If you sell a business that you’ve operated as a sole proprietorship or single-member LLC (treated as a sole proprietorship for tax purposes), you automatically are making an asset sale. To come out a winner, you need to know how the law taxes each of the assets. The good news is that if you know what you’re doing, you can slash your tax bill and collect a lot more … [Read more...]
Depreciation
Sorted by Date
Deadbeat tenants — a tax perspective
So you’ve got a rental-property tenant who’s behind in their rent. You’re angry. Frustrated. Furious. But hang on for a second. Step back from your emotions and take a clear-eyed look at the tax implications of the situation. There are important facts you really need to understand, and we’ll explain them to you when you read my helpful new article titled Tax Tips: Tax … [Read more...]
Install New Audit-Proof $2,500 Expensing ($5,000 with AFS)
Good news for small business owners! The IRS has made an important change to the tax laws that allows you to immediately deduct many expenses you previously had to depreciate! I’m talking about computers, smart phones, tablets, furniture, and even an inexpensive car or truck. My advice? Act quickly to comply with the new law which I explain in my latest article titled Tax … [Read more...]
Fabulous end-of-year vehicle tax deductions!
December 31 is approaching fast. Which means you have to act now if you want to dramatically lower your tax bill. That’s right… If you act by year’s end, you can claim some hefty deductions on business and personals cars, SUVs, trucks, and vans. We won’t steer you wrong. You’ll get all the important details when you read my new article titled Tax Tips: 2015 Last-Minute … [Read more...]
How to avoid the “double tax” whammy!
Have you been claiming zero depreciation for your home office so you can avoid the depreciation recapture tax? That may be a big mistake. You see, the IRS has a rule that can force you to pay the recapture without giving you the actual depreciation deduction. Not good. Because if this happens to you, you’re going to pay a double tax. Want to avoid that nasty problem? … [Read more...]