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...]
Depreciation
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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...]
How your closing statement can work for you
Want to save on your tax bill when you buy a rental property? Then pay close attention to the closing statement. If you’re smart, you’ll go over the statement’s line items and assign each to one of three categories… Business Loan acquisition Operations Then you’ll be in a position to consider the best tax strategy for each category. Want to learn how to use … [Read more...]
How to convert business property to personal use?
Do you own rental property that you want to convert to personal use? Or how about proprietorship-owned property like cars, desks, and computers? Then be very careful! You see, when you make the conversion, you’re in danger of triggering the depreciation-recapture tax. And it can cost you plenty. Want to learn how to avoid this tax and keep more money for … [Read more...]
How seller financing can make you a fortune!
If you’re considering selling a rental property or your home, your first instinct may be to require an all-cash offer. But this may not be the best way to go. You see, if you finance the deal yourself, you could come out a whole lot better. My advice? Keep an open mind and read my new article titled Tax Tips: Use Seller Financing to Create Wealth. Three ways our … [Read more...]