications of the sale. The good news is that Uncle Sam will work with you when you and your buyer structure a “contingent sale” — also know as an “earn out” deal. You’ll get all the details when you read my new article titled Tax Tips: Selling Your Business … [Read more...]
How to deduct your business motor home
Do you use a motor home for business? Are you thinking of getting a motor home for business use? Then you should know that some recent developments are working in your favor. If you want to learn the best way to deduct business use of your motor home and stay in Uncle Sam’s good graces, take my advice. Before you pack your bags and hit the road, read my new article … [Read more...]