It’s a fact … Renting equipment to your corporation is a tricky business. To keep the IRS happy, you have to know the ins and outs of Section 179 expensing. Handle things the right way and you could save a bundle. Make a mistake and you could be inviting an audit. But don’t worry. We’ll explain the intricacies of the law in easy-to-understand language when you read my … [Read more...]
Depreciation
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Four Tax Strategies That Make Buildings Produce More Cash
Good news! Your building, whether it’s a rental property or your office, can likely put money in your pocket. What’s more, you can start saving now with a building you already own, a building you plan on buying, or a building you are renovating. How? By using four money-saving strategies we’ll explain when you read my new article titled Tax Tips: Four Tax Strategies … [Read more...]
Should you claim zero depreciation on your home office?
Do you claim the home-office deduction? If you do, do you claim zero depreciation so you can avoid the recapture tax? If the answer is “yes,” you may or may not have made the right decision. How can you find out if you’re handling things the right way? Easy. Read my new article titled Tax Tips: Home-Office Deduction: Should I Claim Depreciation? Three ways our … [Read more...]
Golden Nugget: New Write-Offs in New Repair Regulations
Good news from the IRS! (You read that right. Uncle Sam actually has some good news for you.) You see, with the new “tangible property” regulations, you can now write off replaced components like roofs, HVAC systems, lighting systems, etc. Want to learn how to take advantage of two great new ways to save on taxes? You’ll find out how to come out a winner when you read … [Read more...]
Watch out for “phantom depreciation!”
Careful! You may be the victim of “phantom depreciation.” This occurs when the tax law depreciates your vehicles or other assets without giving you any deductions! Phantom depreciation can cost you money when you fail to elect out of bonus depreciation. But keep your chin up. We’ll explain how to solve your problems when you read my new article titled Tax Tips: Fix Your … [Read more...]