In December, lawmakers retroactively enacted 50% bonus depreciation for 2015. If you can benefit from this largesse, great. But if you don’t want that extra 50% bonus on some or all of your assets, my new article can help you out. You see, it’s devoted to showing you how avoid three traps that the IRS has set for you. Want to walk through the IRS’s minefield … [Read more...]
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Have a Small Business? Own Real Property? Discover Repair Deductions
Do you own real property? If you do, the IRS has some good news for you… If your business qualifies as a “small business,” Uncle Sam may have a nice gift for you in the form of hassle-free, income-generating expensing. Want to learn how to sail happily into Uncle Sam’s safe harbor? Read my new article titled Tax Tips: Have a Small Business? Own Real Property? Discover … [Read more...]
Selling Your Business: How to Make Tax-Saving Price Allocations for an Asset Sale
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...]
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...]