When the Godfather makes you an offer you can’t refuse, it’s very wise to accept. And when Uncle Sam makes you an offer of immediate tax deductions that save you time, money, hassles, and also avoid the recapture tax, it also makes sense to accept. You see, thanks to a recent change in the law, you can now get an instant deduction and avoid the recapture tax for virtually all … [Read more...]
Depreciation
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A new law reinstates huge tax savings
It seems like lawmakers always have small-business owners in their gun sights. Well, finally there’s some good news that I’ll explain fully in my new article… This past December lawmakers passed a law they called the “Tax Increase Prevention Act of 2014.” Among its other provisions, the law retroactively reinstated Section 179 and bonus depreciation laws that previously … [Read more...]
How to stop car-sale or trade-in taxes before they hurt
Ready to sell or trade in your business vehicle? Stop! Jam on the brakes! The first thing you should do is read my new article. Why? Because when you sell your business car or truck, you may be adding thousands of dollars to your tax bill. Or creating thousands of dollars of tax deductions. It all depends on how you play the game. That’s right. With a little tax … [Read more...]
Don’t let your S corporation cost you valuable business deductions
Do you own an S corporation? Did you buy a 2014 business vehicle in your personal name? If you’re answering “yes,” keep reading because a lot of money is at stake. You see, if you don’t handle things correctly, you could lose huge 2014 business deductions. I’m talking about Section 179 expensing, which allows you to take up to $500,000 worth of deductions, plus bonus … [Read more...]
Buying a motor home with Section 179 in mind
Thinking of buying a motor home? Be careful! You see, your ability to take advantage of a section 179 deduction is somewhat in limbo. It’s possible that lawmakers will reinstate last year’s limits on section 179 expensing. Or maybe they won’t. And that’s the point. The status of the law is unclear at this time. Which is why, in my new article, I’ll examine the gamble you’ll … [Read more...]